The local buyers, who are brothers and dermatologists, intend to transform the vacant site into a warehouse and logistics facility.
A vacant industrial site in Perth’s east has sold for $22.6 million to private developers and brothers Hannes and Kurt Gebauer.
Metallica Property Development Pty Ltd, owned by Dalkeith’s Tom Porter and Coolbinia’s Malcolm James Ashton and Moora’s Lucy Kathleen King, sold 26 Central Avenue in Hazelmere in an off-market deal.
Knight Frank Australia negotiated the transaction of the 48,473 square metre site to Mortuary81 Pty Ltd and Papule Pty Ltd, owned by brothers Kurt and Hannes Gebauer respectively.
Records show that the brothers work as partners in a dermatology clinics in Fremantle and Rockingham, and Kurt Gebauer was the former head of Fremantle Hospital’s dermatology department.
The buyers intend to develop a 20,000sqm logistics facility at the site, which is located on heavy haulage route with access to Bushmead Road.
Knight Frank Australia’s Tom Iredell, who brokered the deal, said the strong sale price of the property reflected the high demand for industrial infill sites, which were extremely rare.
“The sale rate of $425 per square metre is significant based on the size of the property demonstrating the demand for development sites of scale in Perth with capacity to house major tenants,” he said.
“Rising rental rates on the back of tenant demand consistently outperforming supply is helping to hold industrial values for development stock.”
Knight Frank’s latest Australian Industrial Review found that there had been renewed interest in industrial land in Hazelmere this year, with increases to land values particularly for larger sites.
