The Nedlands-based syndicator has sold four hectares of land for $17.6 million, paving the way for a 46-unit business park.
Lester Group has completed the sale of a Jandakot property to Capital Prudential, with the $17.6 million deal paving the way for a 46-unit business park.
The Nedlands-based syndicator sold three hectares of land at 100 Prinsep Road to Capital Prudential for $14.2 million in September.
This follows the $3.4 million sale of four 1,950 square metre development lots on the site of the business park earlier this year to three separate buyers.
South Australian fund manager Capital Prudential is part way through building a 46-unit business park on the site, following approval for the development in May.
Effective Property Solutions (EPS) was appointed as a project manager for the site, via its development arm.
The company also acted alongside MLV as sales agents on the project.
EPS founder and director Erwin Edlinger said the milestone was achieved after a divestment partnership spanning close to two years.
“We first came onboard in 2022 to provide critical subdivision, marketing and sales advice to Lester Group on this prime site in one of the region’s most promising industrial/mixed use precincts,” he said.
“Over the next year or so, we were engaged to sell the landholding and – crucially – spearheaded a change in product mix to strata warehouses and self-storage in mid-2023, which paved the way for the sale to Capital Prudential, which is also a key developer client of EPS.
“This successful shift was suggested by the EPS team to meet the underlying market demand for this type of product, which is in very short supply in this booming southern corridor just 20 kilometres from the Perth CBD.”
Alita Constructions is building Jandakot Business Park, which EPS senior head of industrial and commercial Justin Mabarrack said would renew the area.
