The Perth industrial developer has bought a Kwinana property for $5.59 million.
Realside Ovest has added to its portfolio of industrial assets with the purchase of a two-hectare site in Kwinana.
The Julie Drago-led group acquired 28 Thomas Road for $5.59 million from NTAC Pty Ltd.
ASIC documents show Australian Agribusiness Holdings Pty Ltd as the sole shareholder of NTAC Pty Ltd, via an entity called Isnecca Pty Ltd.
Ms Drago said the property, which Realside Ovest bought with a short lease in place, offered a redevelopment opportunity.
“The site is in a sought after area and is adjacent to the new waste to energy plants being built,” she said.
“Whilst there are some existing improvements to the site, it is a 2ha development opportunity for us in the medium term.
“We will shortly begin a marketing campaign to lease as is or as a purpose-built development for someone.”
Effective Property Solutions head of commercial and industrial agency Justin Mabarrack, who brokered the deal, said the area was in high demand.
“With most established industrial properties in the precinct owned by companies who’ve been operating there for many years, Kwinana Beach is notorious for being tightly held, meaning new stock rarely becomes available to the open market,” he said.
Realside Ovest purchased the asset via its existing industrial fund.
