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Axia Corporate Property Director of Investment Sales, Andrew Woodley-Page has sold a newly developed mixed commercial property asset in Perth’s northern suburbs.

Mair Property Funds have bought a newly developed mixed commercial service centre in the northern suburb of Banksia Grove. The property located at the intersection of Joondalup Drive and Joseph Banks Boulevard comprises;  service station and convenience store, a childcare centre, large format showrooms, Restaurants and a drive through underpinned by long term leases to tenants such as ; 7-Eleven, AutoBahn, Pet Barn, Repco, Chicken Treat, Mercy Care.

The deal was brokered off-market by Axia Corporate Property Director of Investment Sales, Andrew Woodley-Page.  Mr Woodley-Page said “The property is another high class development by Arise Developments which merges seamlessly with the surrounding commercial precinct.”   “The developments income is underpinned by long term Leases to national tenants with strong fixed rent review mechanisms, a long WALE and therefore offers excellent cash flow security.” Mr Woodley-Page added.

The development is located in the heart of Banksia Groves “Golden Triangle” formed by Joondalup Drive, Pinjar Road and Joseph Banks Boulevard which forms the commercial and retail hub for the broader area and includes the adjacent Woolworths anchored neighbourhood shopping centre, Coles Banksia Grove Shopping Centre, Aldi Banksia Grove, Quick Service Retail, fast food, service stations, Large Format Retail showrooms, service retail and other small retail outlets.

The property was sold with a WALE of almost 12 years for $20 Million representing an initial yield of around 6.5%.

Mr Woodley-Page points out that the deal metrics illustrate the ongoing demand for high quality commercial real estate investments.   I have a number of deals in the $50million to $110million range at various stages of completion, Mr Woodley-Page said.