Perth, 18 April 2013 – A shortage of large industrial sites in Perth is tipped to underpin significant tenant interest in the launch of a major new estate in the rapidly growing Wangara commercial/industrial precinct.
CBRE has been appointed as the exclusive leasing agent for the estate, to be known as Keneric Business Park.
CBRE Associate Director, Industrial Services, Daniel Sanzone said the site would accommodate medium to large industrial tenants that required purpose built, design & construct facilities.
“This is a very rare opportunity for large industrial occupiers to consolidate on one large site,” Mr Sanzone said.
“Because of the shortage of large, available sites with an industrial zoning in the Perth Metro area there has been a trend, particularly in the northern corridor, for companies to be spread over a number of sites which creates business inefficiencies.”
Keneric Business Park will be able to accommodate building sizes of 1,000sqm to 30,000sqm and will therefore suit a wide range of business types.
Mr Sanzone attributed the lack of larger industrial sites in Perth to the trend in the past five to 10 years for developers to subdivide well located land into smaller parcels of 1,000sqm to 5,000sqm. These were then sold to owner occupiers and developers providing the most profitable outcome for the developers of the land.
“Over this period the number of larger industrial lots across the Perth Metropolitan area has significantly reduced, particularly in the northern industrial suburbs of Perth,” Mr Sanzone said.
“This has provided an opportunity for developers with strategically positioned. large industrial land holdings to accommodate medium to larger end industrial tenants.”
Keneric Business Park is to be developed by the Keneric Group. The Wangara estate will occupy a 14ha parcel of “Service Industrial” zoned land located 19 kilometres north of the Perth CBD.
Mr Sanzone said the suburb of Wangara benefited from easy access via the Mitchell Freeway, Reid Highway and Wanneroo Road.
The future realignment of Gnangara Road to align with Whitfords Avenue and the proposed extensions of the Mitchell Freeway and Tonkin/Reid Highway would further enhance access to the Keneric Business Park, Mr Sanzone said.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website atwww.cbre.com.au.