THE PROPERTY DEVELOPMENT REVIEW
WA
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
Colliers, in conjunction with Axia Corporate Property, has sold 223 James Street, Northbridge for $8 million under the hammer, reflecting a sharp 3.63% yield. The campaign was managed by Colliers’ Shane Isaacs and Aidan Austen alongside Axia’s Franco Gangemi and Wayne Mitsikas. The two-level office building sits on a 1,440sqm landholding and is leased to the North Metropolitan Health Service, generating $291,704 in annual income. Strong bidding highlighted demand for government-backed income streams with future redevelopment upside in Perth’s evolving city-fringe precinct. Colliers has sold Lots 603–606 Horus Bend, Bibra Lake for $8.7 million, reflecting a record land rate of approximately $709 per sqm. The 12,263sqm offering was transacted in one line following a competitive Expressions of Interest campaign managed by Benjamin Kepes and Sam Hammond. The five-week campaign generated more than 130 enquiries and 17 offers. Comprising four adjoining Mixed Business lots, the site’s scale and connectivity to Stock Road, the Kwinana Freeway and Fremantle Port drove strong buyer competition in the tightly held precinct. Bloom Early Education Bennett Springs has sold for $6.22 million, reflecting a 6% cap rate. The newly developed 96-place childcare centre at 1 Dulwich Street was divested by Jarra Investment Trust Sixteen to a private investor. The sale was brokered by Sterling Property’s Jake Wallman and Simon Brady. Opened in August 2024 and underpinned by a 15-year lease to an experienced WA operator, the asset attracted strong private investor demand for defensive childcare investments. Colliers has completed the off-market sale of 248 Welshpool Road, Welshpool, a fully leased industrial asset transacted by Hayden Dick and Sam Hammond from the Industrial & Logistics team. The property comprises a 7,905sqm landholding with 4,093sqm of improvements and is leased to Natdrill, Veqtor Conveyors & Auto and Jumpin Beans Café. Dual frontage to Welshpool and Orrong Roads, combined with its blue-chip industrial location, drove strong investor interest amid continued demand for core WA industrial assets.
Colliers’ Shane Isaacs and Aidan Austen alongside Axia’s Franco Gangemi and Wayne Mitsikas.
223 James Street, Northbridge
$8 Million
P: Private Investor
Lots 603–606 Horus Bend, Bibra Lake
Colliers' Benjamin Kepes and Sam Hammond.
$8.7 million
P: Private Investor
V: Jarra Investment Trust Sixteen P: Private Investor
1 Dulwich Street, Bennett Springs
Sterling Property’s Jake Wallman and Simon Brady.
$6.22 million
248 Welshpool Road, Welshpool
Colliers' Hayden Dick and Sam Hammond
Undisclosed
P: Private Investor
SA
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
Colliers has sold the landmark Beach Hotel in Whyalla for $3.85 million to SA developer Lofty Building Group, which plans a near-term refurbishment and longer-term foreshore revitalisation. The campaign, managed by Colliers’ Jordan Schmidt and Alistair Mackie, drew 25 Expressions of Interest and 16 inspections from a broad mix of owner-operators, investors and developers. Located on a 4,983sqm waterfront site, the 40-suite hotel is Whyalla’s only accommodation asset with direct beach access and includes a restaurant/bar, conference facilities, pool and redevelopment flexibility (STCA). A five-level A-grade office building at 75 Hindmarsh Square has sold off-market for $42.4 million on a circa 6.25% yield, marking Adelaide’s first major office transaction of 2026. The asset was acquired by a local private investor from Harmony Property Investments at a near 5% premium to its 2020 sale price. The 4,626sqm building, 100% leased with a six-year WALE, was negotiated by Knight Frank’s Max Frohlich and Ryan Mills.
12 Watson Terrace, Whyalla
Colliers’ Jordan Schmidt and Alistair Mackie
$3.85 million
P: Lofty Building Group
75 Hindmarsh Square, Adelaide
Knight Frank’s Max Frohlich and Ryan Mills.
$42.4 million
P: Private Investor
TAS
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
An Australia Post-leased facility at 11C Lampton Avenue, Derwent Park has sold for $4.4 million, reflecting a yield of around 6.0%. The sale was negotiated by CBRE’s Matthew Wright and George Wilkinson. The 3,954sqm General Industrial site includes a 1,816sqm warehouse and distribution facility, occupied by Australia Post for more than 20 years and generating approximately $265,000 in annual rent. Strong demand for government-backed tenants in Tasmania’s tightly held industrial market underpinned the result.
11C Lampton Avenue, Derwent Park
CBRE’s Matthew Wright and George Wilkinson.
$4.4 million
P: Private Investor
March / April 2026 – 29
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