11 February 2021
The purchase of 404 Orrong Road, Welshpool by the newly launched Welshpool Property Fund, sees Westbridge exceed $640 million in assets under management.
- Welshpool Property Fund has settled on the purchase of the highly prominent Orrong Road Business Estate in Welshpool, one of Perth’s core industrial precincts.
- The strategically located asset comprises a 55,723 sqm site, with 9,930 sqm gross lettable area.
- The estate is currently fully leased across 11 tenancies with a WALE of 4.6 years.
- Tenants include household names such as Kennards Hire, United Petroleum and Bridgestone.
- Welshpool Property Fund is a wholesale fund offering targeted distributions of 7.5% in the first year, with a target average distribution of 10% p.a. over the first three years.
The newly launched Welshpool Property Fund has settled the $37.465 million purchase of 404 Orrong Road, Welshpool, WA. Westbridge now has over $640 million of property assets under management on behalf of its investors.
The asset is a multi-tenanted industrial estate strategically located in Perth’s premier industrial and logistics precinct. The 55,723 square metre site includes 9,930 square metre gross lettable area and is currently fully leased across 11 diverse tenancies that include household names such as Kennards Hire, United Petroleum and Bridgestone, with a WALE of 4.6 years.
The estate is situated 11 minutes away from Perth Airport, 8 minutes from Kewdale Intermodal Freight Terminal, and is surrounded by a large residential catchment.
Mr Damian Collins, Chairman, Westbridge Funds Management, said “The newly launched Welshpool Property Fund offers a rare chance to invest in a significant strategic industrial estate within the highly sought-after Welshpool industrial area – one of Perth’s core industrial precincts.
“Industrial property in Perth was performing strongly before COVID-19, and the pandemic has only served to bolster what is rapidly shaping up as an undersupplied market.”
The Welshpool property is underpinned by its significant underlying land value and offers considerable scope to add value.
Mr Collins said, “Westbridge Funds Management has forged a reputation for maximising the value of commercial property assets, and the team behind the Welshpool Property Fund believe the nature of the site provides exciting opportunities to add value through repositioning and further development.
“Near-term this includes the development of a brand new 3,000 square metre warehouse. Additional asset enhancement opportunities include increasing lettable area and income, coupled with the potential for further development in the future.”
“Wholesale investors have welcomed this opportunity to access such a prominent industrial asset with the Fund well over-subscribed” concluded Mr Collins.
The Welshpool Property Fund offers targeted distributions of 7.5% in the first year, with a target average distribution of 10% p.a. over the first three years.
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