Orchard settles Perth transaction

ORCHARD Industrial Property Fund has settled on the acquisition of a Perth property.

Located at 2 Horrie Miller Drive, Perth Airport, the property is a modern regional distribution facility built in 2004, comprising 67,047 sqm and leased to Woolworths until 2022.

This property represents approximately 11% of the fund’s portfolio and is the fund’s first investment in the strong Western Australia industrial property market.

Fund manager Tim Collyer said the resources boom and economic expansion in WA, coupled with a limited supply of serviced industrial land, has seen land and rental values rise strongly in the last two years.

“Prime rents have risen in excess of 15% in the past 12 months, whilst industrial land values in some localities have increases of approximately 100% over the same period,” he concluded.

Australian Property Journal