UP TO DATE WITH LOCAL REAL ESTATE.
A 7ha Karratha Gap Ridge Industrial Estate warehouse and logistics complex leased to oil and gas giant Chevron is for sale.
The 6037sqm gross lettable area includes a 2511sqm warehouse with a 12m truss, a 228sqm mezzanine and 488sqm of high-quality office, split into eight offices, two open-plan areas and a boardroom, as well as 40 car bays.
The warehouse has a 278sqm storage area for dangerous goods and a 235sqm insulated, temperature-controlled storeroom. Outside, it has 25,000sqm of concrete hardstand and 29,470sqm of compacted road-base hardstand.
The complex, secured by alarms and CCTV surveillance, has triple-B road train access and a back-up diesel generator.
Colliers International agents Raj Singh and Wayne Chorley have been appointed to sell the property, at Lot 105 Exploration Drive, which is owned by the Canci Group and was developed with Maintenance and Construction Services Australia Pty Ltd.
The property, which has a rental income of $4.4 million a year, has two leases with renewal options, and a weighted average lease expiry of about eight years.
The 10-year lease for the warehouse runs until 2024 and the lease on the laydown yard expires in 2018.
“We think there will be strong interest in the sale, ” Mr Singh said, flagging development potential from surplus land at the Chevron site.
Mr Chorley said oil and gas, iron ore and sea salt mining were Karratha’s dominant resources but its economic base was diversifying.
“State Government funding and private investment (is) promoting new agriculture and irrigation ventures, tourism and residential,” he said.
LandCorp’s 260ha Gap Ridge Industrial Estate is one of WA’s largest industrial estates outside Perth.
Expressions of interest close on August 12.
The sale will be one of Karratha's biggest real estate deals.