The property at 26 Ruse Street, Osborne Park, comprising 825sqm of freehold land improved with an older 380sqm office/warehouse, was offered to the market via a public Offers Invited campaign over a three-week period.
The asset is leased to a commercial laundry operator with two years’ residual lease term, generating a net income of $43,315 per annum.
The three week campaign attracted exceptional buyer interest, recording 8,385 website views and 127 formal enquiries, with five formal bids shortlisted by the close date.
The successful purchaser, a private local investor, secured the property via a cash, unconditional offer of $1,770,000, reflecting a freehold land rate of $2,145 per sqm and a net yield of 2.44 per cent per annum.
Exclusive selling agents Michael Milne, Lachlan Burrows and Tom Jones of RWC WA said the result highlighted ongoing depth of demand for well-located, smaller industrial assets in established precincts.
“We were pleasantly overwhelmed with the interest generated in this asset,” Mr Milne said.
“With such hot interest for this prime-located, entry-level offering, traditional price guide metrics evaporate as experienced local buyers take the initiative and set the market.”
Lachlan Burrows confirmed the buyer was an experienced local investor with a long-term outlook. “The buyer is content to enjoy the ongoing holding income for now and explore value-add opportunities in due course, which may include redevelopment,” Mr Burrows said.
The property was sold on behalf of a deceased estate, having been held by a local family since 1980. The vendors were the original owner-operators of the commercial laundry business, marking the end of a 46-year ownership period.
Tom Jones noted that Osborne Park continues to outperform due to its scarcity and strategic location. “The Osborne Park industrial precinct is unique - centrally located and extremely tightly held due to its proximity to Perth’s coastal western suburbs,” he said.
“Demand is driven by local service providers, light manufacturing and wholesalers, rather than large-scale freight or logistics operators, which underpins strong long-term value.”
The transaction reinforces investor appetite for smaller, well-located industrial assets offering both secure holding income and future redevelopment potential, particularly within Perth’s most established industrial markets.
