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Stockland Limited (ASX:SGP) has bought an industrial property 12 kilometres north of Perth’s centre for $53.5 million. The property developer says the iconic 12 hectare Brownes Dairy head office, processing and distribution centre is the largest single industrial site in Balcatta.
Stockland believes Balcatta is one of the best industrial locations in the Western Australian industrial market the site has excellent access to Perth’s CBD and northern growth corridor and a tightly held Perth industrial market should underpin rents and values going forward.
Managing Director and CEO Mark Steinert says Stockland is making excellent progress implementing its strategy to grow its logistics and business parks portfolio.
The news comes after Stockland last week inked a strategic partnership involving a number of its retirement villages, boosted its residential portfolio in Western Australia and bought an industrial property in Sydney’s south-west.
Stockland reported a net profit of $298 million in the first half of the 2014 financial year.
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