The global headquarters of ASX-listed mining technology company IMDEX has been brought to market in Perth, offering investors a fully leased commercial asset underpinned by more than $1.3 million in annual net income.
Located at 216 Balcatta Road, Balcatta, about 10 kilometres north of the Perth CBD, the property is being offered for sale through Cushman & Wakefield’s Ben Younger, Nick Charlton, Nick Goodridge and Ross Palframan via an Expressions of Interest campaign closing September 17 at 2pm (AWST).
The 7,419 sqm* corner site comprises two interconnected freestanding buildings built in 2014, providing approximately 6,032 sqm* of office, laboratory, warehouse, storage accommodation and popular cafe, together with 148 car bays. The property is 100 per cent occupied and has a WALE of 3.78 years by income.
IMDEX occupies 5,791 sqm and uses the property as its global headquarters, incorporating corporate offices, specialised laboratories, warehouse accommodation and a global network operating centre. The ASX 200-listed company operates across more than 40 countries and accounts for the overwhelming majority of the property's income.
Nick Charlton, Director and Co-Head of Capital Markets and Investment Sales, WA of Cushman & Wakefield said the combination of a high-quality tenant covenant, secure income and the scarcity of comparable investment opportunities in Perth was expected to generate interest from a broad pool of domestic and offshore capital.
“We expect the campaign to attract institutional and private investors, syndicators, family offices and interstate groups seeking secure exposure to the Western Australian market”.
“Perth continues to attract capital looking for strong income fundamentals and quality tenant covenants, and opportunities of this scale in established metropolitan locations are tightly held. The combination of an ASX 200 tenant, fixed rental growth and a substantial underlying landholding should resonate strongly with investors looking for both income security and longer-term upside.”
The IMDEX lease runs until August 2030 with two further three-year options and fixed annual rental increases of 3 per cent. The property generates total net passing income of approximately $1.313 million a year. The asset underwent a $2.42 million refurbishment in 2024, including technology and amenity upgrades, expanded end-of-trip facilities, EV charging, upgraded wet areas, new flooring and improvements to the building’s air-conditioning systems. Solar capacity has also been expanded to 300kW across the two buildings, with an expected improvement upon the current 4.5-star NABERS Energy Rating.
Ross Palframan, Senior Director of Logistics & Industrial at Cushman & Wakefield said the specialised nature of the facility, together with the significant capital investment already embedded within the property, creates a strong level of tenant commitment and makes the asset extremely difficult to replicate in the current market.
“This is far more than a conventional office and warehouse asset. The facility has been purpose-built around the operational requirements of a global mining technology business, with significant capital invested in specialised infrastructure and improvements over time”, he said.
“The cost, time and complexity involved in replicating a facility of this nature today would be substantial, particularly given the significant increase in construction and replacement costs”, he said.
The property includes PC2-rated laboratory space, a high-clearance warehouse with a 5.5-tonne gantry crane and IMDEX’s global network operating centre, alongside high-quality corporate accommodation and staff amenities. Positioned on the corner of Balcatta Road and Natalie Way, the property has approximately 65 metres of frontage to Balcatta Road and more than 70 metres to Natalie Way. Its location provides access to the Mitchell Freeway, Reid Highway and Wanneroo Road, connecting the property with the Perth CBD, airport and major northern industrial precincts.
According to Cushman & Wakefield the dual-building configuration also provides longer-term flexibility for multi-tenancy, while potential opportunities to expand lettable area through balcony enclosure and upper-level additions could provide further value-add potential, subject to approval.
