Andrew Russel, one of our leading commercial sales & leasing consultants has released his insights into the current state of local commercial real estate across both Port Hedland and Newman. Analysing historical data, Andrew Russel has combined his keen insight and expertise with the latest movements across 2024's third quarter to provide an update for commercial investors looking into the sales and leasing environments of Port Hedland and Newman.
Port Hedland Sales Analysis
The commercial sales landscape in Hedland is continuing to show promising signs with an equal mix of savvy investors and owner occupiers in the marketplace.
As it stands, there are currently 36 properties listed for sale in the Hedland market, with 6 of those under contract. There is certainly equal opportunities for both investors and owner occupiers in the market place, with approximately 45% of all the listings are being sold as a tenanted investment, and the remaining 55% with vacant possession for occupation. For those under contract, 3 of which are tenanted investments and 3 are sold with vacant possession.
As always, the industrial sector takes up a vast majority of the market space in Hedland with approximately 72% of all current listings consisting of Warehouse/Industrial properties, 25% being Development Sites/ Land and the last 3% being Office/Retail spaces.
There has been a total of 7 commercial properties sold in the last quarter, with the majority of sales being Warehouse/Industrial properties in Wedgefield, as well as the famous Pier Hotel that was recently acquired by BHP.
Port Hedland Leasing Analysis
The commercial leasing landscape in Hedland has experienced a notable amount of movement in the last quarter with a large number of new listings, properties leased and a wide mix of property types available for lease.
There are currently 44 properties currently available for lease in the Hedland market, with approximately 61% of all current listings comprising of Warehouse/Industrial Properties, 24% being Offices/Retail and 15% Land.
There has been total of 12 properties leased in the last quarter, with approximately 58% of those lease being industrial, 33% being office/retail and 9% for land.
Newman Sales Analysis
The Newman commercial landscape continues have strong investor interest capitalising on the high returns driven from the continually increasing tenancy demand for warehouses in the industrial zone, and limited stock on the market.
There are currently 9 commercial properties listed for sale, with 4 of the 9 properties currently under contract. Of those, 7 of the 9 properties are listed as tenanted investments with the remaining 2 available for occupation. The commercial mix for sale are currently approx 56% Warehouse/ Industrial, 22% Offices & 22% Retail which includes Newman Boulevard Shopping Centre.
Newman Leasing Analysis
The Newman leasing landscape remains tightly held limiting the number of vacancies available, primarily in the Industrial Zone.
There are currently a total of 5 properties available for lease, 2 of which for Warehouse/ Showroom spaces, and the remaining 3 comprising of Office/ Retail Spaces. There was only 1 property leased in the last quarter, being a warehouse in the Industrial Zone.
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