Two former Masters sites snapped up within four weeks

Two former Masters hardware sites in Perth have been sold after just four weeks on the market.

Two separate investors swooped on the WA properties, which fetched a combined $18.1 million.

The stores at Bibra Lake and Forrestdale were a part of the once mighty Woolworths-owned and operated Masters empire, which was wound up in 2016 and counted nine Western Australian outlets among its operations.

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The warehouse at Bibra Lake sold for $10 million less than three weeks after being put up for sale, while the Forrestdale property attracted $8.1 million and sold just over four weeks after being listed.

Savills Australia’s James Condon and Lachlan Webster negotiated the deals.

The former Masters store at Forrestdale sold for $8.1 million.

Condon says the sites fit a number of major uses, but did not say what the buyers have planned for them.

“There are no warehouses on the market that provide the quality and scale of these two spaces and significant interest was received from developers, investors and owner-occupiers,” he says.

“Both warehouses have potential to function as entertainment precincts, food or product storage, hardware nurseries or large format retail sites.”

Each site has more than 300 car parking spaces, air conditioning, polished concrete flooring and exposure to major arterial roads.

The properties had previously been on the market for 12 months before being re-listed.