Melbourne, 23 April 2014 – A private investor has acquired a strata café in the Melbourne CBD for $750,000.
Ed Wright, Tom Tuxworth and Josh Rutman from CBRE Melbourne City Sales negotiated the sale of the 17sqm property at 530 Little Collins Street on behalf of private Perth-based investors. The transaction equated to $44,117 per square metre – a yield of 6%.
Mr Wright said the property attracted strong buyer interest during the sales campaign.
“The property was marketed via a public Expressions of Interest campaign, which drew more than 80 enquiries from local, interstate and offshore investors, with the property sold to a local investor 48 hours prior to the campaign’s close date,” Mr Wright said.
“The food court retail tenancy was sold for more than $44,000 per square metre – a new record for 2014.”
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website atwww.cbre.com.au.