Melbourne, 05 July 2015 –An offshore investor has acquired a half floor space in the CBD’s east end for $1.86 million.
The 310sqm space, located at level 5, 140 Bourke Street, features full fit out, good natural light, city views and a car space.
CBRE’s Tim Last, Tom Tuxworth and Nick Lower negotiated the sale on behalf of Yucai International via an Expressions of Interest campaign.
Mr Last said the high sales rate of $6,000 per sqm represents a record for the building and a 20% upliftin value on the previous Level 5, 140 Bourke Street sale in 2014.
“The sale is on trend with the current strata office market which has seen an overall uplift of 20-25% over the past 18 months, underpinned by increasing buyer demand and limited CBD supply.”
“The offshore purchaser was attracted to the sites prime CBD location, with close proximity to the culinary and cultural heart of Melbourne and major transportation amenities. The buyer plans to occupy a portion of the space and sublet the remainder of the office,” Mr Tuxworth added.
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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 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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 at www.cbre.com.