Sydney, 13 November 2013- An Adelaide shopping centre was the scene of a frenzied auction yesterday, as a crowd of 150 watched it sell for $6.54 million.
Burbridge Shopping Centre is a fully leased 2, 306sqm centre at West Beach, anchored by Drake Foodland and supported by 12 specialty shops, all with multiple long-standing tenants.
CBRE’s Ben Younger and Alistair Laycock handled the marketing campaign, with Philip Rundle as auctioneer on the day.
Mr Younger said it was a much anticipated auction that attracted over 120 enquiries throughout the campaign with 25 registered bidders on the day and a huge crowd estimated at over 150 people.
“It was the who’s who of the property market with over 10 individual bidders. Bidding opened at $5m but quickly moved to $6m and ultimately achieving $6.54m representing a 6% yield on the passing net income,” said Mr Younger.
“This result highlights that the market is abundant with cashed up investors seeking the right product, especially with interest rates so low.”
“Few quality leased investments are available at the moment, but when they are the market are forced to fight for them. I am sure this result will encourage other vendors of quality investment stock to consider capitalising on the buyer interest that we currently have”.
“We look forward to bringing a host of new stock on the market in early 2014,” Mr Younger 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 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 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.