Commonwealth Bank of Australia has engaged CBRE to market for sale three of its former Adelaide branches – unlocking investment opportunities in some of the city’s prime suburban retail strips.
CBRE’s Harry Einarson, Mitch Curnow, Ned Looker and Rhyce Scott have been appointed to sell the three properties, located at 175 Hutt Street, Adelaide, 1 Chambers Street, Park Holme and 39 Commercial Road, Strathalbyn.
Located in a busy corner location,175 Hutt Street comprises an approximately 400sqm freestanding building on a 336sqm site. The property offers development of up to four storeys (STCC).
1 Chambers Street consists of a 322sqm* property on a 563sqm site adjoining the Park Holme Shopping Centre. The high exposure site offers exposure to approximately 45,000 passing vehicles daily.
Mr Einarson commented: “Forming part of the existing Park Holme Shopping Centre, 1 Chambers Street offers a prospective purchaser all the benefits of shopping centre ownership without the hefty price tag.”
The third property, 39 Commercial Road, is a circa 260sqm building positioned on a 483sqm site. The property, which offers a three-year leaseback over the ATM space to Commonwealth Bank, provides 13m frontage to Commercial Street.
Mr Curnow said the sale of the three properties would unlock premium real estate in quality prime retail locations.
“Each property will be offered with vacant possession and is well positioned amongst existing retail – suiting a variety of end uses, including office, medical or a continuation of retail use,” Mr Curnow said.
The sale campaign follows the recent divestment of two additional Commonwealth Bank branches in Prospect and Salisbury over the past 24 months. The retail properties are now utilised as a practicing medical centre and discount chemist store respectively.
“We are very excited to be partnering again with Commonwealth Bank of Australia on what will be our third, fourth and fifth respective listing in the past 24 months,” Mr Einarson added.
Park Holme and Strathalbyn will be offered for sale via Expressions of Interest with 175 Hutt Street to be sold by Public Auction in the coming weeks.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.