One of the last remaining undeveloped blocks in the popular Proximity Industrial estate has been sold for a record rate per square metre.
CBRE’s Tom Murphy and Ricardo Cappelletti brokered the sale of the 2,061sqm site to a private developer for a price of $600,000 – translating to a rate of close to $300/sqm.
“The rate achieved represents growth of more than $100 per square metre since the Proximity Estate was first released. Sunshine West - and this estate in particular - remains a popular choice for owner occupiers and investors,” Mr Cappelletti said.
“The scarcity of undeveloped blocks in the estate coupled with its proximity to the Ring Road and Princes Freeway were reflected in the final sale price.
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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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.