January 08, 2016 - Growth is returning to Queensland’s retail investment market, with strong demand for premium regional assets underpinning the $5.65 million sale of the Mackay Officeworks.
CBRE National Retail Investments negotiated the sale of 11 Milton Street, comprising a 2,160sqm large format property anchored by a 10-year lease to national operator, Officeworks.
The property, which is strategically positioned in the heart of Mackay’s commercial and retail precinct, benefits from main road exposure and circa 40 metres’ frontage to Milton and Peel streets.
CBRE’s Nick Willis, who negotiated the sale to a Gold Coast investor in conjunction with fellow agent Justin Dowers, said the property’s proven location was a key selling factor.
“The property’s long trading history and prime CBD location in one of Queensland’s main regional hubs provided the successful buyer confidence in the transaction,” Mr Willis said.
“While the Queensland regional property market has experienced a softening in recent years due to the downturn in the mining sector, this sale is evidence of a return in confidence to these locations. We are currently experiencing uplift in investors seeking quality regional assets due to the relatively softer yields compared to that of metropolitan locations.”
Mackay is Queensland’s seventh largest city, located approximately 970km north of Brisbane between Townsville and Rockhampton.
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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 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.