Sunshine Coast, 30 January 2014 - Mooloolaba-based property advisory firm CBRE is moving to new premises. The new office is just walking distance from CBRE’s current address at 13 Smith Street. CBRE has leased a 282sqm office on the first floor of 11 Walan Street, above the Bank of Queensland’s Mooloolaba branch.
CBRE Managing Director Rem Rafter said the move was due to a strong improvement in market conditions on the Sunshine Coast with every one of CBRE’s business lines on the improve.
“Clearly the worst is over and looking ahead we will need to hire more people so we need the additional space. We were at capacity in Smith Street with 20 staff and that includes three new people we hired in late 2013."
Mr Rafter said the new office, previously occupied by Juniper Group, was located one block from Mooloolaba Esplanade and included 10 car parking spaces.
“Our new premises are conveniently located for clients as there is on-street parking and the large public Brisbane Road car park nearby.”
Mr Rafter said CBRE’s business activities had picked up strongly in the last quarter of 2013, particularly in property management, industrial sales and leasing and retail sales and leasing.
“When the Global Financial Crisis hit in 2007, nobody could have foreseen the effects would continue for six years. But at last we are seeing confidence return to the Sunshine Coast and a lot of commercial real estate is changing hands.”
CBRE Associate Director Industrial & Logistics Services Glen Grimish, said the industrial sector showed continuous signs of improvement throughout 2013. There was a marked increase in land sales transactions, particularly in emerging estates such as Centra Park Coolum and Sunshine Coast Industrial Park Caloundra.
“This demand is expected to continue through 2014, given the current list price of land in these estates,” he said, adding he would not be surprised if prices rose towards the latter half of 2014.
CBRE Director Office and Retail Services Brendan Robins said SMSF investors hit the market in a big way in 2013 on the back of renewed confidence and the low interest rate climate.
“CBRE transacted a great number of investments in the $500,000 to $2M price range, including a new building at 8 King St, Buderim in which we sold all six stratas for a total of over $4M to four different buyers,” he said.
“Similarly, on the Mooloolaba Esplanade we sold two adjacent prime retail stratas in Oceans Mooloolaba in a matter of days for over $3M, on an average yield of 7.25 %. We also sold retail investments in Coolum and Peregian Beach.”
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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.