Melbourne, 16 February 2014 – A prominent Melton fitness centre has been listed for sale, offering an attractive investment opportunity to acquire a securely leased asset.
Located at 15-21 Coburns Rd, the 5,915 square metre property comprises a purpose-built leisure facility featuring a 25 meter lap pool and 116 at-grade car parks. The property is currently leased to renowned gym operator Genesis Fitness on a 12-year term expiring in 2021, with two additional six-year options.
CBRE’s Jamus Campbell and Paul Tzamalis have been appointed exclusive selling agents on behalf of vendor GOR Investments via an Expressions of Interest Campaign.
Mr Campbell said the sale represented an excellent opportunity for astute investors that were now looking to the suburbs for greater returns.
“Opportunities of this scale which are securely let with excellent guarantees are very rare and we believe this property will be highly contested,” Mr Campbell said.
“Where can you find such a great lease term and strong lease covenant and still see a return of in excess of 9%? With the RBA’s decision this month to hold interest rates at 2.5%, 9% seems very attractive.”
Mr Tzamalis added: “Melton is one of metropolitan Melbourne’s fastest growing suburbs and a key satellite city. The area is supported by a healthy residential market, which has seen, and continues to see rapid expansion.”
Expressions of Interest close March 12.
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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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 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.