Sydney, 27 February 2015 – A hotly contested site in Parramatta has been acquired by a private college for $5,300,000.
The 1,206sqm commercial office building at 12-14 Wentworth Street was sold with vacant possession and partial lease back.
CBRE’s Peter Vines and Luke Bryant negotiated the sale on behalf of the Independent Education Union (IEU).
Mr Bryant said: “The property was highly pursued and sold via a full on-market Expressions of Interest campaign, achieving a price significantly above expectations and delivering a huge result for our vendors.”
“The property was sold to a private college, which has been one of the most active groups in the commercial sales and leasing market over the past 12 months. This is the second commercial building to be sold to a college in the Wentworth Street precinct with 1-3 Fitzwilliam being purchased by Raffles in 2014,” Mr Bryant added.
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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 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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.
