Melbourne, 04 March 2016 – ASX-listed age care provider Japara Healthcare has fought off fierce competition from a number of local and off-shore residential developers to secure a sought after Melbourne development site for $8.3 million.
Located in the inner-west suburb of Newport, at 120 Mason Street, the 5,425sqm residential zoned landholding comprises warehouse improvements.
CBRE’s Guy Naselli, Harry Kalaitzis, Ed Wright and David Minty negotiated the transaction on behalf of a private vendor, with the sale price reflecting a land rate of over $1,500 per square metre. The sale marked the first time the property was offered to the market in almost 50 years.
Mr Naselli said the property attracted strong interest from both local and offshore investors, as well as developers and owner occupiers.
“This transaction in Melbourne’s inner-west further highlights the continued confidence developers have in outer metropolitan locations underpinned by immediate amenity and public transport options,” Mr Naselli said.
“This sale also demonstrates the growing confidence of local buyers to invest away from traditional areas of interest being the CBD, immediate city fringe and the established eastern corridor.”
Mr Minty said there continued to be strong investor appetite for development opportunities across Melbourne’s inner-west.
“With turbulent share market conditions at present, we expect to see more investors looking to reallocate capital to investment classes that pose less risk, such as real estate.”
For Australian/international news or global stories, follow us on Twitter. 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 2015 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. About CBRE Group, Inc.
