Brisbane, 20 April 2016 – A Singaporean investor has acquired The Edge Restaurant and Bar in Rockhampton for $1.938 million – in order to enter Australia’s regional property market.
CBRE’s Sam Grasso and Millan Narsey negotiated the sale on behalf of Rivers Edge Fitzroy Pty Ltd, who deemed the current favorable market conditions as the ideal time to divest the asset.
Located at 1/102-108 Victoria Pde, the 410sqm strata retail investment offers positioning beneath Rockhampton’s only 4.5 star hotel, The Edge Apartment Hotel, and in close proximity to prominent food and beverage retailers including Ribs and Rumps, Coffee Club and Pacino’s. The site further benefits from panoramic views of the Fitzroy River and modern fit out featuring open plan dining, lounge and function facilities, fully licensed bar and quality outdoor area.
The site was sold with an existing lease to one of Rockhampton’s leading dining venues, The Edge Restaurant and Bar, which exclusively services The Edge Apartment Hotel. The tenant is committed to a 10 year lease through to 2025, with further 5 year options thereafter.
The sale price represented a rate of $4,727 – a strong result Mr Grasso attributed to the increasing investor interest in regional retail opportunities.
“The buyer was drawn to the passive nature of the asset, particularly given the long term lease, recently renovated bar and restaurant and location beneath a prominent hotel – providing consistent customer base.”
“We are increasingly finding offshore interest filtering to regional locations, due to competitive investor demand in metropolitan markets,” said Mr Grasso.
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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 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.