Melbourne, 23 April 2014 – A private investor has acquired a strata café/takeaway shop in South Melbourne for $770,000.
Ed Wright and Josh Rutman from the CBRE Melbourne City Sales negotiated the sale of 71 Coventry Street on behalf of vendor Flagship Property Holdings. The transaction equated to $8,369 per square metre – a yield of 6.9%.
Mr Wright said the property was marketed via an off market basis, following the recent tranche of residential sales at the Sunday Apartment development.
“The purchaser was attracted to this emerging retail and commercial South Melbourne location,” Mr Wright said.
“Coventry Street continues to be a strong performing residential location, with investors taking comfort in the property growth occurring in the area.”
South Melbourne is located 2.4km from the CBD.
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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.