Melbourne, 18 April 2013- A Boronia retail complex located on a busy metro corner has been listed for sale in a move tipped to attract significant investor interest.
Situated on the highly exposed corner of Boronia and Scoresby roads, the 898sqm Boronia IGA Retail Centre includes an IGA Supermarket plus Liquor, a Nando’s restaurant and T-Man’s Pizza.
The IGA Supermarket lease, which is on a net basis, expires in 2023 with options to extend. The net income is $322,000 annually.
CBRE’s Mark Wizel and Justin Dowers are steering the campaign, along with Leiba Commercial’s Mark Leiba.
Mr Dowers said the centre’s location was a key selling point, with interest in the property already nudging $4.5 million
“There appears to be a weight of money heading towards secure retail investment property at present,” Mr Dowers commented.
“The market is recognising that it is an opportunistic time to purchase a secure retail investment property, given the gap between initial yields and cost of debt, coupled with the performance of non-discretionary retailers.”
Mr Wizel anticipates potential buyers looking to secure a low management asset for their self-managed superannuation funds will show strong interest in the property.
Another factor that may attract buyers is the property’s depreciation benefits given that it was constructed in 2008, Mr Dowers added.
The 2,809sqm Business 1 Zoned site includes onsite parking for 40 vehicles and offers a 76 metre frontage onto Boronia Road and 55 metre frontage onto Scoresby Road.
Situated just 28 kilometres from the CBD, the retail centre is in close proximity to Boronia Hospital, several primary schools and a number of recreation parks and reserves.
The Boronia IGA Retail Centre is being offered for sale through a Public Expressions of Interest campaign, which closes on May 23.
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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 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 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.