Adelaide, 19 May 2015 – CBRE has been exclusively appointed to sell what is tipped to be one of the best investment opportunities to come to the Adelaide market in 2015.
The property, located 8 – 20 Hutt Street, features 1,699sqm of lettable space over three levels, modern quality fit out, outdoor entertaining area, secure basement parking, and prime location in the tightly held Hutt Street precinct.
The building is currently occupied by the Council on the Aging (South Australia) Incorporated on a ten-year lease which commenced in July 2010 and offers a further five-year option. The tenancy provides a total net income of $562,116 per annum and has annual increases of 3.75%.
Ben Heritage and Phil Rundle of CBRE are proud to offer this fantastic property for sale via an Expressions of Interest campaign closing Thursday 4th of June at 4pm.
Mr Heritage said the caliber of this opportunity, particularly with the five years remaining on the initial ten-year lease term, will ensure strong investor interest over the course of the campaign.
“With a net income of approximately $562,116 per annum, this site is expected to appeal to investors and syndicates both locally and nationally.”
“We’re receiving weekly phone calls from investors looking for opportunities that tick every box, and this is a prime example of what they’re looking for.”
“The property provides a high quality investment opportunity with its exceptional lease covenant and prominent location in the heart of the Hutt Street precinct, only metres from the East parklands,” Mr Heritage said.
The property which is zoned Capital City by the City of Adelaide allows for future development of up to 22 meters high.
For Australian/international news or global stories, follow us on Twitter.
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.