Perth, 08 July 2015 – CBRE has been exclusively appointed to sell a fully leased retail investment in South Perth.
The 302sqm retail outlet, located at Shop 1 ‘Meadowvale Shopping Centre’, 298 Mill Point Road, features prominent front lead corner position, generous customer parking with multiple access points and prime location in one of Perth’s most desirable, affluent and vibrant inner urban neighbourhoods.
The site will be sold with a secure lease to Vintage Cellars, a Liquorland (Australia) Pty Ltd brand and wholly owned subsidiary of Coles Group Limited, which has occupied the space since 1993. The tenant is on a five year term (ending October 2018) with option for 25 year extension, providing a strong income stream of $150,299pa net plus outgoings payable by tenant.
Ben Younger and Michael Milne of CBRE will be selling the property via a public on-site auction on the 16th July, 11.00am.
Mr Younger said the site's prominent positioning in a desirable retail precinct, and secure lease to a blue chip covenant will contribute to a competitive sales campaign.
“The site presents a rare opportunity in today’s market affording buyers the ability to secure a well-positioned retail shop boasting a profile corner position, national ‘blue chip’ tenant with long term trading history and the ability to capitalise on the low interest rate environment.”
“The site's positioning within Meadowvale Shopping Centre, underpinned by major draw cards including superb exposure to passing traffic, excellent tenancy mix and contemporary amenities, should be a key selling factor,” Mr Milne added.
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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 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.