Melbourne, 16 July 2015 – A local investor has acquired a whole floor office space in the heart of Melbourne’s CBD for $1.32 million.
The 280sqm space, located at Level 3, 4 – 10 Bank Place, features comprehensive fitout, ample nature light, and prime location underpinned by premium retail, hospitality and transportation amenities.
Tim Last, Thomas Tuxworth and Nick Lower of CBRE negotiated the sale on behalf of the private owner occupier via a public Expressions of Interest campaign.
Mr Last said the current demand for well-located office space, particularly in Melbourne CBD’s historic and established laneways, made the sales campaign incredibly competitive - with over 105 enquiries being extracted from the market.
“Over the past 12 months a 25% uplift in value within the strata office market has been identified, with this sale further demonstrating how demand is continually outweighing supply in the CBD.”
Mr Tuxworth added; “We are currently seeing an increase in local investors looking to diversify their property portfolios in Melbourne and take advantage of the high yields that strata office is able to return.”
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.