Melbourne, 26 August 2013-A private investor has acquired a commercial office building in the Melbourne suburb of Burwood for $2 million.
Located at 121 Burwood Highway, the property comprises a quality, two-level office of 435sqm and features 20 car spaces.
CBRE’s Jamus Campbell and Justin Clarkson negotiated the sale on behalf of the vendor, Talkay Pty Ltd. The sale reflected an annual yield of 7.15%.
Mr Campbell said the property, which was marketed through an exhaustive four week campaign and sold via public auction, attracted high levels of investor interest.
“With eight parties in attendance, several bidders fought it out to arrive at the final sale price, showing a very strong yield for this type of asset,” Mr Campbell said.
The property is currently leased at $143,000 per annum.
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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.