logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
Australia
  • Global
  • United States
  • Albania
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Bosnia & Herzegovina
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Croatia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Montenegro
  • Morocco
  • Netherlands
  • New Zealand
  • North Macedonia
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Saudi Arabia
  • Serbia
  • Singapore
  • Slovakia
  • Slovenia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Lines
      • Advisory & Transaction Services
      • Capital Markets
      • Global Workplace Solutions
      • Investment Management (CBRE Investment Management)
      • Property Management
      • Valuation & Advisory Services
    • Industries & Specialties
      • Agribusiness
      • Build-to-Rent
      • Building, Depreciation & Cost Consultancy
      • Government Real Estate Advisory & Transactions
      • Hotels
      • Industrial & Logistics
      • Office
      • Residential
      • Retail
      • Retirement & Healthcare
      • Sustainability
      • Flexible Workspace
    • Services for Investors
      • Debt and Structured Finance
      • Host
      • Institutional Investments
      • International Investments
      • Investment Accounting & Reporting Solutions
      • Structured Transactions & Advisory
      • Leasing & Advisory
      • Metropolitan Investments
      • Property Management
      • Property Sales
      • Recovery & Restructuring
      • Valuation & Advisory
    • Services for Occupiers
      • Facilities Management
      • Leasing & Advisory
      • Occupier Consulting
      • Portfolio Services
      • Project Management
      • Sale and Leaseback
      • Structured Transactions & Advisory
      • Transaction Management
      • Valuation & Advisory
      • Workplace
  • Properties
    • Agribusiness
      Hotels
      Industrial & Logistics
      Institutional Investments
      Metropolitan Investments
      Office
      Residential
      Retail
  • Research & Insight
    • Australia Research
      Asia Pacific Research
      Global Research
      Expert Opinions
      Talking Property Podcast
  • People & Offices
    • Pacific Executive Committee
  • About CBRE
    • [email protected] - LGBTQI+ Inclusion
      Careers
      Case Studies
      Client Tools
      Corporate Information
      Environmental, Social and Governance
      Investor Relations
      Media Centre
      Reconciliation
      The Place Makers

Previous

Press Release
Extensive refurbishment to drive tenant demand

Next

Press Release
Auction demonstrates unprecedented demand for development sites
  • Home
  • About CBRE
  • Media Centre
  • Home of world famous dumpling restaurant listed for sale

Home of world famous dumpling restaurant listed for sale

24 September 2015
  • Email
  • Share
  • Tweet
  • Share

Melbourne, 25 September 2015 – Unabated demand for quality assets in Melbourne’s CBD has triggered the sale of one of the city’s premium commercial hubs and popular food destinations, 206 Bourke Street.

Singaporean real estate group Hiap Hoe has appointed CBRE’s Mark Wizel, Josh Rutman, Kiran Pilai and Justin Dowers to steer the sale of the mixed use retail and office asset via an International Public Expressions of Interest campaign.

The property, which is set to become home to world famous dumpling restaurant Tim Ho Wan in November, generates a net income in excess of $7.5 million per annum.

Located on the edge of Bourke Street Mall - Melbourne’s fashion, dining, entertainment and lifestyle destination – the property is expected to achieve a yield of less than 6.5%.

Mr Wizel said the premium offering represented an outstanding investment opportunity.

“206 Bourke Street has quickly established itself as an iconic part of the CBD, and in particular, Melbourne’s Chinatown precinct,” Mr Wizel said.

“It is becoming a desirable destination, popular for its close proximity to great restaurants and entertainment options, which will no doubt attract significant buyer interest.”

Hiap Hoe has added significant value to the asset through the implementation and management of a strategic leasing campaign, that resulted in several new tenants, including the Dragon Boat and Shanghai Dynasty restaurants, Telstra and what has become JB Hi Fi’s strongest trading Victorian store.

In November, the world’s cheapest Michelin-starred restaurant Tim Ho Wan will ink a deal on a major part of the property’s Bourke Street frontage.

Mr Rutman said the property was expected to spark strong interest from both local and overseas investors, with value add players from Asia tipped to be strong suitors.

"The property is being sold with approved permits to develop a 140 plus room hotel, which is expected to attract strong interest from hotel operators and patrons alike,” Mr Rutman said.  

“The property has and will always be underwritten by its significant land value, spanning over 3,000sqm of CBD land.

Mr Wizel added: “206 Bourke Street represents a terrific core opportunity for an experienced asset manager to fully exhaust the very low passing rents on specialty tenants, which is 41% lower then what is being achieved in and around Bourke Street for comparable space.”  

“Prime yields for retail city centre assets have continued to compress over the past 36 months. In Melbourne, this has been driven by rental growth in the retail sector, continued strong trading for food and beverage tenants and an increased population due to the swell of apartment development in the CBD.”  

He added: “There has been major appetite from a range of domestic institutions, private investors and off shore groups wanting to secure city centre retail assets and this has been evident in the most recent sale of the Myer Centre in Adelaide to listed Singaporean REIT Starhill for $288m in April 2015.”  

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 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.​

 

 

 

 

 

 

 

Media Contacts

Kathryn House Headshot
Kathryn House
Communications Director
Pacific
+61 2 9333 3585
+61 402 465 440
  • Corporate Information
  • Corporate Responsibility
  • Media Centre
  • About CBRE
  • Careers
  • Case Studies
  • People & Offices
  • Executive Committee
  • Investor Relations
  • Contact Us
  • Australia Privacy Policy
  • Global Web Privacy and Cookie Notice
  • Whistleblower Policy
  • Sitemap
  • Terms of Use
  • LinkedIn
  • Twitter
  • Facebook
  • Instagram
  • Youtube