Perth, 14 October 2015 – A local private investor has recently snapped up a prominent Bayswater retail complex in a deal valued at $5.45 million.
CBRE’s Metropolitan Investment Properties team of Ben Younger and Michael Milne negotiated the sale of the Red Rooster and Snap Fitness anchored neighborhood retail complex, which is located at 497 Guildford Road.
Mr Younger said the public onsite auction received strong buyer interest, with over 60 attendees and eight bidders on the day.
“The competitive auction and strong sales price is representative of the continued buyer confidence in well located retail investment sites in Perth’s suburban locations.”
The sale price translates to an estimated yield of 5.87% - a strong result which Mr Younger linked to an abundance of buyers seeking good quality investment stock.
The 3,137sqm site features high profile corner positioning, expansive frontages to Guildford Road and Slade Street and ample on-site parking. The site was sold with secure leases to four well established tenants, which provide an estimated income of approximate $320,367 per annum.
“The long term leases to highly reputable tenant covenants, coupled with the high profile corner location were key factors prompting the strong bidding,” Mr Milne said.
“Since the auction we have received multiple calls from buyers who are seeking similar grade investment opportunities and are therefore actively seeking other investment stock to meet buyer demand,” Mr Milne added.
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.