Melbourne, 19 November 2013 -A local owner-occupier has acquired 393sqm of prime office space in Melbourne’s prominent Singapore Airline House for $1,575,000.
Located at 420 Collins Street, the sixth-floor property was sold on an unconditional basis to a local owner-occupier who plans on refurbishing the office and using it as its new Melbourne headquarters.
CBRE’s Tom Tuxworth, Chris Pharr and Ed Wright steered the sale on behalf of vendor John Matthies.
After being on the market with other agencies for more than 12 months, the property was sold within two weeks of being brought to the market by the CBRE City Sales team.
Mr Tuxworth said the strata office market was performing considerably well in the current economic climate, which is being driven by the record low interest rate.
“Businesses that have traditionally leased property are now realising just how affordable it is to purchase their own office as opposed to signing a new lease,” Mr Tuxworth said.
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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.