Brisbane, 02 December 2015 – After 20 years of leasing a high profile Sunshine Coast beachside location, Augello’s Ristorante & Pizzeria has acquired the freehold site for $2.75m.
CBRE’s Sunshine Coast Office & Retail team of Brendan Robins and Ryan Parry negotiated the sale of the two-level 153sqm site, which is located at 13 Mooloolaba Esplanade.
The sale represented a yield of 6.97% - A strong result which Mr Robbins attributed to the improved retail market conditions in Mooloolaba.
“The sitting tenants were eager to ensure their positioning along the esplanade and provided the strongest offer for the site, following an active auction that resulted in the property being passed in initially.”
“Mooloolaba retail investments are always highly sought after, with consistent strong rental returns and proven capital growth over the past 20 years,” Mr Parry added.
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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 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.
