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  • Adelaide office sale marks continued CBD property growth

Adelaide office sale marks continued CBD property growth

22 September 2014
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Adelaide, 22 September 2014 – A Chinese investor has acquired an Adelaide office building for $1.3 million, showing continued demand for CBD real estate.

CBRE’s Will Brown and Ben Heritage negotiated the sale of 142 Wright St on behalf of a member of the Lester Group of Companies, Wright St Pty Ltd.

Formerly a church, the 359sqm property comprises 200sqm of office space including a reception area and several private offices on the ground floor. The building also has a car park for five cars, with direct office access.

Mr. Brown said the sale showed strong demand for CBD real estate with short to medium term development opportunities.

“This sale is further evidence of sustained interest from Chinese investors and developers wanting to secure sites within the CBD. The property, which was surplus to the vendor’s needs, was first purchased by the Lester Group of Companies in 2012 for $1.21 million,” Mr. Brown said.

“CBD locations such as Wright Street continue to be the preferred business location for small to medium sized businesses as they can enjoy easy access to transport, law courts and the bustling Gouger Street and Chinatown precinct.”

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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 2013 revenue).  The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 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.au.
 

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