The 120sqm strata suite is leased to the popular Meraki Greek Cuisine, with a five-year lease term and two additional five year options to renew. The sale of the suite includes an individual car park.
Mr Curnow said the 21 enquiries and subsequent three offers reflected the strength of the current market.
“The successful sale of the strata suite is just another example of the strength of Adelaide’s metropolitan investment market,” Mr Curnow said.
Mr Heritage added: “There is a consistent theme amongst CBRE’s retail leased investment sales in the past 18 months. Key drivers for sales of this nature include stellar locations, robust net rental and more than 4-5 years remaining on the lease term.”
“O’Connell Street is one of Adelaide’s best retail and restaurant strips and has the added benefit of being in close proximity to Adelaide Oval. A number of investors were eager to stake their claim in the area, recognising the value and secure investment nature of the opportunity,” said Mr Heritage.
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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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.