A Brighton retail investment, leased to Westpac, is set to go under the hammer for the first time in almost 20 years.
Located at 92-94 Church Street, the double story property is 100% leased to Westpac and is positioned on a large 312sqm landholding with 8.5m of dual frontage. The property was recently renovated by the Westpac and features an open plan layout with amenity across level one.
CBRE’s Melbourne Strip Retail Investments team and Iles Real Estate have been appointed to sell the asset on behalf of the private family.
CBRE’s Sandro Peluso said: “The offering of an investment leased to one of the big four banks is an outstanding opportunity for the astute investor or land banker, particularly given the tenant’s recent commitment to renovate the space and a new five year lease term.”
“The area’s affluent demographic coupled with the abundance of surrounding amenity - transport, supermarkets and carparks - are major benefits to the strip and are definitely contributing factors to its success, and fundamentals that we expect will drive significant interest throughout the campaign.”
Church Street, Brighton is regarded as one of Victoria’s premier retail strips, with vacancy rates frequently dipping below 1% and rents reaching in excess of $1,000 per sqm. Several of Australia’s most well-known brands lease space in the precinct including Sportsgirl and MIM.CO.
The forthcoming auction comes after the sale of sale 89-91 Church Street, Brighton in late 2018 – a transaction that was also brokered by CBRE. The building, which is leased to national retailer, Sportsgirl, was sold via public auction for $8.2 million, reflecting a 2% return.
CBRE’s Rorey James added: “Similar to the Sportsgirl campaign, we’re anticipating strong interest from a wide range of local, interstate and overseas buyers. Our CBRE team has been fortunate to have successfully marketed half a dozen properties in and around the Brighton area, including Bay Street and Martin Street, over the past few years and we don’t expect to see interest in this area diminish anytime soon due to the high quality underlying fundamentals that drive this part of the Melbourne market.”
Mr James noted the listing is also likely to attract interest from value-add investors and developers given the flexibility of the property, including the under-utilised land at the rear, its multiple frontages, central location and suitability for a multi-level mixed use development.
92-94 Church Street will go to auction on Thursday, March 21 at 12:30pm.
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CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 480 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.