A Bayswater retail property could revisit its banking roots, after being sold under the hammer to a local community bank franchise.
Originally constructed as a banking chamber in 1975, the 83 Whatley Crescent property was purchased by Bayswater Community Financial Services Limited at auction for $1.06 million.
Located directly opposite Bayswater Train Station, in the heart of Bayswater’s vibrant town centre core, the property comprises a 335sqm building most recently occupied by an Elders Real Estate office.
CBRE’s Michael Milne and Ben Younger managed the sale process on behalf of the private vendor.
Mr Milne said the sale campaign generated significant interest, with a strong turnout for the public auction.
“We fielded broad enquiry from investors and developers, together with retail and commercial occupier groups, keen to capitalise on this emerging popular location,” Mr Milne said.
“This fantastic result highlights growing confidence and business sentiment in the rapidly changing suburb of Bayswater and demonstrates how progressive local government planning and infrastructure repeatedly proves a catalyst for positive capital investment from astute investor and developers in older suburban nodes.”
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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 2017 revenue). The company has more than 80,000 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.