“The major hurdle for investors was the increasing vacancy in Burke Road, which has jumped from 4.2% to 10.8% in the last quarter,” Mr James noted.
“The campaign had a strong focus on building confidence in the tenant and the future of Burke Road, which has attracted significant investment by ISPT in Camberwell Place Shopping Centre.”
The purchase price translates to a strong building rate of $21,536sqm, and follows the sales of 755 Burke Road for $5.05 million and 509-513 Riverside Road for $4.65 million.
“We are expecting similar levels of demand and confidence in CBRE’s remaining retail opportunities in the build-up to Christmas,” Mr Wizel added.
“The current low interest rates and reduced supply of quality retail opportunities through the first half of 2019 has resulted in a flight to quality from investors seeking an alternative to declining term deposit rates.”
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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.