A retail strip property located in Boroondara’s busy Camberwell shopping precinct is to be offered for sale with price expectations exceeding $11 million.
CBRE Melbourne’s Retail Strip Investments team of Rorey James, JJ Heng, Sandro Peluso and Lewis Tong have been appointed to market the property for sale in conjunction with Phillip Almeida of Performance Property Advisory.
Located at 620-624 Burke Road, the two-storey property was once occupied by Australian Unity and has since been a medical associated building for more than two decades.
CBRE’s Mr James said; “The property’s current tenant has no further lease options, opening up the opportunity for developers, owner-occupiers and investors to participate in the International Expressions of Interest campaign.”
Performance Property Advisory’s Mr Almeida commented; “We are excited to work alongside CBRE as the transaction manager for such a significant trophy asset that has a multitude of uses. The property will suit a number of buyers including retail, medical or future development, subject to council approval.”
The property, which presents one of the largest landholdings within the retail strip’s super prime section, features a ten-metre frontage to Burke Street and has rear access to a large council car park.
CBRE’s Mr Heng noted that three of CBRE’s four recent Camberwell transactions have involved international Asian purchasers, suggesting the trend is likely to continue with the sale of 620-624 Burke Road.
The 828sqm property is currently leased to PharmaSave, generating annual net rental revenue of $617,733 (after land tax) with potential to generate additional income from 262sqm of unused space.
620-624 Burke Road will be offered by way of International Expressions of Interest closing Wednesday August 28, 2019.
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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.