Melbourne, 26 August 2014- A freestanding building in Melbourne’s Chinatown has sold for $3.48 million via an Expressions of Interest campaign.
105 Little Bourke Street sold at a record Chinatown rate of $16,338 per square metre. A mainland Chinese investor purchased the property on a yield of 2.61%.
The CBRE City Sales team of Josh Rutman, Tom Tuxworth and Mark Wizel sold the property on behalf of a Sydney-based private investor.
Mr Tuxworth said the three level building was fully leased to an established hospitality operator and attracted a high level of interest from a range of investors, with 27 expressions of interest received.
“This resulted in a highly competitive second round process which meant one of the strongest results ever achieved in Chinatown,” Mr Tuxworth said.
“Chinatown is the most tightly held precinct in the Melbourne CBD and so we weren’t surprised by the level of enquiry for the chance to purchase property on one of Melbourne’s most famous strips - Little Bourke Street,” Mr Rutman said.
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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 (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website atwww.cbre.com.au.