A Richmond office and warehouse facility has recently hit the market, with strong interest expected from a range of investors and occupiers.
19-23 Kingston Avenue, Richmond is a 4,900sqm warehouse and refurbished two-level office sitting on 6,815sqm. The accessible site has front and rear access, with a right of way from Milner Road and direct warehouse access from Kingston Avenue.
Jon Nitschke and David Reid from CBRE’s industrial and logistics team are selling the property.
Mr Nitschke said the property is currently split into two functional units and given its layout could be part occupied with the remainder leased for holding income.
“This is a unique opportunity to acquire a large inner west site with valuable improvements. Vacant possession opportunities are surprisingly hard to come by in this market, particularly in central locations near the CBD,” Mr Nitschke said.
“We have had an unprecedented number of sales in 2016, ranging from $2 million up to $10 million. This has predominantly been from local and interstate business owners taking advantage of the low cost of borrowing and moving from rented facilities,” Mr Nitschke added.
The property is for sale by Private Treaty and is expected to fetch circa $4 million.
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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 (based on 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.