Developers are capitalising on Sydney’s strong population growth, divesting ground floor retail properties at several apartment projects under construction across the city.
CBRE’s Nick Tuxworth, Victor Sheu and Peter Vines recently negotiated the sale of five strata units at new developments in Gladesville, Balmain and Dulwich Hill for $6.74 million.
Mr Tuxworth commented on the recent transaction activity. “With Sydney’s inner west continuing to benefit from high levels of population growth, there is strong demand for retail opportunities on the ground floor of new residential developments,” Mr Tuxworth said.
“Further adding to the strengthening appetite levels is the lack of stock in the current market, which is subsequently helping achieve premium prices for properties.”
In the first transaction, Hindmarsh Developments sold three retail suites at its Wharf Square residential development in Gladesville.
Located at 8 Wharf Road, the residential development comprises 87 apartments and ground floor retail totalling 327sqm across three suites.
Hindmarsh has appointed CBRE to sell the remaining suites with Beacon Lighting as the tenant.
All three units were purchased by local business owners, with suite one transacting for $1.175 million and suites two and three transacting for a combined $1.8 million.
In a fourth transaction, Galileo Group has sold a 402sqm ground floor retail unit at its Arlington Grove residential development in Dulwich Hill for $1.4 million.
The property is well suited to accommodate a café business, benefitting from the exclusive use rights of the Arlington Grove spacious outdoor area on the ground floor.
Centrally positioned in Sydney’s inner west, Arlington Grove is a 246-unit development at the doorstep of the Arlington light rail station.
In Sydney’s inner west suburb of Balmain, a private investor has secured a strata property on the ground floor of a 26-unit apartment complex.
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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 (based on 2016 revenue). The company has more than 75,000 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.
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 (based on 2016 revenue). The company has more than 75,000 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.
