An historic building in Melbourne’s Hardware Lane will be offered at auction in October.
The CBRE Melbourne City Sales team of Julian White, Nathan Mufale and Alex Brierley has been appointed to sell 60 Hardware Lane - a three-level, 201sqm brick building that was built in 1872 and modified in 1984.
The property is occupied by two tenants, including highly regarded restaurant Il Nostro Posto, providing a current rental of close to $150,000 per annum.
CBRE Director Julian White said; “Hardware Lane epitomises Melbourne’s laneway culture. It’s where you take visitors in the city for a true Melbourne laneway dining experience. The precinct has an atmosphere and buzz every lunch and dinner, seven days a week. There is no tenant vacancy as occupiers love the location because the trade is so reliable.”
CBRE’s Nathan Mufale added; “The permanent population in the Melbourne CBD is over 50,000 and is anticipated to double in the next 20 years. This level of population growth will drive demand for food and beverage offerings and support the prospect for strong rental growth.”
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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.