logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
Australia
  • Global
  • United States
  • Albania
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Bosnia & Herzegovina
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Croatia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Montenegro
  • Morocco
  • Netherlands
  • New Zealand
  • North Macedonia
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Saudi Arabia
  • Serbia
  • Singapore
  • Slovakia
  • Slovenia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Lines
      • Advisory & Transaction Services
      • Capital Markets
      • Global Workplace Solutions
      • Investment Management (CBRE Investment Management)
      • Property Management
      • Valuation & Advisory Services
    • Industries & Specialties
      • Agribusiness
      • Build-to-Rent
      • Building, Depreciation & Cost Consultancy
      • Government Real Estate Advisory & Transactions
      • Hotels
      • Industrial & Logistics
      • Office
      • Residential
      • Retail
      • Retirement & Healthcare
      • Sustainability
      • Flexible Workspace
    • Services for Investors
      • Debt and Structured Finance
      • Host
      • Institutional Investments
      • International Investments
      • Investment Accounting & Reporting Solutions
      • Structured Transactions & Advisory
      • Leasing & Advisory
      • Metropolitan Investments
      • Property Management
      • Property Sales
      • Recovery & Restructuring
      • Valuation & Advisory
    • Services for Occupiers
      • Facilities Management
      • Leasing & Advisory
      • Occupier Consulting
      • Portfolio Services
      • Project Management
      • Sale and Leaseback
      • Structured Transactions & Advisory
      • Transaction Management
      • Valuation & Advisory
      • Workplace
  • Properties
    • Agribusiness
      Hotels
      Industrial & Logistics
      Institutional Investments
      Metropolitan Investments
      Office
      Residential
      Retail
  • Research & Insight
    • Australia Research
      Asia Pacific Research
      Global Research
      Expert Opinions
      Talking Property Podcast
  • People & Offices
    • Pacific Executive Committee
  • About CBRE
    • [email protected] - LGBTQI+ Inclusion
      Careers
      Case Studies
      Client Tools
      Corporate Information
      Environmental, Social and Governance
      Investor Relations
      Media Centre
      Reconciliation
      The Place Makers

Previous

Press Release
Pent up demand for property in Adelaide medical hub

Next

Press Release
Ari Petrovs promoted to new Pacific Sales Management role
  • Home
  • About CBRE
  • Media Centre
  • Landmark suburban Melbourne portfolio to generate national and international buyer interest

Landmark suburban Melbourne portfolio to generate national and international buyer interest

3 September 2014
  • Email
  • Share
  • Tweet
  • Share

Melbourne, 3 September 2014 –Landmark suburban office buildings at Camberwell and Hawthorn are to be offered for sale by the Bennelong Group in a campaign tipped to the most sought after suburban Melbourne investment opportunity for 2014.

CBRE’s Justin Clarkson, Mark Granter and Jamus Campbell together with Colliers International’s Peter Bremner and Rob Joyes will steer the Expressions of Interest campaign for the Bennelong properties at 290 Burwood Road and 2 Luton Lane, Hawthorn and 293 Camberwell Road, Camberwell.

Mr Clarkson said the buildings would be offered for sale individually or in one line, presenting a unique opportunity for investors to acquire well-leased, high quality buildings in Melbourne’s premier suburban location.

 “This is the single most important suburban portfolio offering in the last decade,” Mr Clarkson said.

 “Melbourne’s inner east office sector, in particular the Camberwell and Hawthorn market, has experienced significant yield compression in the past 18 months, although still offers better returns than that of the CBD and St Kilda Road”.

Mr Clarkson added; “The yield compression is directly attributable to a lack of quality available stock and the flow on effect of investors being priced out of the CBD. In this environment, we expect the Bennelong portfolio to generate considerable local and offshore buyer demand from a broad range of private investors, syndicates, institutions and developers, due to the high underlying land value.”

Mr Bremner said the buildings were located in Melbourne’s most sought after suburbs that were reinforced by strong demographics and excellent amenity.

“The inner east is the strongest suburban office sector in Melbourne, evidenced by the strength of demand from both tenants and investors,” Mr Bremner said.

“Prime rents in the inner east precinct have increased for the third consecutive quarter, as a result of pent up tenant demand for prime grade space in the precinct. Given the current lack of quality options available over the short to medium term, further rental growth - and yield compression - is expected.”

All three Bennelong buildings benefit from quality tenancy covenants, involving listed brand names such as Skilled Group, Holcim, iinet and Bakers Delight.

The landmark 2 Luton Lane property is fully leased to Skilled Group, the leading provider of staffing services in Australia and New Zealand. The income of the property is $2,528,597 per annum with generous 4.5% increases and provides a Weighted Average Lease Expiry (WALE) of 7.6 years. The building comprises 5,661sqm of office space over three levels plus parking for 174 cars.

290 Burwood Road features excellent exposure and is anchored by multi-national listed Holcim, a leading supplier of aggregates and a company who is seeing excellent growth. The property comprises 4,400sqm of office space over 4 levels and features basement car parking for 114 cars.  The property has a fully let net income of $1,811,203 per annum.

Also on offer is 293 Camberwell Road, a four-level 7,147 sqm building leased to a broad range of tenants, including Netspace, Wright Express and Bakers Delight. The current income is $2,528,597 per annum net with a 4.3 year WALE.   The property benefits from excellent natural light, large 2,000 square metre floor plates and excellent basement car parking.

The total portfolio income is $7,320,444 per annum with a WALE of 5 years.

Expressions of Interest for the Bennelong portfolio close Thursday October 16 at 4pm.

For Australian/international news or global stories, follow us on Twitter.

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 at www.cbre.com.au.
 

 

 

 

 

Media Contacts

Kathryn House Headshot
Kathryn House
Communications Director
Pacific
+61 2 9333 3585
+61 402 465 440
  • Corporate Information
  • Corporate Responsibility
  • Media Centre
  • About CBRE
  • Careers
  • Case Studies
  • People & Offices
  • Executive Committee
  • Investor Relations
  • Contact Us
  • Australia Privacy Policy
  • Global Web Privacy and Cookie Notice
  • Whistleblower Policy
  • Sitemap
  • Terms of Use
  • LinkedIn
  • Twitter
  • Facebook
  • Instagram
  • Youtube