Mr Del Borrello noted it wasn’t often that large format retail properties hit the market, making the upcoming sales of interest to a range of buyers, particularly national syndicators.
“Being fully leased and in limited supply, both assets will be highly sought after,” Mr Del Borrello said.
“Investors will be drawn to the relative value of properties in the Northern Territory and annual income growth these assets will provide.”
Mr Cash added that Berrimah was a prime retail location with quality national retailers in the area, including JB Hi-Fi, Chemist Warehouse, Harvey Norman, Amart Furniture and Mazda.
The 1,560sqm showroom/warehouse at 639 Stuart Highway benefits from a fully leased net annual income of $372,218 to national tenants Clark Rubber and RSEA, and 48.4m of exposure to the highway (with over 20,000 cars passing each day).
The high-profile 5,410sqm corner site at 655 Stuart Highway is fully leased with a net annual income of $682,768 and offers a secure income stream with a long 6.6-year WALE (by income).
The property features 92m frontage to the highway, a 2,743sqm showroom/warehouse with four tenancies and a quality mix of local and national tenants, including Beaumont Tiles.
Coming to market simultaneously, the properties are being offered for sale individually or in-one-line via an Expressions of Interest campaign, closing 26 September 2019.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
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.