A local investor has purchased 1/188 Plenty Road in Preston for $4.5 million.
CBRE’s Jake George, Guy Naselli, Ben Quennell and Daniel Eramo negotiated the sale of the 2,360sqm office warehouse after an on-market campaign on behalf of a private client.
Mr George said the private investor planned to lease out the property on a long-term basis, with the aim of eventually developing the site into a residential unit block plus ground floor commercial.
“The local investor is looking to secure a long-term tenant with the view to develop thereafter. The 2,360sqm property features a large office showroom with warehousing perfect for future development of up to 8 levels,” Mr George said.
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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.
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.
