The whole office floor located on the southern side of La Trobe Street, between Queen Street and Elizabeth Street, was offered on a three-year sale and leaseback arrangement.
The property was purchased in September 2016 with vacant possession for $2,200,000 and now sold three years later, on an unconditional basis on short settlement to a group of local investors for $3,150,000.
CBRE Director Julian White noted that while the buyer was an investor, most of the interest was derived from owner occupiers.
“Rapidly rising rents, low vacancy rates and low interest rates have driven owner-occupier interest in strata office opportunities in 2019 and early in 2020,” Mr White said.
“In particular, we’re seeing small-to-medium businesses seeking to control their leasing expenses and build ownership wealth.”
Mr White added that rising demand from education and co-working occupiers had contributed to the Melbourne CBD recording the tightest vacancy in close to a decade – spurring strong interest in 313 La Trobe Street throughout the campaign.
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.