Melbourne, 26 March 2014 – A private investor has acquired a prominent office property in Melbourne’s East-End for $1.6 million.
Located on the second level of 100 Collins Street, the 293sqm un-refurbished office property comprises several older style medical rooms, as well as a large reception area.
The CBRE City Sales team – Tom Tuxworth, Ed Wright and Chris Pharr – negotiated the sale on behalf of the vendor, a women’s medical clinic.
Mr Tuxworth said the property attracted strong buyer interest during the sales campaign.
“With more than 40 inspections during the Expression of Interest sales process, it was abundantly clear that there is pent up demand for Melbourne CBD East End office properties such as this,” Mr Tuxworth said.
“As a result of strong competition for this asset, we were able to achieve a positive sales result equating to $5,460 per square metre for space that needed a complete refurbishment.”
The buyer plans to refurbish the entire office floor and lease it out.
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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 atwww.cbre.com.au.