National bicycle retail giant 99 Bikes has opened its third South Australian store after signing a new lease on a showroom in Adelaide’s south-western suburbs.
99 Bikes will open its newest store at 838 Marion Road, Marion – previously home to The Outdoor Furniture Specialists – marking its 32nd store outlet in Australia.
CBRE’s Dallas Sears negotiated the seven-year lease on the 478sqm property on behalf of a private investor. Rentals in the area range from $250 per square metre gross.
Ms Sears said the property’s position in one of Adelaide’s most popular large format retail hubs helped underpin the deal.
“99 Bikes was keen to expand its footprint in the South Australian market by securing a presence in an established shopping strip with strong proven patronage,” Ms Sears said.
“Marion ticked those boxes, being a major destination for large format retail in Adelaide’s south-western suburbs.”
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 (based on 2016 revenue). The Company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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 atwww.cbre.com.
