A brand new retail investment in Brisbane’s Southside has sold to an offshore Chinese investor for $5,002,800 following a competitive expression of interest campaign that fielded over 10 offers.
1927 Beaudesert Road, Calamvale is a 591sqm food and beverage convenience based retail centre within one of Brisbane’s most populous suburbs.
CBRE’s retail investments team of Michael Hedger, Joe Tynan and Millan Narsey sold the centre, which is anchored by the well-established Fish Factory group and complemented by Sushi Station and Papa Joes Pizzeria.
“We continue to see a high level of enquiry for well-located retail investments that offer strong income security and depreciation benefits.” Mr Tynan said
The sale represents a yield of 6.97% and a building rate of $8,464psm. Mr Hedger said they were inundated with over 120 enquiries.
“This sale demonstrates the continued appetite for investors looking to secure opportunities while low debt options are available and competitive.” Mr Narsey said.
The retail centre is located on a prominent corner position with dominant exposure to passing traffic along Beaudesert road. The properties strategic position alongside strong national retailers such Hungry Jacks was an attraction for the purchaser.
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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 (based on 2015 revenue). The Company has more than 70,000 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 at www.cbre.com.