A Perth-based developer has fought off competition from two Melbourne groups to acquire a Moonee Ponds property for $3.4 million.
CBRE’s Julian White, Rorey James and Chao Zhang steered the auction sale of the 30-32 Holmes Road asset, which comprises a 1,076sqm landholding with a 904sqm heritage building.
The property also features a permit for 33 one-bedroom apartments over four levels.
Based on the existing income, the sale price represented a tight passing yield of 3%.
The property was sold on behalf of a family that has owned the property since 1985.
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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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.