Sydney’s east is emerging as one of the most tightly held regions for commercial property, with falling interest rates, record low yields and limited stock on the market contributing to increased buyer competition and rising property values.
Tony Braham of CBRE’s Sydney Capital Markets team said this trend is incredibly positive for vendors in Sydney’s east, with long-term owners of commercial/retail property currently in a position to sell at record high prices.
“A number of astute property investors with generational holdings in Sydney’s east are deeming the current real estate environment as the ideal time to realise their property assets.”
Demonstrating this trend, Mr Braham has recently been appointed to sell a long-term family holding of three adjacent commercial terraces at 247, 249 & 251 Bronte Rd, Waverley.
“With a historically low level of listings currently on market, this retail/commercial offering in the trendy but tightly held Charing Cross/Queens Park shopping strip represents a major generational change in property ownership in Sydney - with many families now considering the sale of their long-term property holdings,” said Mr Braham.
The approximately 500sqm amalgamated Bronte Road site has been held by the same family since the 1950’s, previously housing the retail and manufacturing arm of the family’s children’s wear clothing manufacturing business “Ista Fashions”.
“Strong buyer interest is expected for the site, which will be further heightened by the lack of competing stock available in this region and the site’s future development potential,” said Mr Braham.
“The family behind Ista Fashion approached CBRE to manage this sale in order to capitalise on our extensive market reach, industry insights and experience with major asset sales at an opportune time.”
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.
