A restaurant in the inner-city suburbs of Brisbane has sold for $1.19 million, underpinning the strength of the city’s retail investment market.
Embers Steakhouse at 7/20 Park Road, Milton, is one of Brisbane’s most distinguished steakhouses and is located within a highly successful retail precinct.
CBRE’s Millan Narsey and Sam Grasso sold the property at auction as part of CBRE’s successful ‘Going Going Gone’ campaign. It was sold to a private investor on a yield of 8%, with the return reflective of a sale and leaseback basis.
Mr Grasso said the property comprises 204sqm NLA and is leased to Embers for seven years, with options through to 2033.
“The campaign drew over 35 enquiries due to the fact that well-positioned retail investments with strong covenants are becoming increasingly rare in inner-city Brisbane,” Mr Narsey said.
“This is emerging as a high demand market and there is a strong appetite for well leased and centrally located retail stock, particularly for private investors purchasing with their SMSF in the sub $2 million bracket,” Mr Narsey concluded.
Embers Steakhouse at 7/20 Park Road, Milton, is one of Brisbane’s most distinguished steakhouses and is located within a highly successful retail precinct.
CBRE’s Millan Narsey and Sam Grasso sold the property at auction as part of CBRE’s successful ‘Going Going Gone’ campaign. It was sold to a private investor on a yield of 8%, with the return reflective of a sale and leaseback basis.
Mr Grasso said the property comprises 204sqm NLA and is leased to Embers for seven years, with options through to 2033.
“The campaign drew over 35 enquiries due to the fact that well-positioned retail investments with strong covenants are becoming increasingly rare in inner-city Brisbane,” Mr Narsey said.
“This is emerging as a high demand market and there is a strong appetite for well leased and centrally located retail stock, particularly for private investors purchasing with their SMSF in the sub $2 million bracket,” Mr Narsey concluded.
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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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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 at www.cbre.com.
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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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 at www.cbre.com.
