A Ringwood property – located in close proximity to Eastland Shopping Centre – has sold for $1.6 million.
Located at 121 Maroondah Highway, the two level freehold property is positioned in the heart of Ringwood’s activity centre, benefiting from more than 200 metres’ street frontage.
The commercial premises has an existing ground floor tenant, while the upstairs office/studio space is currently vacant.
CBRE’s Sandro Peluso and Rorey James negotiated the sale to a local Ringwood family.
Mr James said the property’s long term development potential was a key factor underpinning the sale.
“Located just 150m from Eastland Shopping Centre – one of the largest shopping centres in the southern hemisphere – this property represented an exciting investment opportunity given its long term development potential,” Mr James said.
“Having been the focus of significant capital injection over the past five years, Ringwood’s forecast growth was also a key attraction for the purchaser, with this property positioned to capitalise on the area’s exciting future.”
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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.