Sydney-based property investor and developer Tipalea Partners has acquired a freestanding industrial warehouse in Sydney’s highly sought after inner-city suburb of Alexandria for $24.5 million.
CBRE’s Nathan Egan and Stephen Grant negotiated the sale of the 23-27 Bourke Road property, which is located 500m from Green Square Station.
Located on a 6,175sqm site, the 4,933sqm building is divided into four tenancies, offering a mix of warehouse, office and showroom space. Current occupants include Spatial Property Styling and Savi Maurizio Furniture.
Mr Egan said the property’s central location in the highly desirable suburb of Alexandria underpinned strong buyer interest in the asset.
“South Sydney and Alexandria remain among the most attractive locations for investors and developers looking to secure assets in high growth areas, with the 16 offers received for this asset testament to the strength of demand,” Mr Egan said.
“Freestanding properties such as this one are even more sought after given the limited available stock in this area. Tenant demand in the commercial sector is at an all-time high, and with surrounding markets experiencing supply constraints this puts a stronger focus on Alexandria.”
Mr. Grant added: “South Sydney is moving away from traditionally a heavy industrial area towards a highly sought after commercial precinct and as a result, the demand for value-add commercial conversions has never been stronger.
CBRE’s Nathan Egan and Stephen Grant negotiated the sale of the 23-27 Bourke Road property, which is located 500m from Green Square Station.
Located on a 6,175sqm site, the 4,933sqm building is divided into four tenancies, offering a mix of warehouse, office and showroom space. Current occupants include Spatial Property Styling and Savi Maurizio Furniture.
Mr Egan said the property’s central location in the highly desirable suburb of Alexandria underpinned strong buyer interest in the asset.
“South Sydney and Alexandria remain among the most attractive locations for investors and developers looking to secure assets in high growth areas, with the 16 offers received for this asset testament to the strength of demand,” Mr Egan said.
“Freestanding properties such as this one are even more sought after given the limited available stock in this area. Tenant demand in the commercial sector is at an all-time high, and with surrounding markets experiencing supply constraints this puts a stronger focus on Alexandria.”
Mr. Grant added: “South Sydney is moving away from traditionally a heavy industrial area towards a highly sought after commercial precinct and as a result, the demand for value-add commercial conversions has never been stronger.
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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 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.
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 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.
