A small corner property in West Melbourne has changed hands for $5,710,000, representing a land rate of close to $12,500/sqm.
CBRE’s Julian White, David Minty, Dylan Kilner and Chao Zhang steered the sale of the 396-400 Spencer Street property, which is situated on the corner of Batman Street.
The 458sqm site, which features an older-style, 800sqm office building, was sold on behalf of owner occupier Menzies Education Institute.
The purchaser was Shangyi, a Chinese backed developer with numerous projects underway in Melbourne. The property also attracted interest from education groups, developers, occupiers and investors.
“The depth of interest, and the fact that developers are back outbidding occupiers and investors for properties of this nature, highlights that the market is clearly in a recovery phase,” Mr White said.
CBRE’s Julian White, David Minty, Dylan Kilner and Chao Zhang steered the sale of the 396-400 Spencer Street property, which is situated on the corner of Batman Street.
The 458sqm site, which features an older-style, 800sqm office building, was sold on behalf of owner occupier Menzies Education Institute.
The purchaser was Shangyi, a Chinese backed developer with numerous projects underway in Melbourne. The property also attracted interest from education groups, developers, occupiers and investors.
“The depth of interest, and the fact that developers are back outbidding occupiers and investors for properties of this nature, highlights that the market is clearly in a recovery phase,” Mr White said.
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About CBRE Group, Inc.
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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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: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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.
