Perth

CBRE kickstarts first Premium Property Portfolio Auction for 2018

CBRE has confirmed the line-up for its first Premium Portfolio Auction (PPPA) for 2018, including assets in Victoria, Western Australia and South Australia.

08 Mar 2018

CBRE has confirmed the line-up for its first Premium Portfolio Auction (PPPA) for 2018, including assets in Victoria, Western Australia and South Australia. 

To be held at CBRE’s 8 Exhibition Street headquarters in Melbourne on March 22, the auction will feature:

1. IGA Coburg, Victoria
2. Coles Clayton, Victoria
3. First-Choice Falcon, Western Australia 
4. Caltex Holden Hill, South Australia

The auction follows the launch of CBRE’s PPPA series in 2017, with four events achieving an average clearance rate of 77% and on average 18% above the vendor reserve. 

CBRE’s Anthony Del Borrello said the first addition of a Perth property in the campaign would test the national investor demand for a premium asset in Western Australia. 

“Income producing assets continue to be in high demand from both Australian and offshore investors, with a particular focus on supermarkets, petrol stations, liquor stores and childcare centres given their long leases and fixed rental increases,” Mr Del Borrello said. 

The First-Choice liquor store at 4 Olive Street in Falcon is anchored by a 15-year lease to Liquorland, backed by Wesfarmers, with options until 2057. 

Located opposite the Miami Village Shopping Centre, the 1,234sqm outlet benefits from being the only liquor store in the catchment. 

CBRE’s Richard Cash anticipates strong investor interest in the Perth property, noting a recent increase in the demand for Western Australian properties off the back of an improving economy. 

“The proposed regulation to cap floor spaces on new liquor stores to 400sqm makes big box liquor outlets like First Choice Falcon, a premium investment opportunity. With the security of a 15-year lease to Liquorland, we expect there to be significant investment interest in this asset.” 

Another PPPA auction is scheduled for May with two places remaining to fill the portfolio. 

 
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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.

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Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.