Melbourne

Opportunity to muscle in on Melbourne's Bayside market

Investors are being offered an opportunity to muscle in to Melbourne’s Bayside commercial property market with the offering of a health care facility in Mentone.

01 Mar 2018

Investors are being offered an opportunity to muscle in to Melbourne’s Bayside commercial property market with the offering of a health care facility in Mentone. 

Pace Development Group has appointed CBRE and Nichols Crowder to market for sale the 88 Balcombe Road property, which is currently leased to South Pacific Health Club. 

South Pacific Health Club has signed a new 10-year lease on the prominent corner bayside property, which comprises approximately 2,059sqm of net lettable area. The investment is secured with fixed annual increases of 3% per annum and further complemented by 65 free basement car spaces. 

The property is located within the activity precinct of Mentone, within close proximity to the main retail strip and directly adjacent the entrance of the Mentone Train Station. 

CBRE’s Rorey James commented: “This new station directly out the front of this property will provide major connectivity opportunities through pedestrian overpasses and walking / cycling paths. 

“This will transform the already evolving area as we know it, and is no doubt a major reason why South Pacific committed to this location.” 

Pace Development Group Managing Director, Shane Wilkinson, said the sale would attract significant attention.

“Pace has always had a focus towards building in areas where people want to be, and this is no more evident than at this fantastically connected Mentone site,” Mr Wilkinson said.

“This sale is indicative of the strong capital growth that our commercial portfolio is seeing and will continue to see.”

Mr James also noted the steadily increasing residential market in the suburb.

“Continued investment into the local area and growth in population will be key in underpinning the security of the investment in the long term. Median house prices in Mentone have hit the $1,000,000 mark in 2018 - increasing more than 52% over the past five years.” 

The property is being offered for sale via public Expressions of Interest, closing in late March 2018.
 
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

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.

Disclaimer:

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.