Sydney

Search for value underpins strong auction result at Cameron Park

A private Sydney based investor has purchased a Lake Macquarie warehouse at Cameron Park for $5 million.

20 Aug 2019

A private Sydney based investor has purchased a Lake Macquarie warehouse at Cameron Park for $5 million.

The auction sale of 114 Stenhouse Drive attracted significant interest given the lease covenant to Bunnings Trade.

CBRE’s Peter Mangraviti and Jason Edge steered the sale campaign, which generated 54 enquiries. Competitive bidding from four separate parties resulted in a sale yield of circa 6.18%.

The property comprises a 2,930sqm warehouse on a 7,386sqm site. It is occupied by Bunnings Trade on a five-year lease, which commenced in November, 2018.

“Investors were attracted by the Bunnings covenant, with the property generating particularly strong interest from buyers looking for value outside Sydney,” Mr Mangraviti said.For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

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.

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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.