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International buyer goes long on Melbourne office

19 September 2018

An offshore Chinese investor has fought off several local and international groups to secure a Burwood East office building for $25.5 million in a record-making result for the Tally-Ho business park.

The buyer – a first time investor in Melbourne’s commercial property market – secured the 12 Lakeside Drive building after an international Expressions of Interest process managed by CBRE Melbourne Middle Markets agents Kiran Pillai, Scott Orchard, Josh Rutman, and Lewis Tong.

It represents the team’s eleventh transaction to a buyer based out of Asia in the space of eight weeks. (more…)

Chinese buyer pays $9.85 million for Hawthorn office

17 September 2018

A Chinese investor has fought off a number of local rivals to snatch a Hawthorn office building for $9.85 million on a tight 4.78 per cent yield in an increasingly hot suburban office market.

The auction, through CBRE‘s Mark Wizel, Josh Rutman, Lewis Tong and Scott Orchard, drew a large crowd from which four parties put in 108 bids as the price raced past the former record to post a new building rate record for the area of $13,979 a square metre. The previous record had been the $10,578 a square metre paid for 1 Oxley Road in May. (more…)

Demand for privately operated child care centres hits new heights

13 September 2018

A premium child care centre in Bentleigh has been snapped up for $11,700,00 by an overseas investor based in China.

Having failed to sell when offered to the market last year by another agency, the 188 Tucker Road centre was this month transacted following a CBRE-managed, international Expressions of Interest campaign.

It is the 14th early learning centre to be transacted by the CBRE Victorian Health, Aged and Child Care team since its inception. It represents the team’s largest child care transaction for 2018, surpassing the previous record set last month by the sale of a Nino Early Learning facility in Elsternwick. (more…)

Mitchell’s Emerald House Changes Hands

12 September 2018

After a comprehensive international sales campaign, high profile advertising identity Harold Mitchell AC has sold his former headquarters in South Melbourne. The property which is fully leased to Denstu Aegis until 2020 was previously occupied by Mitchell’s media company Mitchell Communications Group until it was acquired by Japanese media giant Denstu in 2013.

Affectionately known as Emerald House, the property features a net lettable area of 5,101 sqm, 112 basement car spaces and is one of the few A-Grade office buildings in the South Melbourne commercial precinct which until recently consisted of older style, low rise office accommodation.

It is understood that a range of private and institutional players competed for the asset, with a local private investor paying $49,000,000 and setting a new benchmark for an established office building in the Melbourne city fringe, reflecting a capital value rate of over $9,600/sqm. (more…)

Premium asset achieves biggest Victorian medical sale of 2018

28 August 2018

The CBRE Victorian Health, Aged and Childcare team has successfully transacted its biggest medical asset sale of 2018 for $12.5million. The premium medical centre located at 224-226 & 228-232 Caroline Springs Boulevard, Caroline Springs follows the team’s successful sales of medical assets in Box Hill and Point Cook.

The outcome means that CBRE has sold close to $40million of medical assets this year, indicating the increasing popularity of this type of asset, moving away from the more traditional office and industrial investments. (more…)

Significant demand prompts Beville Group to market St Kilda Road office tower

22 August 2018

The privately owned Beville Group is bringing its prized St Kilda Road office tower to the market to capitalise on pent-up demand due to a severe shortage of available investment grade property.

CBRE’s Kiran Pillai, Josh Rutman, Mark Wizel, Lewis Tong and Luke Etherington have been appointed to steer the international Expressions of Interest process for 509 St Kilda Road – one of the boulevard’s most significant and desirable office buildings.

Comprising over 19,500sqm of net lettable area, the building is 100% leased to prominent tenants including the Australian Government, Fuji Xerox and global life insurer AIA insurance. (more…)

Chinese Investors splashes $11,000,000+ on Child Care Centre

16 August 2018

The CBRE Victorian Health, Aged and Childcare team comprising of Sandro Peluso, Jimmy Tat, Bianca Butterworth and Josh Twelftree have successfully transacted one of the country’s most prestigious childcare centres. The sale re-enforced global investor confidence in premium commercial real estate.

The subject property situated at 31 Nepean Highway, Elsternwick offered a historical façade, with heritage protections present upon a timeless Victorian style residence at the sites centre. Currently under construction the property will be tenanted by Nino Early Learning, one of Melbourne’s premium childcare brands. (more…)

Unique medical opportunity in Melbourne’s second city

15 August 2018

A medical and allied health opportunity in Dandenong is poised to hit the tightly held commercial healthcare market and is expected to fetch above $1.2 million.

The purpose-built medical investment at 122 David Street is exceptionally located opposite Dandenong Hospital and occupies an 850sqm landholding.

The facility, which will be sold with vacant possession, comprises a reception and waiting room, three clinical rooms, staff areas and ample storage space. It is also surrounded by multiple complimentary services including retirement living, community rehabilitation and other specialist medical services. (more…)

Childcare centres moving into busy retail strips

15 August 2018

 A childcare centre located in one of Melbourne’s busiest retail strips is poised to hit the Victorian childcare market.

235-239 Murray Road, Preston is a brand new centre with a 15 + 10 + 10-year lease to an established childcare tenant. The 1,410sqm centre is just nine kilometres from the Melbourne CBD and will provide exceptional care and education for up to 130 children.

The CBRE Victorian Health, Aged & Childcare team featuring Sandro Peluso, Josh Twelftree, and Jimmy Tat have listed the property which will be made available to the market via Expressions of Interest starting mid-June. (more…)

Hawthorn’s most striking building hits the market

7 August 2018

Leading Australian design and construction company Qanstruct is moving to sell and leaseback its landmark national headquarters in Hawthorn amid strengthening demand for suburban office investment opportunities.

CBRE’s Melbourne Middle Markets team of Mark Wizel, Josh Rutman, Lewis Tong and Scott Orchard has been appointed to sell the inner suburban office building – a former church, which has served as Qanstruct’s headquarters for the past 15 years.

Qanstruct’s Mark Ruff described the redevelopment of the 500 Burwood Road Street as one of the company’s best business decisions by creating a showpiece for Qanstruct’s capabilities. (more…)