Rooftop car parks, the new place for bars

As Melbourne is heading towards longer evening trade, the CBD has seen an increase from tenants to secure prime spaces in all pockets of the vibrant city.

CBRE is set to launch and market two unique rooftop spaces on behalf of a private owner and GPT at 392-406 Bourke Street and 32 Flinders Street respectively.

Currently leased to major car park operators, the owners are looking to reposition the assets in line with Melbourne’s global hospitality theme.

Melbourne’s suburban office market takes centre stage in 2018

A hefty $722 million in larger suburban office assets of a total pool of $1.44 billion changed hands in Melbourne last year according to new CBRE data highlighting broader buyer demand and further yield compression.

The CBRE figures relate to office properties outside of the CBD and St Kilda Road office markets valued at between $10 million and $100 million.

CBRE Melbourne Middle Markets Director Scott Orchard said a total of 26 properties traded representing 50% of total sales volumes – continuing the momentum from 2017 when 24 properties traded for a total of circa $640 million.

Premium childcare offering to bring buyers to Byford

A state-of-the-art child care centre, leased to national operator Green Leaves Early Learning, has hit Perth’s commercial property market and is expected to fetch circa $5 million.

CBRE’s Sandro Peluso, Josh Twelftree, Jimmy Tat, Richard Cash and Michael Milne have been appointed to market the premium facility located at 125 Kalyang Loop, Byford, which occupies a 1,906sqm land holding.

Green Leaves Early Learning, which currently operates 21 centres across the country, holds a licence for 128 places and is committed to a new long-term lease of 20 years with a further option to extend.

A sporting chance to secure a flagship Sorrento investment this Labour Day long weekend

A prime retail investment, leased to national retailer Sportsgirl, along Sorrento’s famed Ocean Beach Road is poised to go to auction on the Labour Day weekend.

Located at 54-56 Ocean Beach Road, the large 574sqm property is situated in the heart of Sorrento’s retail precinct and in direct proximity to several other national retailers. The site additionally benefits from rear exposure to a large free council carpark.

This is the fourth consecutive year the CBRE team, comprising Rorey James, Nic Hage, JJ Heng and Mark Wizel, has been appointed to sell an Ocean Beach Road asset on the Labour Day weekend.