Burke Road shop sells for $4.415m
A retail site on Burke Road in Camberwell has sold for $4,415,000 at auction.
Featuring a 205sqm building, 769-771 Burke Road was purchased by a South Australian investor following a competitive auction that attracted six bidders and a strong crowd.
The shop is located between the intersection of Burke, Riverside and Camberwell Roads and Camberwell train station, and adjacent to the Camberwell Place Shopping Centre.
It is currently leased to apparel retailer Lululemon Athletica.
CBRE’s Mark Wizel, Rorey James, Nic Hage and JJ Heng managed the campaign, with the property attracting a mix of domestic and international interest.
“The major hurdle for investors was the increasing vacancy in Burke Road, which has jumped from 4.2% to 10.8% in the last quarter,” Mr James noted.
“The campaign had a strong focus on building confidence in the tenant and the future of Burke Road, which has attracted significant investment by ISPT in Camberwell Place Shopping Centre.”
The purchase price translates to a strong building rate of $21,536sqm, and follows the sales of 755 Burke Road for $5.05 million and 509-513 Riverside Road for $4.65 million.
“We are expecting similar levels of demand and confidence in CBRE’s remaining retail opportunities in the build-up to Christmas,” Mr Wizel added.
“The current low interest rates and reduced supply of quality retail opportunities through the first half of 2019 has resulted in a flight to quality from investors seeking an alternative to declining term deposit rates.”