Apr 11 2017Add to Favorites
Melbourne, 11 April 2017 – Melbourne’s waterfront Beach Hotel and neighbouring Foodworks Supermarket has been purchased by Mainland Chinese investors after a hotly contested sales campaign.
Located on a 1,712sqm landholding – in one of Melbourne’s most sought after areas, Albert Park - the Beach Hotel is a two-storey venue situated directly across Port Phillip Bay.
Built in the 1880s, the venue has undergone significant refurbishment over the years, to feature an outdoor courtyard, function spaces, bar and dining rooms and guest rooms on the second level.
Situated within 4km of the Melbourne CBD, the venue benefits from a prime corner position in the populous suburb.
CBRE’s Scott Callow and Mark Wizel marketed the sales campaign, which was strongly contested given the property’s prime position.
“Located in the heart of Albert Park, The Beach Hotel and neighbouring Foodworks supermarket service a prosperous inner bayside suburb of established families and independent young professionals,” Mr Callow said.
“This affluent suburb is earmarked for future residential development, which will ensure this venue is well positioned to benefit.”
Mr Wizel said the property attracted buyer interest from a wide range of local and offshore groups.
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 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 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.
SOURCE: Press Release
Sophisticated investors are invited to invest into the Fund, with a minimum investment of $250,000 and forecasting a total return in excess of 12% p.a., including average cash distributions of 5.4% p.a. over the 4-year investment period. Stirling’s Directors will co-invest a minimum $1.0 million into the Fund.
To accommodate yield investors Quintessential Equity is set to launch a commercial property fund, which will shortly raise $150million from investors
Qualitas' first "pure property debt" listed investment trust, the Qualitas Real Estate Income has raised another $35 million in funds to issue more commercial loans.
Creating an account with MP Report allows you to save articles and update your preferences to filter the content based on your interests and what content you would like to receive from us via our email alerts and newsletter.SIGN UP HERE >