A retail and restaurant development in the Town of Cambridge has sold to a private investor for $2.9 million, CBRE says.
The sale of 352 Cambridge Street, adjacent to the Wembley Hotel, was headed by CBRE’s investment properties manager Michael Milne.
He said the sale clearly underlined strong demand for commercial investment opportunities close to the CBD.
“Having recently concluded a number of commercial sales on tight initial yields in Leederville, West Leederville, Mount Hawthorn, Nedlands, Subiaco, South Perth and now Wembley, it is clear that strong demand exists for properties in established inner metropolitan precincts that provide for mixed use outcomes,” Mr Milne said.
“The property is zoned ‘Local Centre’ under the town planning scheme within the Town of Cambridge and includes owner redevelopment clause provisions.”
The fully-leased, multi-tenanted property has a net passing income of approximately $200,000 per annum, and has been anchored by the Jade Flowers Chinese Restaurant for the last 30 years.