This article is from the Australian Property Journal archive
APARTMENT blocks in Neutral Bay and Clovelly are among the more than $20 million in property that changed hands as part of CBRE’s first national auction platform for the year.
Local investors snapped up both of the blocks. The Neutral Bay site on the Lower North Shore sold for $5.75 million, representing a yield of 3.1%, while the eastern suburbs apartment block in Clovelly sold to local investor for $5,350,000, at 2.5%.
Also selling as part of the platform was a Summer Hill retail freehold building to local restaurant operator looking to owner-occupy, for $3,070,000, an office and warehouse in Victoria with vacant possession for $2.1 million, and an Everton Hills development site north of Brisbane to a private residential builder/developer, representing a land rate $580/sqm.
“We continue to see strong results being achieved using the auction platform, driven in part by the diverse buyer pool attracted to the platform and the belief we are close to the peak of the interest rate cycle,” said CBRE managing director Mark Lafferty.
A further 11 campaigns will launch shortly.
CBRE capital markets general manager, Adrian Sacco said the significant uptick in stock levels and increased activity from opportunistic purchasers has driven CBRE to organise a third national auction series event to be held in Sydney later this year.
