Melbourne retail landmark Burgundy Plaza sold to China group for $14.3 million

Melbourne retail landmark Burgundy Plaza sold to China group for $14.3 million
Melbourne retail landmark Burgundy Plaza sold to China group for $14.3 million
A locally-based Chinese syndicate has purchased Melbourne’s landmark Burgundy Plaza in Heidelberg for $14,390,000.
 
CBRE negotiated the sale with Miles Real Estates with the sale price representing a passing yield of 1.75 percent.
 
The building rate was $14,155 per sqm and a land rate at close to $6,000 per sqm.
 
Burgundy Plaza at 101-111 Burgundy Street comprises a collection of retail shops and first floor offices situated on a Commercial Zoned 1 landholding suitable for long-term, mixed use development.
 
The retail complex has 31 rear car spaces.
 
It was sold by a local investor who had owned the it for 30 years.
 
There were over 25 offers totalling more than $220 million for a strata retail asset with limited immediate development.
Tags: 
Melbourne Commercial Retail

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