In a resounding show of strength for the commercial property investment market, private investors across Australia embraced phone and online bidding at CBRE’s Melbourne Portfolio Auction today.
Of the 13 properties available, 11 sold with a combined value of $43,321,000, demonstrating that the appetite for ‘bricks and mortar’ investments remains high.
CBRE Director Billy Holderhead said the signature Portfolio Auction looked different today. With current restrictions in place in Melbourne, the event was held at Auction Works in Sydney.
“We offered bidding via phone and online, as well as in person in Sydney,’ said Mr Holderhead. “The change in venue and process did not deter investors, with registrations at an all-time high and strong bidding throughout the day.’
Today’s portfolio comprised leading essential services investments across retail fuel, fast food, liquor, childcare and banking.
CBRE Managing Director Ingrid Filmer said that demand for high quality freehold essential services has intensified over the past 12 months.
“We were not surprised by the level of interest today,’ said Ms Filmer. “Investors are actively searching for freestanding properties that have traded favorably throughout the pandemic. When COVID-19 hit, we quickly identified a ‘flight to quality’ and today certainly proved that.’
CBRE Director Jamie Perlinger said that a limited number of high-quality properties on the market led to strong interest and bidding.
‘We were delighted that a number of buyers who had been underbidders in previous campaigns were successful today,’ said Mr Perlinger. “Investors are keen and ready to buy.’
As property inspections are currently prohibited, CBRE placed extra emphasis on video and photography to enable interested buyers to ‘virtually’ inspect prior to the auction.
“This proved highly successful with plenty of interest from both Victorian and interstate investors,’ said Mr Perlinger.
CBRE is known for its flagship Portfolio Auctions held every six weeks. The next Melbourne auction will be held on Wednesday 28 October 2020.
For all enquiries contact 03 9613 0400 or visit burgessrawson.com.au