CBD Development Group sells East Bentleigh’s former Target store for $9.6 million
EXCLUSIVE
CBD Development Group – renowned nowadays for its major apartment projects – has sold a prominent East Bentleigh retail asset.
Occupied until recently by Target, but offered with vacant possession, 401 Centre Road traded to a China-based buyer for $9.6 million.
An under-bidder, according to sources, was retail giant Chemist Warehouse which planned to owner-occupy.
CBRE’s Mark Wizel, Lewis Tong, Rorey James and Ashley McIntyre marketed the 743 square metre holding as the “best property” on the popular suburban strip.
With retail below two office levels, the investment has the potential to earn annual rent of $400,000, the brokers said.
On that basis, 401 Centre Road is selling on a 4.2 per cent market yield.
CBD Development Group, owned by Chen Guo Jin, listed the East Bentleigh asset for sale after a short campaign to lease it earlier this year.
Target closed its doors last December, ending its tenancy in January.
The property was strategic for the retailer: providing shoppers a walk-through to a Coles supermarket and car park behind.
Until a recent split, Coles and Target were controlled by one Wesfarmers entity.
CBD Group developed the mixed-use Bentleigh Centre at 285-305 Centre Road, in the area.
It also behind Brunswick’s tallest apartment building rising 12 storeys at 288 Albert Street, near the north-west corner of Sydney Road.
In 2017, the developer paid $36 million for Mt Eliza’s 63-hectare Morning Star mansion and vineyard – a site offered with a permit for a 72-room hotel.
That same year, it paid about $5 million for a 3193 sqm Brighton East site on Union Street which backs onto linear park Little Brighton Reserve.
