A mixed-use property in Epping has been sold to a private investor for $20 million, representing a 4.98% yield on the passing income.

This transaction of the property at 41-53 Miller Street, was facilitated by CBRE's Joe Brzezek, Josh Deluca, David Minty and Andrew Bell.

The property comprises a significant 10,046sqm mixed-use leisure centre, with multiple tenants and anchored by YMCA Victoria, a not-for-profit organisation that provides a wide range of community programs and services.

Mr Brzezek commented, “We are delighted to have achieved a successful outcome for our client with this sale which exceeded pricing expectations.

"We had significant interest from a diverse group of buyers, which is a clear indicator that well-located properties with strong tenant profiles and future development potential are still achieving strong outcomes. We congratulate both the vendor and the purchaser on this significant transaction.”

Strategically located on 2.8 hectares of Activity Centre Zoned land, the site offers excellent accessibility and is just moments from the popular Pacific Epping shopping centre.

The sale was facilitated through a competitive on-market Expressions of Interest campaign, which garnered substantial interest. The campaign generated an impressive response, with over 100 inquiries and 12 registered bidders. This strong level of engagement highlights the ongoing demand for quality assets, despite the current economic climate.

Mr Deluca added, “Key drivers for investors in this transaction were undoubtedly the strong underlying land value, the security of a well-established tenant like YMCA, and the potential for future rental growth and development.

"The property was ultimately purchased by a high-net-worth private investor. We are seeing a promising outlook in the investment space, with investors actively seeking opportunities for well-positioned assets that offer both immediate returns and future upside.”