A lacklustre start to the year in the commercial property sector will be turned on its head over the next week as bids are due on over $1 billion worth of office towers, shopping and industrial facilities, according to The Australian Financial Review.
Among properties on the auction block are a $120 million industrial portfolio managed by Goodman Group and two Inghams properties worth a combined $600m, while bids have reportedly already rolled in for the famed Block Arcade in Melbourne and the New South Wales Police Headquarters in Parramatta.
“The slightly lower first quarter sales statistics belie the current level of activity in the industrial investment market,” CBRE Pacific head of industrial, Matt Haddon, told the AFR.
“Based on transactions currently in due diligence and current available stock, 2014 is expected to significantly outperform 2013 in volume terms.”