SALE OF HIGH PROFILE PROPERTY IN TÖRÖKBÁLINT
CBRE is pleased to announce the sale of a 6,200 sq m office/industrial building located in Törökbálint, in the submarket of Budapest West. The property benefited from excellent visibility and access to the motorway M1 leading towards Vienna. The building was offered to the market with vacant following the owner’s relocation to a new premise.
The property is located in the so called golden triangle which is perceived as a strategic location at the western border of the capital, similarly to the airport at the east. The new owner is planning to operate a so called forwarders’ plaza in the building, benefiting from the excellent accessibility of the property.
“The sale of this property is typical of transactions completing in the current market. Today there is a limited activity in the traditional segment of the investment market, namely the market of income-producing assets. However, we see increasing opportunities for leasing and investment transactions with properties which are subject to refurbish and change of use. This particular mixed-use scheme is also such an asset. ” – commented Tim O’Sullivan, Head of Capital Markets at CBRE.
“We are planning to operate a so called forwarders’ plaza in the building, creating a hub for forwarders’ and companies predominantly in the logistics sector. The “A” category offices and warehouses will be offered at highly competitive prices. We will open in the first week of November after the necessary refurbishments are complete with the anchor tenant, a major English logistics company moving in right away. Our core strategy is to acquire similar buildings and refurbish and “reinvent” them, and as a result make these deals successful investments. We were happy to cooperate with CBRE on this deal, who fully understood the challenges in today’s real estate market in Hungary”, Kristóf Bárány, CEO at Meyer & Levinson Investment added.