International real estate advisor Savills has advised a private Belgian investor on the acquisition of a 7,600 m2 mixed-use property in central Brussels from landlord Credit Suisse.
International real estate advisor Savills has advised a private Belgian investor on the acquisition of a 7,600 m2 mixed-use property in central Brussels from landlord Credit Suisse.
The property is located on Rue Neuve and has been purchased for around €20 mln.
The asset comprises 6,722 m2 of office space and 855 m2 of retail space consisting of three retail units.
'This transaction is evidence of investors’ ongoing strong demand for prime Brussels assets and the growing importance of private investors in Belgium’s retail investment sector,' said Gregory Martin, managing director at Savills Belux .'The building’s office area is due to be converted into residential properties, something we have seen a lot of this year and this is pushing down vacancy rates in the city.'
According to Savills around 150,000 m2 of commercial property is being converted into residential stock in Brussels. The average vacancy rate in Brussels (CBD) has dropped from nearly 10% to 6% over the last two years.
