International real estate advisor Savills and CBRE have advised IVG Institutional Fund on the sale of a 7,700 m² office building at 204 Avenue Marcel Thiry in Brussels to Home Invest Belgium for €7.8 million. The sale includes a 6,500 m² area of land and 157 parking spaces.
The sale includes planning approval for 2,000 m² of land to be developed and the new owner intends to convert the office property into a residential scheme.
Gregory Martin, Managing Director at Savills Belux, says: “We are pleased to finalise this transaction on behalf of IVG. This is another example of an increasing trend in Brussels decentralised areas where office premises are being converted into residential schemes, particularly in this eastern part of the city. We expect to see this trend continue into 2014 which will help to push down the city’s office vacancy rate.”
According to Savills data the office vacancy rate currently averages 9.5% in the Brussels Region and 5.5% in Brussels CBD.