Savills has advised a private Belgian investor on the acquisition of a 7,600 sq m mixed-use property in central Brussels from landlord Credit Suisse. The property is located on Rue Neuve and has been purchased for approximately €20 million.

The asset comprises 6,722 sq m office space and 855 sq m of retail space consisting of three retail units.

Gregory Martin, Managing Director at Savills Belux, says: “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. 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 approximately 150,000 sq m 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.