MAB to Sell Retail Property on the Bourke Street Mall
The Pavilion Retail Centre at 360 Bourke Street, identified by a three-level, yellow spin toplooking sculpture at its entrance, includes 3000 sq m of prime retail space. Major tenants include Angus & Robertson, Intrepid Travel and Kathmandu.
The 1775 sq m site once housed the 16-level Cromwell office building.
In 1988, the Pyramid Building Society and Farrow Building Society paid $29 million for Cromwell, with a plan to redevelop the office space.
However, both companies collapsed in 1990, paving the way for the Smorgon family to snap up the building for $6.93 million.
The Smorgons demolished Cromwell in 1994 and built the Pavilion.
MAB Funds Management bought the retail asset from the Smorgons in 2002 for $15 million.
Shortly after, MAB obtained a permit to remove the yellow sculpture, a permit it has not acted on.
Knight Frank’s Clinton Baxter and Langton McHarg are marketing the Pavilion for sale.
The Pavilion is the biggest Bourke Street asset to come on to the market since parts of The Foundry development, across the road, sold earlier this year for $87 million.
Japanese fund manager daVinci Partners and Multiplex bought the retail and car park components of The Foundry, as well as an office development site, where a $620 million, 43-level office building has been proposed.
