Billionaire settles on St Ives mall, land
Billionaire publican Sam Arnaout has settled on the purchase of Sydney’s St Ives Shopping Village and 12 adjoining blocks.
Worth $450 million the deal, which we reported last May, was with the Katz family’s EK Nominees, which began assembling the site 39 years ago.
The 2.5 hectare Upper North Shore complex includes 17,475 square metres of retail space, anchored by Coles, Woolworths and Harris Farm Markets, with 105 specialty stores.
Some businesses have traded over 60 years.
Development upside
When the St Ives complex was last offered it 2022, it generated c$22m annual income (continues below).
The return when the deal was sealed is believed to circle five per cent – low given the significant development upside.
Colliers’ Lachlan MacGillivray was the agent.
Mr Arnaout, founder of Iris Capital, said the centre would serve as the foundation for a new retail management platform, highlighting the asset’s strong market position and long-term tenant performance.
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