Challenger to Retain Jam Factory Asset, South Yarra

IT Chapel Street's Jam Factorywas one of the highest profile commercial properties to hit the market during the economic downturn, but with the market improving, Sydney-based fund manager Challenger has decided to hold on to the Jam Factory.

The prominent Chapel Street site, with street frontage to Garden and Palermo streets, in South Yarra, was in 2008 ago earmarked for a $700 million redevelopment, including high rise apartments and offices, a hotel, and a 54,000 square metre shopping centre.

However it failed to find a buyer when it was listed for sale last year with a price tag of circa $100 million.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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