Morry Schwartz offloads retail asset

Pan Urban director Morry Schwartz is reaping $1.63 million from a retail investment at the ground level of the new 401 St Kilda Road apartment complex.

Four of the seven shops in the complex have now traded – all to owner occupiers, including one to celebrity chef Shannon Bennett, which opened Cafe Vue at his last year.

Colliers International executive Bryson Cameron said the newest owner plans to establish a bottle shop.

The asset contains 148 square metres at ground level and a 68 sqm basement.

Residents have been moving into the building since about Christmas.

Mr Schwartz paid $6.4m for the 1887 sqm block which has made way for the complex in 2004.

Prior to that, the land accommodated the rundown Kings Cross Plaza.

Earlier this week, Pan Urban sold an 1857 sqm Mackenzie Street site to Chip Eng Seng Corp for $20.2 million – almost twice what it paid in 2008 – permit-ready for a 32-level, 388-unit apartment complex.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of