Melbourne’s ex-Foy & Gibson department store sold
Coombes Property has bought Midtown Melbourne, the prominent Bourke Street Mall retail and office complex developed in the 1930s as a Foy & Gibson department store.
The deal with IFM Investors, which late last year took over ISPT, is worth $154 million.
ISPT on behalf of the Core Fund bought it in 2007 then refurbished and re-let.
It is Coombes first major Melbourne asset; the group holds several Sydney properties including 46 Market Street and 68 York St, in the city, One Hurstville Plaza and The Exchange Bondi Junction, where it is headquartered on the fifth floor.
It also controls two major Brisbane CBD offices – 79 Adelaide St and 99 Creek St.
Midtown Melbourne
At 246 Bourke Street, on the north east corner of Swanston, also exposed to Little Bourke, Midtown Melbourne contains about 15,000 square metres over nine levels.
The lower four levels are retail; tenants include HSBC, Chemist Warehouse, Daiso and W Cosmetics (continues below).
Japanese retailer Muji has also committed to a 10-year lease from 2027 for a planned three-level flagship store replacing the existing Telstra tenancy.
The fully leased annual income was marketed as $13m when it was listed last September.
The site spreads 2787 sqm.
Cushman & Wakefield’s Oliver Hay, Daniel Wolman, Trent Weir and Leon Ma were the agents.
The deal comes three months since we reported IFM sold the majority stake in Brisbane’s Uptown, formerly the Myer Centre.
It also recently shed a Coles anchored Tamworth shopping centre.
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