Mintus snares another mall

Ashfield Mall, developed by Coles in 1983.

Mel Hazzouri’s Mintus has bought west Sydney’s Ashfield Mall ending 27 years of ownership for one of its vendors, Abacus Property Group.

Abacus is banking a speculated $32 million for 63-73 Ann Street, Surry Hills.

The 21,890 square metre complex on 2.51 hectares – built by Coles in 1983 on the former Town Hall site – is trading for a speculated $160 million, in line with its draft December, 2023, carrying value.

Last June, it was appraised at $155.4m reflecting a 5.75pc capitalisation rate.

Abacus sold a half stake to ISPT five years ago for $109m.

It picked up the asset from QIC in 1997, renovating and extending it a decade ago.

Part of the site later made way for a strata-titled apartment complex, Ashfield Central, with 101 dwellings.

Another deal minted

Anchored to Coles, Kmart and Woolworths, Ashfield Mall’s weighted average lease expiry by income (about 3.8pc is vacant) is less than four years.

There are also 1074 car parks.

The deal comes eight months since Mintus paid Brisbane’s Quanta Investment Funds $17.5m, reflecting a 7.36pc yield, for Bathurst Chase, 200 kilometres west of Sydney (story continues below).

Not long earlier the investor picked up the three year old Cranbourne West Shopping Centre, in Melbourne’s south east, from Woolworths, for $41.8m – a 5.37pc fully let return.

Mr Hazzouri, who established Mintus in 2000, has also since the pandemic snapped up Brisbane retail assets and suburban Sydney offices, at Gladesville and Parramatta, where it is headquartered.

Out of office

Also this month, Abacus is selling a warehouse converted office in inner-city Surry Hills for a speculated $32m.

The group outlaid $27.5m for this asset, 63-73 Ann Street, in mid-2018.

Last September, we reported the group offloaded Kraft’s former headquarters – built but never occupied by British Aerospace in 2000 – on 1.17ha in Port Melbourne, for $52m – a rise on the $43.5m it paid Anthony Wilson’s Terraplex in 2017.

Abacus recently destapled to create a self storage fund, Abacus Storage King REIT.

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Marc Pallisco

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