Revelop secures lower north shore mall
Revelop has bought the retail component of a residential-based mixed use project, on Sydney’s lower north shore.
Mall 88, completed two years ago at 88 Christie Street, St Leonards, set it back c$80 million.
With 7714 square metres, Coles and Liquorland are the anchors. Also with two mini-majors – an Asian supermarket and a medical centre – and 20 specialties, there weighted average lease expiry is eight years. The investment contains 358 basement car parks too.
St Leonards is five kilometres from the CBD.
Also this week we are reporting Growthpoint and BlackRock APAC Real Estate sold the nearby Home HQ Artarmon homemaker centre to Aware Super and Barings after seven years.
Mall 88
Connected to St Leonards train station via a 200 metre pedestrian link, Mall 88 forms part of the 88 by JQZ project, with 637 apartments, an A-grade office, public library and park (continues below).
The Coles there is the largest in the catchment, of c54,987 people.
With options the supermarket can stay until 2078. Its existing lease ends in 13 years.
Some 83 per cent of the asset’s income is derived from national and daily needs tenants, according to Colliers’ James Wilson and Matthew Meynell, who closed an expressions of interest campaign on September 3.
Revelop will be able to claim depreciation allowances.
The deal comes 18 months since the group bought a strata titled retail investment at Hurstville from Centuria.
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