Melbourne CBD retail sale – realestatesource

WESFARMERS owned retail giant, Coles Group, is expected to make about $100 million from the sale of a prominent Bourke Street retail complex in the Melbourne CBD.

Coles will sell the 1982 Target Centre building (pictured, right) with a 20 year lease to Target. The complex also includes speciality retail stores, currently leased to Jetstar and Monash University.

Coles is expected to spend funds raised from the sale into its supermarket operations.

Victoria

Malaysian Investors Buy Prominent Bourke Street Mall Building For $17 Million

September 26, 2010 Marc Pallisco Melbourne CBD retail sale

ONE of the Melbourne CBD’s most prominent retail buildings has sold to Malaysia-based investors for $17 million.

The distinctive Bradmans Handbags building at the corner of Bourke and Swanston streets was sold by a family trust associated with former Melbourne Lord Mayor Sir Edward Leo Curtis, which has owned it since 1960.

Based on the building’s annual rent of $813,157, the asset sold on a yield of 4.78 per cent.

Victoria

APBC Reaps $12.5 Million From 480 Collins Street Shops

May 25, 2010 Marc Pallisco Asian Pacific Building Corporation, Collins Street, Deague Corporation, Melbourne CBD retail sale

ASIAN Pacific Building Corporation has pocketed $12.5 million from the sale of nine city shops, at the ground floor of the Oaks on Collins serviced office and serviced apartment building, at 480 Collins Street.

Only two of the retail investments had frontage to Collins Street, both of which are leased to Oaks.

The remaining shops – basically trading as a drinking, dining and food hall – sold individually to private investors, according to CB Richard Ellis selling agents Mark Wizel, Sebastian Drapac and Max Cookes.

Victoria

APBC to Sell Retail Component of 480 Collins Street, Melbourne

March 8, 2010 Marc Pallisco Asian Pacific Building Corporation, Collins Street, David Deague, Melbourne CBD retail sale, Will Deague

AFTER paying GIO $16.5 million for 480 Collins Street, and then converting the building into a serviced office and apartment complex, Asian Pacific Building Corporation – owned by establishment family the Deagues – are selling the development’s strata titled ground floor retail component.

APBC can expect to make about $11 million from the portfolio of nine fully leased shops, returning between $32,000 and $87,000 in annual rent.

Victoria

Trio of Elizabeth Street Shops Sells For $7 Million

December 15, 2009 Marc Pallisco Melbourne CBD retail sale

A TRIO of adjoining terraces – one of which accommodates colourful city retailer Bernard’s Magic Shop – sold at auction yesterday for just over $7 million.

The combined properties cover a site area of 206 square metres, and include a net lettable area of 473 square metres.