ELEVEN MONTHS after announcing a $700 million revamp of South Yarra’s iconic Jam Factory, the James Packer backed Challenger group, has put the property on the market for sale. Challenger can expect to make about $110 million for the inner-city shopping centre, sources say, which is owned by two of its investment vehicles. The JamRead more
GPT Group’s Homemaker City Fortitude Valley shopping centre, in Brisbane, is believed to be close to sale for about $90 million.
The complex includes more than a dozen bulky goods outlets, and a 700-bay car park. The centre is believed to be in due diligence to an as-yet-undisclosed purchaser.
The centre was one of seven GPT put to the market last year in Queensland and New South Wales. To date, the Cannon Hill and Windsor Centre in Brisbane have sold for a combined $20 million.Read more
Westfield joint managing director Peter Lowy said the company performed better than expected, announcing the company’s six-months earnings.
Below is a copy of the group’s half year operational earnings, and full-year forecast:Read more
NATIONALS senator Barnaby Joyce (pictured, right) has called for stronger unconscionable conduct laws to protect retail tenants from their wealthy landlords.
Mr Joyce says the tendency for shopping centre owners whereby “the small shop owner goes in, is wringed out, and then spat out” is unfair.Read more
AUSTRALAND will build its first Greenfield retail project, in the outer Melbourne north-western suburb of Taylors Hill.
The developer, which is best known for its residential, industrial and office projects, has sold an unbuilt shopping centre- part of its Taylors Hill housing estate – for $23 million, to a group of Melbourne private investors.
The 5,300 square metre Watervale Shopping Centre sold on an estimated yield of about 8 per cent, according to the AFR, which reported the deal.Read more
MELBOURNE’s $750 million South Wharf project, at the point where Southbank meets Docklands, will become the city’s next DFO (Discount Factory Outlet).
The owners of the South Wharf and Spencer Street DFO outlet, Austexx, have confirmed a two year rumour that the 60,000 square metres of retail space within the South Wharf complex, will accommodate existing Spencer Street DFO tenants, and then some.
The Spencer Street DFO shopping centre will be refitted and rebranded simply as “Spencer Street”, once DFO tenants start relocating from October 15.Read more
ANDREW Myer has decided to sell his Camberwell shopping centre, The Well.
The son of late philanthropist Ken Myer and grandson of Myer department store founder Sidney Myer, can expect to make about $55 million for the 9,240 square metre centre.
The Well opened eight months ago and includes about 30 speciality shops, a 1,202 square metre JB Hi Fi and a 2,812 square metre Coles supermarket.