Melbourne mall goes on the market a discount
Melbourne retail precinct St Collins Lane has been put up for sale at a price less than the owners paid three years ago.
The mall has about 45 specialty tenants, dining precinct and a mix of prominent luxury fashion and lifestyle brands. But it has struggled with high vacancy rates across its four levels, with recent closure of anchor tenant Debenhams the latest casualty of the weakening retail sector.
JP Morgan paid $247 million for the precinct in 2016, but is now looking for offers around $150 million, according to reports.
“We anticipate an extremely competitive domestic and international buyer pool for St Collins Lane, particularly in light of the unique opportunity to reposition the centre and undertake a highly strategic tenant re-mix following the recent departure of Debenhams,” said CBRE’s head of retail markets Simon Rooney.
Sheridan Randall, 13th March 2020
