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. [...]
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MAB Corporation has sold two retail investments at its NewQuay precinct of Docklands for a total of $3.875 million. The biggest premises at 24 NewQuay Promenade measures 427 square metres (about the size of four standard shops) and is leased to Metro Real Estate which pays a current rent of $255,000 per annum. On that basis the $3.55 million sale price reflects a yield of 7.2 per cent. A second and much smaller retail premises at 7 Caravel Lane sold for $325,000 and on a yield of 6.3 per cent. [...] Upmarket furniture and homeware retailer Radstock + Kendall will vacate its prominent retail space at the Georges building at 162 Collins Street, and lease about 250 square metres at the ground floor of Valad’s 575 Bourke Street office tower. Knight Frank retail leasing director Gary Loo said the retailer is following office workers and city shoppers which are increasingly commuting around the western edge of the CBD. He said interstate travelers accessing the CBD from Southern Cross station was another factor driving tenant interest in the area. [...] Upmarket furniture and homeware retailer Radstock + Kendall will vacate its prominent retail space at the Georges building at 162 Collins Street, and lease about 250 square metres at the ground floor of Valad’s 575 Bourke Street office tower. Knight Frank retail leasing director Gary Loo said the retailer is following office workers and city shoppers which are increasingly commuting around the western edge of the CBD. He said interstate travelers accessing the CBD from Southern Cross station was another factor driving tenant interest in the area. [...] ST KILDA properties that previously accommodated two of the area’s most established local businesses have sold to a developer. The single-level Vasiliki lobster crayfish site, and an adjoining two level building which for years traded as Earl’s Hardware, will be cleared to make way for a new $50 million-plus luxury apartment project, with ground floor retail. The buildings are spread across two properties between 173 – 177 Barkly Street, at the corner of Belford Street – which is one of just two roads that intersect with the popular Acland Street retail strip nearby. [...] ST KILDA properties that previously accommodated two of the area’s most established local businesses have sold to a developer. The single-level Vasiliki lobster crayfish site, and an adjoining two level building which for years traded as Earl’s Hardware, will be cleared to make way for a new $50 million-plus luxury apartment project, with ground floor retail. The buildings are spread across two properties between 173 – 177 Barkly Street, at the corner of Belford Street – which is one of just two roads that intersect with the popular Acland Street retail strip nearby. [...] |
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