Mirvac announced the sale of it's major asset the Como Centre in South Yarra Melbourne for just over $236 million. The purchaser is yet to be confirmed.
Mirvac announced this week the sale of one of its major assets, the Como Centre in South Yarra, Melbourne. They have exchanged contracts for a total consideration of just over $236 million in a sale arranged by Nick Rathgeber and Leigh Melbourne of Colliers International and Dan and Sam McVay of McVay Real Estate.
Although the purchaser is yet to be confirmed it is believed to be Newmark Capital, who was understood to be undertaking due diligence on the property last month. Newmark, a property funds management and development company founded in 2011, is headed by Simon T. Morris and Chris Langford, a former AFL champion and current long time member of the AFL Commission.
The Como Centre, an extraordinarily large inner city site, is located on two hectares on the corner of Toorak Road and Chapel Street in South Yarra. According to Chapel Street Cityscope, the property consists of retail, office, hotel and car park components. The retail section, Gaslight Gardens, has 33 shops over 6,650 sqm and the commercial space, over 4 sections, has a total net lettable area of 25,700 sqm of A-grade office space. Commercial tenants include Network Ten, the Victor Smorgon Group, Louis Dreyfus Commodities and the Nine West retail group. The hotel, the Como Melbourne MGallery, is an all suite hotel of 111 rooms.
The property last traded at $93 million in 1998. This sale at $236 million, represented an initial yield of 5.99% on passing income of $14.13 million.