In Australia’s deteriorating retail market shop keepers face increased online competition coupled with lowering consumer confidence and willingness and ability to spend. It is into this market that JP Morgan Asset Management is placing its retail centre, St Collins Lane.
The property is expected to fetch less than $200 million, after being purchased in 2016 for $247 milion.
According to Melbourne Cityscope, St Collins Lane is a five-level retail centre with over 60 specialty shops, several restaurants and a food court with seating for more than 750 people. The centre underwent a $35 million refurbishment in early 2016. Major tenants include Tag Heuer, Lacoste, Birkenstock and Sandro Paris with more national and international brands set to open soon.
JP Morgan Asset Management is part of JPMorgan Chase & Co, a New York based financial institution with a history dating back over 200 years.