JP Morgan Asset Management has purchased the retail centre St Collins Lane, Southbank.
Following its $286 million purchase of commercial tower, Twenty8 Freshwater Place, Southbank, in August, JP Morgan Asset Management has bought a Melbourne retail asset for $247 million. The sale of St Collins Lane, formerly the Australia On Collins retail centre, was arranged by Simon Rooney of JLL Melbourne.
The purchaser, JP Morgan Asset Management, is part of JPMorgan Chase & Co and is a global asset management leader providing world-class investment solutions to clients and has a history dating back over 200 years. The vendor was LaSalle Asian Opportunity Fund III, an unlisted opportunistic property fund established in 2007 and managed by US-based LaSalle Investment Management.
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, Politix, Birkenstock and Sandro Paris with more national and international brands set to open soon.
The sale sees LaSalle exit the centre completely having sold the hotel that tops the retail centre for $237 million in September. They had previously bought both assets in two parcels between 2011 and 2012 for $204 million.