This article is from the Australian Property Journal archive
MORGAN Stanley and Blackstone, the receivers of the Spencer Outlet Centre in Melbourne, have sold the asset for $125 million.
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McVay Real Estate`s chairman Dan McVay and managing partner Sam McVay negotiated the sale of the 201 Spencer St property to an offshore investor.
The sale price is significantly higher than the $100 million expectations. Although the value is below the $200 million debt Austexx owned on the property.
Austexx collapsed in 2011 and owed Lloyds over half a billion dollars. The Spencer Street Outlet Centre was part of a $1.9 billion property portfolio that included 480 Queen St Brisbane and the Meridien Group`s marina project at Airlie Beach.
In 2012 Lloyds sold the $1.269 billion distressed loan tied to that portfolio to Morgan Stanley and Blackstone.
The 23,147 sqm outlet based retail centre is anchored by a Coles supermarket (2,479 sqm) and five national mini-majors (7,299 sqm), together with 99 speciality shops, six Kiosks and two ATMs.
The fully occupied net operating income is $6.1 million as at 1 October 2015.
Australian Property Journal