This article is from the Australian Property Journal archive
AUSTEXX’S Spencer St Fashion Station and the West End Plaza have been put on the market by receivers KordaMentha.
KordaMentha’s Craig Shepard and Leanne Chesser have decided to sell the property after they were appointed as receivers in July.
Despite selling four DFO centres to CFS Retail Property Trust for $498 million, Austexx has been unable to secure a lifeline from lenders and refinanced the debt, which was originally around half a billion dollars.
Austexx also placed two centres at Townsville and Torquay in the hands of receivers.
KordaMentha administrator Craig Shepard did not reveal how much debt is owed by the Spencer St Fashion Station shopping centre.
Jones Lang LaSalle head of retail investments Simon Rooney has been appointed to sell the property.
Rooney said the property is one of Melbourne CBD’s iconic and largest shopping centres, strategically positioned for significant income and capital upside via completion of upgrade works and repositioning.
“The centre presents an exceptional opportunity to implement a refurbishment and repositioning strategy; potentially resetting rents levels appropriate for a full priced retail centre,” he added.
Rooney also said the property offered a strategic CBD location and is ideally positioned to service and dominate the fast growing south western CBD, Docklands and inner city precincts.
Opened in 2006 as DFO and partially converted in 2009, the retail centre has a total GLA of 22,099 sqm and features 143 fashion, food and homeware outlets including a 2,479 sqm Coles Supermarket.
The Spencer St Fashion Station is a single level fully enclosed retail centre with GLA of 18,827 sqm and West End Plaza is a single level neighbourhood shopping centre with GLA of 3,272 sqm.
It is positioned on a 27,123 sqm site which immediately adjoining part of Southern Cross Station and bus terminus.
Expressions of interest close at 12 noon on Thursday, 13 October 2011.
Australian Property Journal
