This article is from the Australian Property Journal archive
THE Vogue Shopping Plaza in Melbourne’s city fringe suburb of South Yarra has changed hands.
Dawkins Occhiuto’s directors Walter Occhiuto and Andrew Dawkins handled the sale campaign of the asset.
Occhiuto confirmed the sale but declined to comment on the transaction, except to say the campaign drew strong interest.
Industry sources said the sale price was in excess of $90 million.
Located at 670 Chapel St, the shopping centre is part of the Vogue mixed-use development by Ryssal–Three Pty Ltd, a company owned by Melbourne’s Stamoulis family.
The Vogue shopping centre sale took place at the tail end of last year and it was settled this week.
Meanwhile Harry Stamoulis recently bought 1 Collins St in Melbourne’s CBD for $125 million.
The Vogue Shopping Plaza comprises a net lettable area of 17,600 sqm plus a 600 bays basement car park. It is anchored by Woolworths, Big W and a Guardian Childcare along with approximately 40 specialty stores. The estimated fully leased net income is approximately $6,500,000.
The two-level shopping centre sits below the 30-level Vogue apartment tower, which comprises 498 units. The mixed-use project was completed in June 2012 at a total cost of $160 million.
The Vogue sale reflects the current investors’ appetite and wall of capital chasing retail assets in Melbourne’s affluent suburbs.
In December, the ISPT Retail Australia Property Trust settled on its purchase of The Well shopping centre in Camberwell from businessman and philanthropist Andrew V Myer for $72.5 million, on an initial yield of 6.06% and a fully leased yield of 6.78%.
Australian Property Journal
