Mirvac buys Birkenhead Point shopping centre and marina

Mirvac buys Birkenhead Point shopping centre and marina
Mirvac buys Birkenhead Point shopping centre and marina

Property group Mirvac is buying the Birkenhead Point Shopping Centre and the adjoining 187 berth marina in the Sydney harbour side suburb of Drummoyne for $310 million.

It was sold by Abacus Property Group and the Kirsh Group who had upgraded the site after paying $174 million in 2010. McVay Real Estate acted on behalf of Abacus and Kirsh Group, the third time the estate agency has sold the property.

It represents a passing yield of 6.6% for the 3.7 hectare site.

In a statement today Mirvac said the Birkenhead Point shopping centre had well-performing national tenants and delivered total moving annual turnover (MAT) of $228.5 million in the year to 31 August 2014, representing 13.8% growth in specialty MAT.

Mirvac’s group executive, retail, Susan MacDonald said Mirvac will use the opportunity to convert the recently expired David Jones tenancy into more productive specialty space.

Birkenhead Point Shopping Centre has 174 tenancies, with a total gross floor area of 33,136 square metres. There is car parking for 1,395 cars.

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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Retail

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