Como Centre, South Yarra sold by Mirvac

Como Centre, South Yarra sold by Mirvac
Como Centre, South Yarra sold by Mirvac

Mirvac Group sold the landmark Como Centre in Melbourne, a mixed use asset in South Yarra, for $236.5 million.

Property syndicator Newmark Capital went into due diligence last month on the South Yarra property.

It is a two hectare site on the corner of Toorak Road and Chapel Street.

The property includes 25,700 square metres of A-grade office accommodation,  6,650 square metres of retail, a 111-room hotel and a commercial car park.

It was reported last month the Como Centre in South Yarra attracted the attention of the boutique funds manager Newmark Capital, which is led by Chris Langford, the former star of AFL club Hawthorn.

The group secured the nearby Jam Factory for about $165 million last year from financial services company Challenger.

The Como is a two-hectare site with street frontage to Chapel Street, Toorak Road and River Street.

The property generates more than $14 million of net income from more than 25,000 sqm of office space and 6600 sqm of retail space.

There is a 113-room hotel operated by Accor on a lease expiring in June 2021, with a five-year option.

The centre has a car park for 614 vehicles.

Newmark Capital was founded in 2011.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
South Yarra Commercial Sales

Comments

Be the first one to comment on this article
What would you like to say about this project?