Soul Pattinson set to sell to Kingvest on Pitt Street Mall

Soul Pattinson set to sell to Kingvest on Pitt Street Mall
Soul Pattinson set to sell to Kingvest on Pitt Street Mall

The prime Pitt Street Mall retailing site, which is the longtime Soul Pattinson Chemist premises is in the process of being sold to Kingvest for a reputed $100 million. 

JLL’s Simon Rooney and Rob Sewell are negotiating the deal on behalf of Washington H Soul Pattinson and Company Limited (WHSP).

The property was offered with the opportunity for vacant possession in mid-2016

"This is the end of a chapter in the company's history," said chairman Rob Millner.

"We will be sad to see the pharmacy closing its doors after 145 years, however, we are immensely proud of what has been achieved."

Victor Comino's Kingvest already owns prime CBD premises including the former Darrell Lea building and the Louis Vuitton store. 

The acquisition site has been the location of Soul Pattinson Chemist for some 145 years and it’s the first time it has come to market since 1873.

JLL’s Simon Rooney said Sydney's pre-eminent retail strip was Pitt Street Mall. 

“The infrastructure upgrades in the Sydney CBD and residential development will underpin the long term demand for retail space." 

160 Pitt Street is one of just 10 properties with Pitt Street Mall frontage. 

“As a result of the high retailer demand for presence along Pitt Street, it now commands some of the highest rents in the world, with recent evidence showing rates of $12,000 per square metre to $15,000 per square metre per annum.

“High profile international retailers have been drawn to Pitt Street Mall in recent years, including H&M, Zara Home, Sephora, Uniqlo and Microsoft.”

Tags: 
Retail Sales Retail Property

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