A CBD supermarket and several ground floor retail shops at the base of an iconic Collins Street apartment tower are being offered for sale for the first time.
Located on the high-profile intersection of Collins and Spencer Streets, at the base of Liberty Tower, the property comprises eight shops, including an IGA Supermarket, backed by ASX-listed Metcash, and Gloria Jeans. The property offers over 70m of frontage to Collins and Spencer streets and is located opposite the Southern Cross Regional train station and shopping centre, which benefits from 46,000 daily commuters.
Melbourne’s Schwartz family has engaged CBRE to market the property for sale via its Premium Property Portfolio Auction platform on November 29. It represents the first Melbourne CBD asset to be offered via the innovative sales platform since its inception in 2017.
Vendors Danny Schwartz and Morry Schwartz commented on the move to divest the Collins Street property: “My brother and I in conjunction with Roger Hart, purchased the land from Melbourne City Council in 2001 and Liberty Tower was developed - one of the first residential towers to be developed in the CBD.
“What has transpired on this corner since then is beyond our imagination. It continues to go from strength to strength, with new hotels and residential towers, the biggest and most active train station in the CBD and the continuing growing foot traffic has been a major bonus for our retailers”
CBRE’s Josh Rutman said the offering represented an attractive opportunity to secure a blue-chip asset in one of the CBD’s most sought after locations.
“The Melbourne CBD’s western pocket is emerging as one of the city’s most active and highly pedestrianised precincts, underpinned by significant residential, hotel and education developments, including the 50 Level Mandarin Oriental Hotel and 78 Level Premier Tower,” Mr Rutman said.
“Within the next few years, there will be thousands of brand new apartments within five minutes’ walk of Liberty Tower, while the growth of Southern Cross Station is also expected to boost population growth in the area. This growing residential base will help place downward pressure on retail vacancy and ensure the area remains a sought-after investment destination.”
CBRE’s Max Ruttner added: “The CBD is shifting, with the corner of Spencer and Collins streets fast becoming one of the focal points of the city as the Docklands precinct reaches maturity.”
The campaign follows recent nearby sales completed by CBRE, including 12-14 McKillop Street for $14.5 million and 21-23 Elizabeth Street for $9.62 million.
CBRE Melbourne City Sales Josh Rutman, Max Ruttner, Nathan Mufale and Dylan Kilner will be handling the sale of 620 Collins Street, which will be offered via CBRE’s Premium Property Portfolio Auction on November 29 from 6:00pm at Zagame Ferrari Head Office, Level 1, 430 Swan Street, Richmond.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.