Mirvac enters into joint venture
2015-11-16
Mirvac has entered into a joint venture with PAYCE Consolidated to acquire a share in an almost new mixed use shopping centre in the up and coming area of Zetland for a consideration of $154.7 million.
A long time industrial suburb, Zetland is undergoing a gentrification of sorts with increased levels of medium to high density accommodation being built as people take advantage of it's close proximity to the Sydney CBD.
The centre, East Village, is owned and was developed by PAYCE Consolidated, a property development group that is listed on the Australian Securities Exchange. PAYCE was founded in 1978, listed in 1979 and was heavily involved with the Waterfront buildings at Wentworth Point following the Sydney 2000 Olympics. The buyer, Mirvac, is one of Australia’s leading real estate groups involved with design, construction and managing of commercial, residential and retail property. It was founded in 1972 by Robert Hamilton and Henry Pollack, who had worked in the property industry together during the 1960’s.
Completed in October 2014, East Village attempts to combine traditional market place elements with the design of a modern centre. Having an area of 33,000 sqm, the centre has anchor tenant Coles plus Virgin Active Health Club, Audi Australia Service Centre, a Medical Centre and 40 specialty stores. These include Lorna Jane, Sorrento, numerous restaurants and food outlets and a taste growers market. The centre has parking for 690 cars and is easily accessible by both bus and train.
The expected population growth of the area is an obvious appeal to Mirvac. According to Mirvac CEO Susan Lloyd-Hurwitz, the purchase aligns perfectly with Mirvac’s “retail growth strategy of acquiring assets in densely populated trade areas”, an area that is in fact one of the fastest growing in inner Sydney. As part of the transaction, Mirvac will secure the management and lease rights for the centre. The sale is due to settle in the second half of 2016.
http://www.corelogic.com.au/news/mirvac-enters-into-joint-venture
A long time industrial suburb, Zetland is undergoing a gentrification of sorts with increased levels of medium to high density accommodation being built as people take advantage of it's close proximity to the Sydney CBD.
The centre, East Village, is owned and was developed by PAYCE Consolidated, a property development group that is listed on the Australian Securities Exchange. PAYCE was founded in 1978, listed in 1979 and was heavily involved with the Waterfront buildings at Wentworth Point following the Sydney 2000 Olympics. The buyer, Mirvac, is one of Australia’s leading real estate groups involved with design, construction and managing of commercial, residential and retail property. It was founded in 1972 by Robert Hamilton and Henry Pollack, who had worked in the property industry together during the 1960’s.
Completed in October 2014, East Village attempts to combine traditional market place elements with the design of a modern centre. Having an area of 33,000 sqm, the centre has anchor tenant Coles plus Virgin Active Health Club, Audi Australia Service Centre, a Medical Centre and 40 specialty stores. These include Lorna Jane, Sorrento, numerous restaurants and food outlets and a taste growers market. The centre has parking for 690 cars and is easily accessible by both bus and train.
The expected population growth of the area is an obvious appeal to Mirvac. According to Mirvac CEO Susan Lloyd-Hurwitz, the purchase aligns perfectly with Mirvac’s “retail growth strategy of acquiring assets in densely populated trade areas”, an area that is in fact one of the fastest growing in inner Sydney. As part of the transaction, Mirvac will secure the management and lease rights for the centre. The sale is due to settle in the second half of 2016.
http://www.corelogic.com.au/news/mirvac-enters-into-joint-venture
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