Como Centre sale to eclipse $200m
Mirvac has put Melbourne’s landmark retail, hotel and office precinct the Como Centre on the market.
The centre, which is home to Channel 10’s studios and sits at the corner of Toorak Rd and the famous Chapel St shopping strip, is expected to attract offers upwards of $200 million.
At the heart of the precinct are its four office towers, which are responsible for more than 60% of the centre’s $14 million net annual income and represent more than 25,000sqm of floor space.
It also features the five-star Como Hotel, 6600sqm of retail outlets, a Palace Cinemas complex and a 614-bay car park leased to Wilson Parking until August 31 this year.
The 113-room hotel operated by Accor, with a lease that expires in 2021 and a further five-year option.
Mirvac has also secured development approval to revamp the centre, which has 300m of street frontage.
Colliers International’s Nick Rathgeber and Leigh Melbourne are steering the sales campaign in conjunction with McVay Real Estate’s Sam McVay and Dan McVay.
Rarely does an opportunity arise to acquire a landmark asset of this calibre that has genuine and immediate value-add opportunities
Rathgeber says the centre’s many and varied offerings made it a unique investment proposition.
“The Como Centre is one of the best known properties in Melbourne and is very familiar to both the interstate and overseas visitors who frequent the hotel and high-quality retail offering,” he says.
“We expect the scale of the real estate, the diversity of the income stream and the iconic nature of the asset will be of great appeal.”
Channel 10 films a number of its television offerings at its corner office tower at 620 Chapel St, including its news programs and popular current affairs panel show The Project.
McVay says the Como Centre offers investors the potential to add value to the precinct almost immediately.
“Rarely does an opportunity arise to acquire a landmark asset of this calibre that has genuine and immediate value-add opportunities.” he says.
“The Como, with its excellent tenant covenant and unrivalled location, represents this opportunity. We expect this property to be highly sought after, both domestically and internationally.”