Retial Outlet

<html><body>
Elizabeth Arcade in Brisbane's CBD has a new owner following its $28 million sale. 
El Camino Priority II Trust, a company controlled by Singapore-based Valparaiso Capital Partners, purchased the site to add to its future long-term pipeline of student accommodation in Brisbane.
Earlier this year, Valparaiso bought two buildings in Brisbane CBD, 363 Adelaide Street and 38 Wharf Street, with plans to develop student accommodation under the brand of ‘Student One’.
They also plan to convert this building into a 1,000-bed student accommodation along with a newly developed retail ground floor. 
The proposed development is likely after 2018 when the existing retail tenant leases expire and will need council approval.
The deal was done off-market by Tom Phipps and Jason Lynch of Colliers International for Brisbane-based PGT Investments, who owned the arcade for 30 years.
“Student accommodation is ideal for the site, due to its two street frontages and requirement for minimal car parking," Phipps said.
“The introduction of a temporary reduction in infrastructure charges by the Brisbane City Council for student accommodations within a four kilometre radius of the Brisbane GPO has made Brisbane highly attractive to many student accommodation developers."
Elizabeth Arcade is situated in the heart of the rapidly growing food and fashion precinct of Albert and Elizabeth Streets. It features a mix of fashion boutiques and eateries offering up a range of Japanese, Chinese and Korean cuisines.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Elizabeth Arcade in Brisbane sells for $28 million to Singapore private equity firm

<html><body>
Beauty products retailer Sephora will open their fifth Australian store at Broadway Sydney in August as part of the shopping mall's Level 2 makeover.
The 400 square metre store will be have more than 100 cosmetic brands, including Marc Jacobs, Givenchy and Sephora's own collection.
Sephora, which has 2,000 retail stores worldwide, is owned by luxury goods group LVMH Moët Hennessy Louis Vuitton.
It opened its first Australian store in Sydney’s Pitt street mall in December 2014. The Broadway store will be its third in NSW.
Level 2 is part of the shopping centre's $55 million makeover and nearly 30 new retailers are expected to take lease there. It is expected to open later this year.
Sephora country manager, Australia, Libby Amelia, said the beauty giant was excited to be a part of the new Level 2 at Broadway Sydney.
“Broadway is such an iconic centre in Sydney and with the redevelopment of Level 2, Sephora are excited to join the thriving retail offering. After such great success with our first two NSW stores, it just made sense to continue the growth locally,” Amelia said.
</body></html>

Retial Outlet

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Retial Outlet

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News