Struggling Melbourne CBD mall St. Collins Lane is back on the market just two years after it was picked up by local platform Vantage Property and global investor Credit Suisse Asset Management for around $122 million during the height of the COVD-19 disruption., at less than half what its previous owner JPMorgan Asset Management had paid in 2016.
The lockdowns interrupted the flow of foot traffic into the mall, which is set up as arcade style destination with 60 stores across four levels, linking Collins Street and Little Collins Street. Despite its prime position on the “ant trail” of pedestrians that flows up from Flinders Lane and the city’s main train station through lanes and arcades all the way to Melbourne Central, St. Collins Lane has battled for attention over a number of years. It is now virtually vacant as its current owners prepare for a major overhaul.
“Collins Street attracts customers with a high-spend profile,” he said. “The competitive leasing environment, high occupancy rates across the Melbourne CBD and strong daily visitation offers investors an exciting canvas for strategic remixing.”from LaSalle Investment Management, it had also undergone a major redevelopment, with a rebrand from its former incarnation as Australia on Collins.