Mirvac acquires Birkenhead Point

Mirvac acquires Birkenhead PointThe Mirvac Group has purchased a 100 per cent interest in Birkenhead Point shopping centre and marina in Sydney’s inner west for $310 million.The prime waterfront site at Drummoyne, which was redeveloped by Abacus Property Group and the Kirsh Group following their purchase of the site, is 5 kilometres from the Sydney CBD. It comprises a retail centre with a number of fashion outlet stores, is anchored by Coles and Aldi supermarkets, and includes a 187-berth marina with associated facilities such as a fuel wharf. The marina is currently being upgraded to include an additional 14 berths.Birkenhead Point shopping centre and marina has a total gross lettable area of more than 33,100 sqm and car parking for 1395 vehicles. The centre delivers a total moving annual turnover (MAT) of $228.5 million and a MAT of $8082 per sqm.The sale to Mirvac was negotiated by JLL and McVay Real Estate.Susan MacDonald, Mirvac Group executive, said the purchase of the site “presents a unique opportunity for Mirvac to utilise its retail asset management expertise to continue to remix existing tenancies, with an emphasis on designer and luxury brands.”[Mirvac] will also use the opportunity to convert the recently expired David Jones tenancy into more productive specialty space, endorsing Birkenhead Point as Sydney’s premium outlet centre.”Birkenhead Point’s addition to the Mirvac Group portfolio brings the centre together with other urban retail assets such as Broadway Shopping Centre, Harbourside and Rhodes Waterside.”Our exposure to Australia’s best-performing retail market has increased following this purchase, with 65.5 per cent of the portfolio now situated in metropolitan Sydney,” said MacDonald.The completion of the acquisition is subject to regulatory approval and is expected to occur in the last quarter of this year.