CROMWELL has put its Village City Centre property in the Melbourne CBD on the market after mooting the sale earlier this month.
The property at 206 Bourke Street will be sold by way of public tender.
The property is currently tenanted by Village Roadshow and JB Hi-Fi and has a net lettable area of 9,633 sqm.
Cromwell purchased the property on behalf of the Cromwell Diversified Property Trust for $31.9 million in 2004 – as part of a $152 million portfolio of cinema and other property assets from Challenger Financial Services.
Cromwell’s national asset manager Paul McDonnell said the decision to put the retail complex to public tender was in keeping with the company’s focus on funds management activities rather than development.
“Assets with development potential like this one are selling on desirable yields and we have decided the best outcome for the group is to sell the property in a buoyant market,” he added.
The tender period is expected to close in mid April 2007.
Australian Property Journal
