Resurrected shopping centre up for sale
Sydney Morning Herald
Saturday March 6, 2010
NICE bit of Sydney waterfront, close to the city, recently renovated and with offstreet parking for 1395 cars.Birkenhead Point Shopping Centre in Drummoyne was put on the market this week by its owner, Denis Jen, only months after a large-scale revamp of the outlet complex once considered one of inner Sydney's daggier shopping centres.Mr Jen, a Singaporean tycoon who also owns Market City, in Chinatown, invested $50 million in overhauling the centre, with a second stage of renovations due to begin in September.Industry insiders say the complex was flailing before the overhaul, but the facelift has succeeded in attracting higher-end brands, including Alannah Hill and Hugo Boss, and more residents from the increasingly gentrified neighbouring suburbs.Sam McVay, of McVay Real Estate, who is managing the sale, said there was still scope for further upgrades.The shopping centre, which is also home to the largest privately held marina in Sydney, is expected to fetch about $200 million.Like much of Sydney's waterfront, the site has a rich industrial history. Over the years it has variously been a brickworks, horse track and rubber factory.But with neighbouring suburbs such as Balmain becoming increasingly affluent residential neighbourhoods, the factory was closed and the site was sold to David Jones for $21 million in 1976.It changed hands a number of times before Mr Jen bought it in 2004 for $111 million.