One of Australia’s best shopping centres, St Ives Shopping Village, has $500m price tag

An aerial view of St Ives Shopping Village.

St Ives Shopping Village along with 11 adjoining properties is for sale for the first time in 36 years and expected to be developed into a mixed-use retail and residential centre.

The shopping village, on Mona Vale Rd, is known in the industry as one of the nation’s best-performing shopping centres in the country, has a zero-vacancy rate and a waiting list of tenants wanting to move in.

It is one of the last family-owned centres in Australia and with the adjoining properties acquired by the local owners presents a total site of more than 25,000 sqm for redevelopment.

Colliers managing director of Asia Pacific retail capital markets, Lachlan MacGillivray, said the centre returns more than $22m net income per annum and for the past 10 years has been the number one performing village in its class in the whole of Australia.

St Ives Shopping Village is considered one of Australia’s best performing shopping centres.

Mr MacGillivray couldn’t be drawn on a sales figure but industry sources suggest a number in the $500m territory is reasonable.

The amalgamated site is expected to sell within the next three months.

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Mr MacGillivray did say that the NSW Planning Department would like to see any major redevelopment plans for the site and he could envisage something like the East Village in Zetland or the Stocklands development in Balgowlah being built on the block which has 250m of frontage to Mona Vale Rd and additional access via Cowan Rd and Memorial Ave.

“With housing in the area currently undersupplied, there are a range of options for a new owner to consider that would considerably elevate the already popular and successful centre and we expect this will help drive significant competitive investor interest,” Mr MacGillivray said.

The massive site has plenty of potential.

Currently the centre is anchored by Woolworths, Coles and Harris Farm Markets plus there are 100 lifestyle, fashion, food and health retailers.

St Ives Shopping Village general manager Tony Marcocci said the centre has an exceptional strong footfall with more than 6.3m customers per year and some tenants have been trading there for 60 years.

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Coles is one of several anchor tenants.

“A considered redevelopment could introduce new lifestyle and leisure facilities, activate the area’s evening economy by adding entertainment and dining spaces, as well as attract new residents, retailers, and businesses,” Mr Marcocci said.