Sydney's Pitt St mall now commands some of the highest retail rents in the world.
A Sydney retailing icon that is one of just 10 properties with Pitt Street Mall frontage, the Soul Pattinson Chemist at 160 Pitt Street, is on the market for the first time in more than 140 years. Soul Pattinson Chemist and Group Head Office have occupied the space since 1873.
Pitt Street Mall has estimated sales of approximately $1.4 billion or productivity of around $14,000 per square meter and exposure to exceptionally high pedestrian traffic with 65,000 visitations a day. As a result of the high retailer demand for presence along Pitt Street, it now commands some of the highest rents in the world, with recent evidence showing rates of $12,000/sqm - $15,000/sqm p.a.
JLL’s Simon Rooney and Rob Sewell, alongside financial adviser Pitt Street Real Estate Partners, have been appointed to sell the property on behalf of Washington H. Soul Pattinson & Company Limited.
"It unquestionably is a highly unique, super strategic and really a ‘one off’ opportunity to secure an absolute prime foothold in Australia’s strongest retail strip, Pitt Street Mall," said Rooney, who heads JLL’s Australasian Retail Investments
Rooney said there was no typical buyer for this property which is expected to appeal to a very wide range of groups including retailers and Ultra High Net Worth private investors.