Real Estate

trophy cbd site listed by high profile schwartz family could fetch 20 million

Written by The ReReport

Morry and Danny Schwartz have listed 620 Collins St, Melbourne, on the corner of Spencer St, for sale.

MELBOURNE’S high-profile Schwartz family is offloading a blue-chip retail site opposite Southern Cross Station, with industry sources suggesting it could fetch as much as $20 million.
Morry Schwartz — founder of developer Pan Urban and Schwartz Media, publisher of The Saturday Paper and The Monthly — and his developer brother Danny have listed property at the base of apartment building Liberty Tower, on the corner of Collins and Spencer Sts, for auction with CBRE.

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Morry SchwartzMorry Schwartz and his brother Danny have owned the site since 2001.

The property is in a prime position to attract foot traffic from Southern Cross.

It contains eight shops with ongoing leases including an IGA supermarket, Gloria Jean’s Coffees and Japanese restaurant Purple Peanuts, offering a total of more than 70m of street frontage and a base rental income of $892,000 per year.
The listing comes almost a year after the Schwartz family earned about $92 million for a CBD portfolio comprising Melbourne’s oldest pub, The Duke of Wellington, plus an Adina Hotel and nine-level office building.
The brothers said they bought the Collins St land from the City of Melbourne, with a business partner Roger Hart, in 2001. Liberty Tower — one of the first residential buildings developed in the CBD — was built soon after.

An IGA supermarket and “fresh pantry” is part of the package.

Inside the supermarket.

“What has transpired on this corner since then is beyond our imagination,” the Schwartz brothers said.
“It continues to go from strength to strength, with new hotels and residential towers, the biggest and most active train station in the CBD and the continuing growing foot traffic has been a major bonus for our retailers.”
CBRE’s Josh Rutman — who has the listing with Max Ruttner, Nathan Mufale and Dylan Kilner — said the retail site benefited from the 46,000 commuters who visited Southern Cross Station daily, plus the area’s booming residential sector.

The property is across the road from Southern Cross.

“Within the next few years, there will be thousands of brand new apartments within five minutes’ walk of Liberty Tower, while the growth of Southern Cross Station is also expected to boost the population,” Mr Rutman said.
No. 602 Collins St is set to go under the hammer on November 29, alongside other quality commercial offerings as part of a CBRE “Premium Property Portfolio Auction” at the Zagame Ferrari Head Office in Richmond.

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