The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
URBAN LEADER AWARDS ARE BACK! START YOUR NOMINATIONS
URBAN LEADER AWARDS ARE BACK! START YOUR NOMINATIONS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailRenee McKeownThu 01 May 25

Billionaire Spends $450m at St Ives to Launch Retail Play

Iris Capital Buys St Ives Shopping Village from EK Nominees

Iris Capital is making its first major foray into the retail sector, spending $450 million to buy a centre and 12 adjoining properties in Sydney’s Upper North Shore.

The developer, led by billionaire Sam Arnaout, struck the deal for St Ives Shopping Village in one of the largest super neighbourhood shopping centre sales on record. 

The centre has consistently outperformed industry benchmarks to rank first in performance in Shopping Centre News’ annual ranking of Mini Gun Shopping Centres for 20 consecutive years.

EK Nominees bought the property in 1986 and progressively purchased the adjoining properties along Mona Vale Road and Denley Lane, which are a mix of retailers, restaurants and services. The Katz-family-owned asset was listed in mid-2022.

St Ives Shopping Village has a moving annual turnover of $264 million across the 17,475sq m triple-supermarket-anchored retail asset.

Arnaout said they had long had plans to buy the property, turn it into a mixed-use project and use it as the foundation of their new retail management platform. 

“St Ives Shopping Village has long been identified by Iris Capital as the perfect entry point into the major Australian retail ownership landscape,” chief executive Arnaout said.

“St Ives Shopping Village is well positioned to benefit from significant tailwinds benefitting the retail sector, specifically the undersupply of retail floorspace in the catchment, combined with critically needed future residential supply.”

the inside of a shopping centre with a huge round coloured glass ceiling
▲ Inside St Ives Shopping Village in Sydney’s Upper North Shore.

Colliers Asia-Pacific retail capital markets managing director Lachlan MacGillivray secured the transaction on behalf of EK Nominees.

“The sale of St Ives Shopping Village further reinforces strong market demand for irreplaceable retail assets,” MacGillivray said. 

“This sale takes year-to-date retail transactions [nationally] to in excess of $3.4 billion, with further forecast interest rate cuts expected to give buyers added impetus to act quickly before pricing increases.”

Those deals include Westpoint Blacktown for around $900 million, Macquarie Centre for $830 million, The Perron/GPT Retail partnership in WA for $482 million, and Northland, Victoria for $385 million.

RetailSydneyDevelopmentDeal
AUTHOR
Renee McKeown
More articles by this author
ADVERTISEMENT
TOP STORIES
Scape PBSA Kingsford EDM
Exclusive

It Takes More Than a Room: PBSA Evolves to Meet Student Demands

Clare Burnett
7 Min
Exclusive

Soheil Abedian: What’s Driven the Man Who’s Transformed a City

Phil Bartsch
7 Min
Exclusive

Robots Not a Miracle Cure for Housing Productivity Crisis

Vanessa Croll
6 Min
Exclusive

Where 600 Wealthy Families Are Putting Their Millions

Taryn Paris
6 Min
Brique Projects EDM
Exclusive

Brique Thrives in Cauldron of SE Queensland Development

Clare Burnett
7 Min
View All >
Queen's Whard EDM
Hotel

Star Back to Square One After Queens Wharf Deal Collapses

Clare Burnett
Industrial

ISPT Files Plans for Dandenong Mega-Logistics Project

Infrastructure

Invest Gold Coast Launches Hunt for $500m Arena Partner

Renee McKeown AND Taryn Paris
Gold Coast Mayor Tom Tate is calling for global investors to help deliver the Gold Coast Arena ahead of the 2032 Games..…
LATEST
Queen's Whard EDM
Hotel

Star Back to Square One After Queens Wharf Deal Collapses

Clare Burnett
3 Min
Industrial

ISPT Files Plans for Dandenong Mega-Logistics Project

2 Min
Infrastructure

Invest Gold Coast Launches Hunt for $500m Arena Partner

Renee McKeown AND Taryn Paris
3 Min
Salvos Coliving EDM
Residential

Investa, Salvos Reveal Co-Living Plan for Sydney CBD

Clare Burnett
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/iris-capital-st-ives-shopping-village