Stockland, Balgowlah: Popular shopping mall sold for $155 million
A popular shopping mall, that first opened its doors on the northern beaches in 1959, has been sold for $155 million. See what it means for shoppers.
Manly
Don't miss out on the headlines from Manly. Followed categories will be added to My News.
A popular northern beaches shopping mall has been sold to a Parramatta-based property development company for $155 million.
The Stockland centre at Balgowlah, with more than 70 speciality shops and food outlets, as well as a Coles supermarket, is now in the hands of Revelop, a family firm.
Its new owners, Charbel Hazzouri and Anthony El-Hazouri are already looking at bringing in a “new mix of tenancies and eateries”.
Stockland, a massive commercial and residential property group bought the property, then called the Totem Shopping Centre, from private investor Tony Delasala in 2002.
The Totem, the first “American-style” mall on the northern beaches, complete with copies of two Native American totem poles and its front and rear entrances, was opened in 1959.
It included a Franklins supermarket, 10-pin bowling alley, squash courts and a childcare centre.
Stockland demolished it in 2007 and rebuilt it, alongside 240 residential apartments — Stockland Balgowlah Village. It reopened in mid-2009.
Mr Hazzouri said he an his partner at Revelop were thrilled to buy what he described as a “dominant retail hub” in a, which included a Fitness First gym, as a tenant.
He said its “strong performance is attributable to the affluent demographic surrounding
the asset”.
“We are very pleased to bring Stockland Balgowlah into our growing portfolio, it is a trophy asset that has strong synergies with our surrounding centres.”
The purchase comes just three years after the firm paid $100m for the ageing Forestway shopping centre, on the edge of the proposed new town centre at Frenchs Forest.
Revelop is now spending more than $25m to revamp the nearly 60-year-old mall.
Mr Hazzouri said they looked forward to “working with the tenants to continue to deliver excellent service to the local … community.”
“In the short term we plan to bring a new mix of tenancies and eateries to further strengthen the performance of the centre,” he told the Manly Daily on Tuesday.
As part of the deal, Revelop only bought the retail and commercial assets, including the outside plaza above the shopping centre and the commercial spaces below the apartments.
On its website, Revelop described itself as an independent, private-owned property development firm, “which specialises in the development, acquisition and ownership of assets across the commercial, residential and retail real estate sectors”.
It now has more than 50 properties in NSW, Victoria and South Australia.
More Coverage
Wave of complaints: Sydney beach pub owner’s push for hotel wing
The owners of an iconic pub in a Sydney beachside suburb are pressing ahead with a bid to add a 37-room hotel wing despite a wave of complaints from locals.
Microbrewery pub ‘breathing new life’ into Sydney waterside site
A former Aldi supermarket is set to be transformed into a waterside microbrewery pub — seating 700 revellers — in one of Sydney’s tourist hotspots. Check out the plans.