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End of an era following sale of historic Pitt Street building

Property Markets / Transactions

Australia / Sydney

Mar 02 2018

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After more than 150 years, the Soul Pattinson pharmacy will close its doors following Sydney businessman Victor Comino’s purchase of the Pitt Street Mall building, adding to his $300 million holdings.

The $100 million deal was brokered by JLL, and will earn Mr Comino a yield of less than 4 percent, and allow him introduce a new retailer.

The sale comes as the area experiences a rejuvenation, including King Street’s recent evolution into a upmarket precinct, with luxury brands such as Tiffany & Co already onboard.

The property was sold by JLL’s Simon Rooney and Rob Sewell, along with financial advisor Pitt Street Real Estate Partners, on behalf of Washington H. Soul Pattinson & Company Limited.

Mr Comino already owns the flagship Apple store and the Louis Vuitton store, and in 2015, he bought the former Darrell Lea building on George Street for more than $25.

Washington H. Soul Pattinson and Company told The Australian that the Soul Pattinson Chemist would cease trading at the building in June. 



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