Is this the Coast’s emptiest shopping centre?
THE property is called Angel Place and it's long been a talking point at Main Beach - but for the wrong reason.
'Angel' is a shopping centre at the southern end of the suburb's main street and its development 21 years ago heralded the arrival of up-market boutique-style shopping in Tedder Ave.
The owners, a 66-year-old Melbourne couple, quietly have it on the market after an obviously frustrating period as landlords - their 'Angel' hasn't flown high as an income investment.
Their nine-year stint always has been punctuated by one word - vacancies.
When Dan and Teresa Scully bought it at auction eight years ago there was one vacancy, with one tenant on a rent-free period.
An agent marketing the property at the time described it as an investor's dream, with a high occupancy level, solid yield and future potential.
Tenants have come and gone since then, with multiple shops often empty.
The picture has become worse over the recent past, with six of the 10 shops sitting empty and another with a pop-up store.
It appears the Scullys might have had enough and would like to exit the property, which in addition to the shops has parking for 54 cars over two levels above the retail space.
A discreet sign on one of the shop windows a few weeks back revealed the centre was available for sale and the agency concerned now has it listed on a website at $8.8 million.
It's a tag, given the property's deflated income stream, that seems very optimistic but might well stack up on replacement grounds.
India-born Dan and his Italian-born wife paid $5.6 million for Angel Place at auction, heading off bidders such as Peter Weinert, a shopping centre owner and one of the 'rescuers' of the Sydney Swans AFL team in the late 80s.
'Angel', at that time, was marketed as net income of $591,000 a year, which meant it sold to the Scullys on a juicy 10.55 per cent yield.
Four months later Peter crossed the street and bought the Bruce Wilson-developed The Village Centre, with net income of $972,000, for $7.25 million - or an even juicier yield of 13.4 per cent.
The irony of the Angel Place sale was that the woman who built it in 1999, Sydney investor Carmel Michael, and sold it to the Scullys reportedly knocked back $14 million prior to the GFC.
The shopping centre, on a 1106 sqm corner site covering two-thirds of a Tedder Ave block, is far from the only retail space in the street that has suffered vacancy pain.
A major reason has been rent levels, while business novices also have clouded the picture.
Angel Place's Dan, back in 2016, blamed council overheads for gloom in the once-thriving Tedder strip.
Rents in the street, many years ago and probably in Angel Place, hit well north of $1000 a square metre.
Today they're substantially lower, some apparently coming in at $600 or less a square metre.
Meanwhile, the Tedder churn continues, with one tenant ousted last month over underpaid rent but at least two new ones coming in - a delicatessen (a prior one came and went) and an art gallery.