Harbour Town Docklands

Harbour Town Docklands

Harbour Town Docklands

Melbourne, VIC

Master planning, financial modelling, workout strategy and divestment

Harbour Town Shopping Centre Docklands was a two-level, open air retail centre and home to the Melbourne Star Observation Wheel, Medibank Private Ice Rink, the Docklands Studios and Costco as well as several undeveloped pieces of land. It was part of the northern Docklands precinct which included 165 specialty shops and several hotels, commercial, retail, and residential developments. 

The centre had been suffering financial hardship since its opening, and in 2012 Titanium was engaged by ING Global Real Estate to assist with the wind up of the last of its balance sheet assets. The team developed a strategic plan to return the asset to profitability and sell down the components for a total realisation of more than $200 million over a 24-month period. Over this period cash flow went from losing -$6.5 million per annum to contributing +$8.5million. The asset was broken up and sold in 2014 to several purchasers, maximising realisation and enabling ING to exit its last remaining balance sheet assets in Australia. 

Titanium developed a strategic plan to return the asset to profitability, sell down the components and maximise realisation

$165M

total realisation

40,813 sqm

mixed use

$15M

turnaround in cashflow

2-year

strategy