Vicinity Centres

SPECIAL REPORT: Developers remain bullish on plans to evolve shopping centres into community, lifestyle and entertainment hubs.

Two shopping centres in Perth’s north have been included in a $28 million solar power project being undertaken by ASX-listed Vicinity Centres, which is forecasting the creation of about 40 local jobs.

SPECIAL REPORT: High-density residential developments are emerging alongside some of the state’s shopping centres, as owners seek to reposition their assets to offer more than just retail.

ASX-listed property group Vicinity Centres, which is looking to sell six shopping centres in WA, has exchanged contracts with a private Australian property syndicator for Flinders Square in Yokine.

ASX-listed Vicinity Centres has announced it will invest about $20 million across three Perth shopping centres as part of the second stage of its national solar power project.

Jobs growth at Perth Airport was three times that of the CBD between 2011 and 2016 as property development in the area expands.

Vicinity Centres’ first direct factory outlet in WA features 24,000sqm of retail across 113 tenancies and a 1,600-bay car park.

Sydney-based SCA Property Group has purchased four Perth shopping centres for a combined $269.4 million as part of a larger deal with ASX-listed Vicinity Centres.

Several major deals in recent months mark a surge of activity in the shopping centre space.

West Perth-based ClearVue Technologies has launched the first commercial trial of its photovoltaic solar panel, with the glass structure installed at Warwick Grove shopping centre.

The long-anticipated expansion of Galleria Shopping Centre in Morley has been deferred, just days after receiving final planning approval, though its co-owner has committed to a $63 million expansion of Ellenbrook Central.

Leasing success at The Quadrant on William Street has continued a trend of city fringe and suburban tenants moving to the Perth CBD, while options for firms with large space requirements have become increasingly scarce.

Vicinity Centres chairman Peter Hay will retire from the board of the shopping centre operator at the company's annual general meeting in August.

OPINION: Damaging supermarket prices wars and more online shoppers have turned the screws on a besieged retail property sector.

Subdued retail conditions in WA have resulted in more than $2.5 billion of shopping centre expansions to be deferred or have no timetable for development.

Vicinity Centres’ Ellenbrook Central will undergo a $63 million expansion featuring an additional 20 retailers, including a new Kmart, with Doric to commence construction this month.

Shopping centre giant Vicinity Centres has felt the full force of WA’s weak retail climate, after it recorded a $227 million write-down, largely due to the performance of its WA portfolio, which had $191 million wiped off its value.

The company that manages the Galleria Shopping Centre has been fined $45,000 after it was found guilty of failing to ensure safe access and egress for persons who were not its employees, after an explosion at Galleria in 2015 killed two men and left two others with severe burns.

The $270 million redevelopment of Fremantle’s Kings Square is indicative of the experiential emphasis retail property owners are embracing across the city.

Coventry Village in Morley has joined the list of Perth shopping centres to go solar, with the installation of a new 1.3-megawatt solar power system.

Property group Vicinity Centres has reported a net loss of $1.8 billion amid retail closures and declining visitor numbers at its shopping centres.

The pandemic has accelerated existing issues and trends facing the retail property sector.

Certain pockets of the retail market have proved their value during the pandemic, and investors are taking notice.

Listed security business MCS Services has won a $4.8 million contract to monitor all shopping precincts owned and managed by Vicinity Centres in WA.

Shopping centre owners are increasingly exploring ways to incorporate residential components into retail districts.

Spadacinni Homes has received another accolade for its North Beach home, in a weekend of recognition for the property sector.

IP Generation has acquired AMP Capital’s half stake in a Rockingham shopping centre for $180 million, with Vicinity Centres retaining the other 50 per cent as co-owner.

Perron Group has confirmed the first stage of the shopping centre’s $350 million expansion will start later this year.

Shopping centre magnate Scentre Group has bolstered its sales and customer visitation numbers off the back of its four Perth precincts.

The retail asset sold for considerably less than the asking price.

Funds manager Greenpool Capital has bought northern suburbs neighbourhood centre Dianella Plaza for $76 million, flagging possible expansion plans.

The retail giant has entered an agreement to sell its Karratha City Shopping Centre to Melbourne’s Fawkner Property.

Realside Property’s $107 million purchase of Maddington Central has paved the way for Sirona Urban to transform the site.

The Nedlands property fund is raising capital to fund the transaction, estimated to be $35 million.

The shopping centre giant has acquired a 50 per cent stake in Lakeside Joondalup for $420 million.

Retail property owners are looking for ways to capitalise on the surplus land around their shopping centres.

Bayswater Mayor Filomena Piffaretti says she has zero confidence in the property developers moving on the Galleria Shopping Centre without imposed timelines on the delayed redevelopment.

Vicinity Centres has flagged a timeframe for the stalled $350 million redevelopment of Morley Galleria, with initial works to start in this financial year.