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Articles by Vicinity Centres
Vicinity Centres
⇒ Around City ⇒ Home | Office | Garden ⇒ Shopping & Services ⇒ Shopping | Centre Precincts & Streets Together we want to prosper with our people and communities by creating Australia's most compelling portfolio of retail-led destinations. Vicinity was formed in 2015, with the Merger of Novion Property Group and Federation Centres, bringing together some of Australia's leading retail assets.
Shopping in the city has never felt so good: Vicinity Centres reinvents the meaning of 'Retail Therapy'
New research reveals that Australians cite shopping as a top activity to 'boost their mood' and mental wellbeing Three unique wellness activations launch at iconic shopping centres, helping to bring a sense of zen to shoppers in Sydney's CBD , /PRNewswire/ -- New research*, commissioned by Vicinity Centres, reveals that over half (53%) of Australians expressed they preferred in-store retail therapy, as opposed to shopping online.
Micro fulfilment is changing retail for traditional and online retailers
Traditional fulfilment has been evolving for a long time. In the 60s people would call their fish ‘n’ chip shop or grocer ahead of time to arrange their order. Calling ahead to set aside or ‘reserve in store’ has been commonplace for decades. Now, in some locations, you can order your favourite grocery items or Boost Juice via an app and have it delivered by drone in 10 minutes.
Shopping centre owners scrap FY20 guidance
Shopping centre owners Vicinity Centres and Scentre Group have suspended their FY20 outlook on Friday in light of the coronavirus outbreak. Vicinity said its balance sheet remains solid, with $1.3 billion of undrawn facilities, but said it is withdrawing its FY20 earnings and distribution guidance due to the increased uncertainty surrounding the COVID-19 outbreak and its impact to retail trading and operating environment.
Vicinity Centres unveils $685 million Chadstone expansion
Property firm Vicinity Centres has revealed a $685 million development of Melbourne’s Chadstone Shopping Centre – with plans for an expanded luxury retail mall, upgraded fresh food precinct, as well as a larger dining terrace and leisure precinct. The projects aren’t anticipated to start construction until 2021, and are likely to take around four years to complete.
Vicinity divests $195m of retail property
Property group Vicinity Centres has announced it has divested from two retail properties worth a cumulative $195.5 million, which will be used to pay down debt. Vicinity’s 25 per cent stake in the Mt Ommaney Centre, Queensland sold for $94.5 million to YFG Shopping Centres, while Corio Central in Victoria sold for $101 million by IP Generation.
Vicinity fined $45,000 for two Galleria deaths
The company that manages the Galleria Shopping Centre has been fined $45,000 for an in an explosion at the site in 2015, which killed two men and left two others with severe burns.
Vicinity hit with $191m WA write-downs
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.
Vicinity Centres chairman to retire at AGM
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Quadrant lease deals follow suburbs to CBD trend
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.
Footfall drop forcing change in shopping centres
As more bricks-and-mortar retailers report a slowdown in sales over the Christmas period, eyes are invariably turning to shopping centres to understand the broader picture. This picture doesn’t look particularly rosy at first glance, with Vicinity Centres having declared a 68.9 per cent fall in half-yearly profits last week to $235.3 million, impacted by a negative revaluation of its portfolio, as well as the continuing downward trend of footfall and consumer spend.
Vicinity portfolio lost $37m in value in six months
Vicinity Centres’ retail portfolio lost $37 million in value over the six months to 31 December 2018, following an independent valuation of 38 of its 62 properties and an internal review of the rest. The total valuation across the group’s 62 centres fell to $15.83 billion over the period, a 0.2 per cent decline.
Western Australia opens first DFO
The new DFO Perth has officially opened its doors on Wednesday. The 33,000sqm (24,000 GLA) centre, funded by both Vicinity Centre and Perth Airport as part of a joint venture and is located in the Perth Airport precinct, features 113 international and Australian brands, a casual dining precinct, a children’s playground and 1,500 car park spaces including two electric vehicle charging bays.
Vicinity opens Perth DFO
Vicinity Centres’ first direct factory outlet in WA features 24,000sqm of retail across 113 tenancies and a 1,600-bay car park. Login below or For first time subscribers, our monthly payment starts at $1 + GST for the first month. To read more, pleasebelow or Subscribe For first time subscribers, our monthly payment starts at $1 + GST for the first month.
Vicinity to spend $20m on WA solar
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. Login below or For first time subscribers, our monthly payment starts at $1 + GST for the first month. To read more, pleasebelow or Subscribe For first time subscribers, our monthly payment starts at $1 + GST for the first month.
Flinders Square snapped up for $39m
Australia listed investor Vicinity Centres has exchanged contracts with a private Australian property syndicator to sell its Yokine-based shopping centre asset.
Vicinity to give QueensPlaza $36m luxurious overhaul
Retail landlord Vicinity Centres has received development approval from Brisbane City Council for a $36 million redevelopment for the luxury precinct at QueensPlaza in Brisbane. Vicinity will introduce new international luxury brands and Australian designers, plus two new signature restaurants, one featuring a new dining balcony looking over the Queen Street Mall.
Chadstone achieves $2 billion sales milestone
Vicinity-owned regional shopping centre Chadstone has achieved, for the first time, annual sales of more than $2 billion in a 12-month period. The milestone has again put Chadstone among the top five best-performing shopping centres in the world by sales.
WA shopping centres in $28m solar project
Two major shopping centres in Perth’s north have been named as part of a $28 million solar power project being undertaken by ASX-listed Vicinity Centres, which is forecasting the creation of about 40 local jobs. Login below or For first time subscribers, our monthly payment starts at $1 + GST for the first month. To read more, pleasebelow or Subscribe For first time subscribers, our monthly payment starts at $1 + GST for the first month.
Vicinity's retail sales rebound
Retail sales within Vicinity Centres’ portfolio have rebounded in the third quarter, boosted by a strong performance from the recently redeveloped Chadstone shopping centre. Specialty sales increased by 1.9 per cent in the quarter within the listed landlord’s portfolio, while specialty store moving annual turnover (MAT) growth was .4 per cent for the twelve months to 31 March, up from a 0.7 per cent decline in the second quarter.
Brandon Park Shopping Centre sold for $135m
Troubled shopping complex Brandon Park Shopping Centre has been sold to Newmark Capital, a syndicate fund run by former Hawthorn AFL player Chris Langford, for $135 million. Vicinity Centres will receive $67.5 million for the sale, along with co-owner TestraSuper.
$150 million DFO Perth project now underway
Preliminary construction work has commenced on a new $150 million direct factory outlet near Perth Airport, which will include 120 specialty stores. Last year Perth Airport announced it had partnered with national property manager Vicinity Group to develop and jointly fund a nine-hectare site into a new shopping complex, and today final plans for the development were unveiled. To read more, please Login or Register below
Gen next at Whitford City
Scentre Group is gearing up to unveil its next-generation dining and entertainment precinct at Westfield Whitford City, one of several planned upgrades to its shopping centres across Perth. The new-look Whitford City will open in late September, with Scentre Group promising a full entertainment and dining offering featuring 14 food and beverage operators and an Event Cinemas complex, including a Gold Class Cinema, as well as a bowling alley.
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