Shopping Centre

Under-pressure department store Myer could seek to hand back space at 15 shopping centres over the next four years, according an analysis by investment bank UBS.

Listed retail property group Vicinity Centres has added to the pile of shopping centres on the block, with an estimated $11 billion worth already up for grabs, by putting Perth’s Midland Gate shopping centre up for sale for about $650 million.

A $60 million shopping centre project is the first step to creating the Armstrong Creek Town Centre, which will become the retail, leisure and entertainment hub of Geelong’s south, developer Andrew Welsh says.

Singapore’s Frasers Property Australia and Japan’s Sekisui House are looking to defy gloom in the retail property market by selling the retail component of their $2 billion mixed-use Central Park development in Sydney.

A tightly held retail precinct in the Liverpool region has sold for a whopping $17.3 million.

Lendlease’s flagship Australian shopping centre fund is dealing with hefty redemption requests by offering up a half-stake in the $1.5 billion Westfield Marion shopping centre in Adelaide.

Charter Hall’s listed retail trust has snapped up Rockdale Plaza in Sydney’s south for $142 million and tapped the market for $150 million as investors back the future of well-located retail centres that can survive the onslaught of e-commerce.

The top echelons of Australian shopping centres are defying the retail gloom, producing strong growth sales in the face of an industry-wide slump driven by sluggish department store sales and the collapse of a series of fashion retailers.

Diversified property group Stockland has offloaded two Queensland shopping centres for $143 million as it pushes ahead with plans to sell off about $400 million worth of retail assets.