Shopping Centre

New owners will have the opportunity to reposition one of the city’s busiest shopping centres ahead of the biggest residential expansion of Geelong’s northern suburbs.

The pile of shopping centres hitting the market is rising with the GPT Group joining Vicinity Centres and Challenger in putting an asset to market this week, with a property in Sydney’s Leichhardt on the block for about $150 million.

Luxury jewellery brands Tiffany & Co and Kailis Jewellery are among high-end retailers taking up space in Charter Hall’s Raine Square development in Perth.

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.