Shopping Centre

A bustling retail precinct in Sydney’s west has been snapped up for a record-breaking sum.

Tough retail conditions are spilling over into the portfolios of major landlords with listed companies selling a series of centres at discounts to their book values, according to a new analysis by Macquarie Equities.

Construction has started on Kingston Village, a new $60 million-plus shopping centre in Ocean Grove. Lascorp Development Group are behind the project, which will create the seaside town’s third shopping centre. Development manager Rob Harris …

Private equity and property giant Blackstone has begun the carve-up of $3 billion worth of retail property holdings more than a year after putting them on the block.

Neighbourhood shopping centres in Sydney and Queensland’s sought-after Sunshine Coast are trading at a rapid clip with more than $100 million worth of deals completed or under way.

An international investor has splashed more the $180 million on the Burwood One shopping centre. The Burwood East complex on the prominent corner of Burwood Hwy and Blackburn Rd was snapped up by a Melbourne-based buyer from Hong Kong. Owned by the Hansky family for 26 years, the shopping centre is home to Australia’s oldest Kmart store which opened in 1969.

Stockland has offloaded two shopping centres, one in Bathurst in regional NSW and the other in Queensland’s Caloundra, for combined proceeds of $113.1 million.

The Lowy family has severed yet another link with the Westfield shopping centre empire that family patriarch Sir Frank Lowy co-founded in 1960, as his son Steven, the last member of the family to remain on the board of local owner Scentre Group, flagged his intention to step down.

Melbourne’s commercial property market is batting off the gloom about a decline in Asian investment with a run of hefty retail and office deals.