Vicinity clears another asset in premium push
Vicinity has sold a Brisbane shopping centre held since 1998.
In reporting today, the group said it will bank $120 million for Taigum Square with settlement due next month.
MA Financial is the buyer.
Vicinity has in recent years been reweighing its portfolio to larger, strong-performing centres in premium locations.
In May it outlaid $400m for the recently completed Eastern Creek Quarter in west Sydney.
Coincidentally, it is in the process selling a piece of this to MA too – the ECQ XL complex – for $49m.
In February Vicinity snapped up the 75 per cent it didn’t control in Brisbane CBD’s Uptown – formerly the Myer Centre – for $212m.
44 years, one reno
Taigum Square, completed in 1982, was last refurbished in 2001 (continues below).
On 8.23 hectares at the north east corner of Church and Beams roads, with 1072 car parks, IT records 2.7 million annual visits servicing a trade area of about 89,600 people.
With 22,470 square metres across one level, Big W and Woolworths are the anchors. Mini-majors include Best and Less and The Reject Shop.
Also with 48 specialty stores, Moving Annual Turnover in 2025 was $139m. Occupancy in December was 98.4pc (including this like kiosks and pad sites, there are 73 tenants). The weighted average lease expiry by area then was 3.2 years.
Vicinity goes premium
Vicinity said today that premium assets represent 67pc of is portfolio value compared to 51pc in mid-2022.
This follows $1.3 billion of divestments and $2.5b in net investments.
Taigum is 15 kilometres north of the CBD.
Subscribe to our newsletter at the bottom of this page.
