Vicinity sells Sydney’s Lidcombe Centre for c$145 million

Vicinity banked $117 million selling a shopping centre in Leopold, an eastern suburb of Geelong, in Victoria.

Vicinity Centres has sold Sydney’s Lidcombe Centre retail asset (pictured top and bottom) for about $145 million.

The asset, anchored by a K-Mart, Woolworths and Aldi, also contains 10 mini-majors and 59 specialty stores and kiosks.

Held in Vicinity’s Enhanced Retail Fund, the complex, about 18 kilometres west of the Sydney CBD, is selling to a private investor.

JLL’s Simon Rooney sealed the deal.

The shopping centre is the latest to be sold by Vicinity’s wholesale shopping centre fund.

In June, it sold the Gateway Plaza Leopold complex (pictured top, left) near Victoria’s regional town of Geelong to Charter Hall Retail REIT for $117 million.

Earlier this month, we reported that Vicinity Centres offloaded 11 shopping centres across Australia for $631 million. All but one property within this portfolio traded to Shopping Centre Australia Property Group, which was created by Woolworths Limited.

Vicinity announced earlier this year that it planned to divest non-core assets to free up about $1 billion in capital. Following the recent sales, the shopping centre owner still controls about 50 centres.

An aerial view showing the Lidcombe Centre (outlined) in relation to Sydney’s Homebush and CBD.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco