Vicinity, Nick Andrianakos trade another mall stake
Vicinity Centres has quietly divested another retail asset – this time in Adelaide’s north.
The half stake of Elizabeth City Centre found favour with Nick Andrianakos for $170 million – $5m over the internally assessed book value at June which assumed a 7.5 per cent capitalisation rate and eight per cent discount.
Developed from 1960 and last renovated seven years ago, with 80,392 square metres and some 195 tenants, it accommodates one of the country’s largest solar array installations.
There are also 3181 car parks.
The deal comes 17 since Mr Andrianakos bought a half stake in Melbourne’s Broadmeadows Central from Vicinity – outlaying $134.5m (against a then $138.45m book value).
In March, 2022, meanwhile, the private investor paid the same seller $135m (against a $126.25m book value) for a 50pc interest in the Colonnades, 30km south west of Adelaide.
On 35.8ha, that mall is the country’s fourth biggest by land area.
Mr Andrianakos founded Milemaker Petroleum which sold to Caltex in 2017.
Also a property investor for decades, he holds a national diversified portfolio (story continues below).
Vicinity sheds another asset
Vicinity has held the Elizabeth City Centre since 1998.
Almost fully occupied (99.9pc), the weighted average lease expiry by area is 2.7 years; Big W, Coles, Harris Scarfe, Reading Cinemas, Target and Woolworths are the anchors.
The sale comes a month since Vicinity announced it would sell its landmark Box Hill Central, in Melbourne’s east.
In June, the manager and Elanor Investors Group offloaded Karratha City, in Western Australia’s Pilbara, for $95.9m – a touch over the then book value ($95.1m).
Earlier this year meanwhile, Vicinity collected $105m selling Maddington Central, in Perth, to Sydney-based Realside Property.
CBRE’s Simon Rooney brokered the off-market deals.
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