Vicinity sheds another Perth mall
Vicinity is selling another sub regional Perth shopping centre, this time in the north east.
Maddington Central is speculated to be trading for about $105 million, according to sources, to Realside Property, which is also Sydney based.
With 2164 car parks and 27,929 square metres, the mall is anchored to Coles, Kmart and Woolworths.
Mini-major tenants, which lease spaces greater than 400 sqm, include Best & Less, Red Dot and The Reject Shop.
Combined with 69 specialty stores, and factoring in the 6.4pc vacancy, the weighted average lease expiry by lettable area as of December, 2023, was 5.7 years.
Developed in 1980 it was last refurbished 20 years ago.
About 18 kilometres from the CBD, Vicinity bought it in 2002.
CBRE’s Simon Rooney, understood to have brokered the off-market deal, was unavailable for comment (story continues below).
Three Perth disposals this FY
Any Maddington Central deal would come less than six months since Vicinity sold Greenpool Capital Dianella Plaza, in the city’s inner north, for $76.25 million.
Vicinity held that asset two decades.
Last September meanwhile, it sold Midland Gate – with 68,600 sqm on 14.4ha, to fund managers, Fawkner Property, from Melbourne, with Hong Kong’s Pacific Alliance Group.
The speculated $465m included management rights.
Like Maddington, it was constructed in 1980 but held by Vicinity 22 years. Midland is 16km from Perth.
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