Broadmeadows Central stake sold to Nikos Property Group in $134.5m deal
The current owners of Broadmeadows Central have sold off a 50 per cent stake. Picture: Supplied
Broadmeadows main shopping centre has been partially sold to a Melbourne-based property group in a multimillion-dollar deal.
Vicinity Centres has sold off a 50 per cent stake in Broadmeadows Central for $134.5m to Melbourne-based property group Nikos.
It is the second deal the two companies have recently struck on retail assets in the past 12 months, after Nikos Property Group purchased 50 per cent of the Colonnades Shopping Centre in Adelaide.
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“The Broadmeadows Central acquisition continues the trend of private investment groups, syndicates and, to a lesser extent, institutional investors taking out passive stakes in retail assets alongside institutional managers,” Vicinity’s CEO and Managing Director, Mr Peter Huddle said.
“We are delighted to further strengthen our strategic partnership with Nikos by adding Broadmeadows to our existing joint interest in Colonnades.”
“We are confident that our collective expertise in retail property investment will drive sustained returns for both parties.”
The centre is home to a Kmart, the big three supermarkets of Coles, Woolworths and Aldi, alongside Hoyts Cinemas and more than 115 specialty stores.
It also features family friendly amenities such as the ‘Quiet Room’ and Victoria’s first digital interactive playground.
Inside Broadmeadows Central, which is home to more than 115 stores.
Under the latest agreement with Nikos, Vicinity will continue to provide centre management and leasing services at Broadmeadows Central, as well as managing any future potential development activity.
And it is not the only piece of commercial real estate that Vicinity is selling off in the area, as the adjoining Homemaker Centre in Broadmeadows is soon to go up for sale via an expressions of interest campaign by CBRE.
Launching shortly, the campaign will provide an opportunity to acquire the entire building outright, amid ongoing investor interest in large format retail investment opportunities.
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