Shopping Centre

An international investor has splashed more the $180 million on the Burwood One shopping centre. The Burwood East complex on the prominent corner of Burwood Hwy and Blackburn Rd was snapped up by a Melbourne-based buyer from Hong Kong. Owned by the Hansky family for 26 years, the shopping centre is home to Australia’s oldest Kmart store which opened in 1969.

Stockland has offloaded two shopping centres, one in Bathurst in regional NSW and the other in Queensland’s Caloundra, for combined proceeds of $113.1 million.

The Lowy family has severed yet another link with the Westfield shopping centre empire that family patriarch Sir Frank Lowy co-founded in 1960, as his son Steven, the last member of the family to remain on the board of local owner Scentre Group, flagged his intention to step down.

Melbourne’s commercial property market is batting off the gloom about a decline in Asian investment with a run of hefty retail and office deals.

A charming shopping precinct in the heart of a Sydney town has hit the market. 

Private equity giant Blackstone is readying to carve off the first element of its $3 billion retail property empire in Australia after winning the asset management arm of investment bank Moelis as the suitor for Figtree Grove in a deal worth more than $200 million.

Australians’ move from suburban houses into apartment blocks will drive demand for “destination” malls that offer entertainment and spaces for social interaction as well as shopping, according to retail landlord Vicinity Centres.

The economic outlook, impact of fuel prices on consumer spending and the threat of online retailing remain among the top concerns for shopping centre managers, JLL has found.

Sydney’s historic Queen Victoria Building will be reinvented as an international and luxury shopping destination as its owners, the listed Vicinity Centres and Singapore’s sovereign wealth fund, tap into rising Asian tourism and the shift to premium goods.