July 23, 2020 2 min read
A wholesale fund run by Vicinity Centres is set to ofﬂoad a shopping mall in the NSW town of Queanbeyan, which would leave just one asset in the fund's portfolio.
Elanor Investors Group is understood to be undertaking due diligence on Riverside Plaza in Queanbeyan, with the property expected to sell for more than $60 million.
The property, about 20 kilometres outside Canberra, is a sub-regional shopping centre, anchored by Coles and with 47 specialty stores, including a Priceline pharmacy and Liquorland.
The acquisition is understood to be a major repositioning play for Elanor with Target having vacated the centre about a year ago, which would allow the incoming landlord to backﬁll the space left behind at much higher rents.
Lachlan MacGillivray of Colliers International is overseeing the sale.
Last year the ASX-listed fund management group, alongside its investment partner Atlas Advisors, bought Neeta City a sub-regional shopping centre in Fairﬁeld for $85.3 million, with plans to reposition the asset.
In 2018 the group set up a new fund with global real estate investment management ﬁrm Heitman, seeded with the $178 million purchase of Melbourne's Waverley Gardens shopping centre.
Waverley Gardens was an attractive proposition for Elanor given its secure income return and future mixed-use development potential.
The only other asset left in the Vicinity Enhanced Retail Fund, set up by Colonial First State Global Asset Management in 2013, is Mildura Central in Victoria.
The fund sold Lidcombe Centre, a sub-regional centre in Sydney’s west, and Gateway Plaza Leopold, a sub-regional on Victoria’s Bellarine Peninsula in 2018.
Its portfolio also included Keilor Shopping Centre in Victoria and Bathurst City Centre in NSW.
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