Vicinity Sells Three Regional Centres in $250m Deal
Vicinity Centres has offloaded three regional shopping centres in Queensland and New South Wales to Charter Hall for $250.3 million, signalling a continued appetite for high-performing regional retail assets as the sector remains resilient.
The portfolio comprises Whitsunday Plaza in Airlie Beach, Gympie Central on Queensland’s Sunshine Coast, and Armidale Central in New South Wales.
GALLERY
Together, the centres generate annual turnover of $450.6 million and are anchored by Woolworths supermarkets, with collective supermarket productivity of $18,245 per square metre.
The acquisition expands Charter Hall’s $4.6 billion convenience retail portfolio and reinforces investor confidence in neighbourhood and sub-regional shopping centres that benefit from strong local catchments and essential service offerings.
The portfolio spans a combined gross lettable area of 50,978sq m, with national and chain retailers accounting for 91 per cent of occupied space. Long-term lease agreements across the centres further strengthened buyer interest during the sales campaign.
The off-market expressions-of-interest process was managed by CBRE’s Head of Retail Capital Markets Pacific, Simon Rooney, who noted the rarity of such an offering.
“Opportunities of this scale and quality are rarely available and the combination of the portfolio’s exceptional tenant performance and the dominance of these assets within their respective catchments drove significant interest,” Rooney said.
According to CBRE, approximately $2.1 billion worth of sub-regional shopping centre assets transacted across 2025 and 2026, highlighting sustained demand for retail investments with strong fundamentals and established tenant mixes.
For Vicinity, the divestment forms part of a broader asset recycling strategy focused on premium retail destinations. The company recently acquired a controlling stake in Brisbane’s Uptown Centre on Queen Street Mall and is preparing to accelerate a $350 million redevelopment program for the CBD retail hub.
Elsewhere in south-east Queensland, Stockland is advancing plans for a new retail precinct within its Yarrabilba masterplanned community, located 45 kilometres south of the Brisbane CBD.
The Dixon Circuit development will deliver 8000sq m of retail space, with construction now under way on Stage 1. Confirmed tenants include Guzman y Gomez, Subway and JAX Tyres, while a dedicated bulky goods retail offering is planned as part of Stage 2.
Stockland will also develop MountView, a mixed-use project featuring ground-floor retail and hospitality spaces beneath three levels of apartments aimed at premium buyers. Located within the 2222-hectare Yarrabilba Priority Development Area, the precinct forms part of a long-term vision that will ultimately accommodate around 20,000 homes over the next three decades.
Images via The Urban Developer
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Vicinity Centres has offloaded three regional shopping centres in Queensland and New South Wales to Charter Hall for ...