Flinders Square is anchored by a Coles and houses 18 specialty retailers.

Flinders Square sold for $39m

Wednesday, 1 August, 2018 - 14:05

ASX-listed property group Vicinity Centres, which is looking to sell six shopping centres in WA, has exchanged contracts with a private Australian property syndicator for Flinders Square in Yokine.

The $39.5 million sale, which reflects a 21.5 per cent premium to the December 2017 book value, is being brokered by Colliers International director Ben Tana, with the transaction expected to settle by the end of August.

Flinders Square sits on 20,234 square metres of land and is anchored by a Coles supermarket.

The centre houses 18 specialty retailers, with a gross lettable area of 5,990sqm.

Vicinity Centres chief executive Grant Kelly said the transaction reflected the high demand for quality neighbourhood and sub-regional shopping centres, such as those comprising the company’s divestment program.

In June, Vicinity Centres announced it would sell up to $1 billion of its neighbourhood and sub-regional shopping centres across Australia.

At that time, general manager Carolyn Viney said sales proceeds would be reinvested into development opportunities, such as the proposed $500 million revamp of Morley Galleria.

Also in the development pipeline for Vicinity Centres is its $150 million DFO Perth joint venture with Perth Airport.

The new direct factory outlet near Perth airport will include 120 specialty stores, with completion expected later this year.  

Other Western Australia-based assets Vicinity Centres has listed for sale include Halls Head Central (50 per cent owner), Currambine Central, Kalamunda Central, Warnbro Centre and Stirlings Central, which are all being marketed by agency JLL.