The Nedlands property fund is raising capital to fund the transaction, estimated to be $35 million.
Greenpool Capital has set its sights on a Woolworths-anchored shopping precinct in Victoria Park, with the fund manager undergoing a capital raise to buy the asset.
The Nedlands-based property group has gone out to investors to secure a $35 million purchase of the Shepperton Road property, industry sources have confirmed.
Vicinity Centres listed Victoria Park Central in May this year, two decades on from acquiring the property.
Greenpool Capital owns more than $700 million of retail and commercial properties across Australia, including Forest Lakes Shopping Centre in Thornlie.
Late last year, the company purchased Dianella Plaza for $76 million from Vicinity Centres.
The divestment of Victoria Park Central would mark the fifth major asset Vicinity has sold in the past 12 months, with the retail giant selling centres in Midland and Karratha for $465 million and $96 million respectively.
Last month, Vicinity sold Maddington Central to Realside Property for $107 million.
Business News understands Vicinity Centres plans to recycle the capital from its WA divestments into purchasing mainly east coast properties.
Cygnet West and Stonebridge were appointed to sell Victoria Park Central, which sits on 1.31 hectares of land three kilometres from the CBD.
At the time it was offered for sale, the agents spruiked the redevelopment potential of the site.
The property sits within the Town of Victoria Park’s Albany Highway precinct structure plan, which has development potential of up to 22 storeys.
“Neighbourhood centres often occupy the most strategic and well zoned landholdings in their respective suburb and Victoria Park Central is no exception of this,” Stonebridge national partner Justin Dowers said at the time.
Cygnet West director Tim Scott added that the property provided a rare opportunity for investors.
“A retail offering of this scale and proximity to the Perth CBD has not been seen in eight years,” Mr Scott said in May.
“Victoria Park Central is the closest shopping centre in Perth’s inner eastern suburbs and services a highly undersupplied and large main trade area of over 110,000 people.
“There are a multitude of opportunities to build upon the centre’s existing income including tenant remixing and outgoings optimisations which an astute purchaser can undertake.”
Greenpool Capital and Vicinity Centres were contacted for comment.
