Vicinity has now disposed of Queanbeyan’s Riverside Plaza from its Enhanced Retail Fund, set up by Colonial First State Global Asset Management, in a sale to Elanor Retail Group for $60m.
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 Centre was also anchored by Target, however the DDS closed its doors last year as part of the broader rationalisation of the brand.
Elanor’s purchase price is below the price the re-branded Colonial vehicle paid AMP Capital for the assets back in 2014 of $64m.
Elanor intends to repurpose the vacant Target tenancy for medical and health purposes and will also develop surplus land.
The acquisition by Elanor follows other retail repositioning plays the Group has undertaken including Auburn Central and Tweed Mall.
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