Vicinity

Melbourne-based Nikos Property Group has forged its second partnership with Vicinity Centres (VCX) after exchanging unconditional contracts to acquire a 50% interest in the Broadmeadows Central shopping centre in Victoria for $134.5 million.

Vicinity Centres provided its quarterly update for the three months ended 31 March 2023 revealing that solid sales growth has assisted the Group to maintain earnings, but caution remains as they enter FY24.

Chadstone – The Fashion Capital has welcomed the very first visitors to its brand-new entertainment and dining precinct, The Social Quarter.

Vicinity Centres and Salta Properties, the co-owners of Victoria Gardens Shopping Centre, have unveiled plans for a sustainable urban village in the heart of Melbourne’s inner-city Richmond.

Vicinity Centres today announced its results for the six months ended 31 December 2022 (‘1H FY23’), with NPAT of $176.3 million, down significantly from the same period last year of $650.2 million due to the previously high valuation gains.

Vicinity has received approval from Brisbane City Council for a city-shaping development that will transform Buranda Village into a modern, mixed-use precinct for the local community to live, work, shop and play.

Vicinity today announced its vision to transform Bayside, Victoria into the Mornington Peninsula’s lifestyle destination, connecting retail, business and leisure, with construction now underway on the first stage of the development.

Vicinity Centres announced its quarterly update for the three months ended 30 September 2022 and reaffirmed its FY23 FFO and AFFO guidance to be in the range of 10.9-11.5 cents, reflecting a 5.8% yield at the current price if fully distributed.

Chadstone – The Fashion Capital today announces the commencement of a $485m project which includes a revitalised fresh food precinct, The Market Pavilion and a new 20,000 sqm commercial office tower, One Middle Road, which is due for completion in mid-2024.

Chadstone – The Fashion Capital today unveiled its brand new entertainment and dining precinct, The Social Quarter, which is on track to open this summer. The $71 million project spans more than 10,350 square metres of new area and accommodates a collection of 18 entertainment and sophisticated dining experiences. The vibrant 'all seasons playgrond' setting has been designed to suit any occasion, whether it be a date night, an after work catch-up or a mid-week family celebration. We are proud to be adding something unique to Chadstone with the launch of The Social Quarter. With the breadth of entertainment and dining options on offer, the first-of-its-kind precinct is a place where, no matter your age, the hour of the day, or the time of the year, you’ll find a destination that encourages play and celebration. Carolyn Viney Vicinity Centres Chief Development Officer The Social Quarter at Chadstone is set to open this summer and will welcome six new dining retailers: Cinque Terre, Cityfields, Piccolina Gelateria, White + Wong’s, Sardine Bar, and UA Brewing Co. including an onsite brewery producing sustainable craft beer exclusively for The Social Quarter. Four new entertainment brands – Archie Brothers, Strike Bowling, Holey Moley and Hijinx Hotel – will complement the new restaurants as well as Chadstone’s LEGOLAND Discovery Centre and HOYTS 13 screen cinema complex. Four new entertainment brands – Archie Brothers, Strike Bowling, Holey Moley and Hijinx Hotel – will complement the new restaurants. Credit: Vicinity Centres Download We’re excited to be able to welcome visitors to enjoy high-end restaurants with spectacular views across Melbourne to the CBD and views to the sky through the state of the art louvred glass roof made up of 468 individually glazed pieces. The Social Quarter will also showcase a new integrated art facade which envelopes the multi-deck car park in this part of the Centre. Carolyn Viney Vicinity Centres Chief Development Officer Sustainably designed in collaboration with leading architects Jackson Clements Burrows (JCB), Buchan, Decibel and Lat Studios, The Social Quarter at Chadstone brings together lush outdoor spaces and green landscapes. Targeting a 5 Star Green Star rating under the new Green Star Buildings Tool, the precinct has 199KW Solar Photovoltaic (PV) and will bolster the precinct’s building energy performance by more than 30 percent. “We are also happy to announce that The Social Quarter development has created more than 250 new jobs during construction with another 370 roles to be on offer once completed,” Ms Viney said. The Social Quarter will be open late, cementing Chadstone as a destination for domestic and international visitors less than 20 kilometres from Melbourne’s CBD.

Vicinity Centres delivered a 7.1% growth in earnings relative to FY21 despite continued disruption from COVID-related lockdowns in New South Wales (‘NSW’) and Victoria during 1H FY22 and the outbreak of Omicron from late December 2021.

Vicinity has today released its Innovate Reconciliation Action Plan (RAP) 2022 - 2024, reaffirming its commitment to help achieve a reconciled Australia and building on the progress made in its two previous RAPs.

Vicinity Centre have updated its earnings guidance for the 12 months ending 30 June and reported a $245m valuation gain ahead of their June year end results.

Vicinity is a step closer to realising its vision to revitalise Box Hill’s CBD, with Council’s approval of its plans to bring to life the first stage of its mixed-use precinct at Box Hill Central.  

A national rating used to measure environmental sustainability has reported significant improvements across Vicinity Centres’ portfolio as it continues to strive to meet its net zero emissions commitment by 2030.