Vicinity sells Lidcombe Centre
Vicinity Centres have sold the Lidcombe Centre on behalf of one their wholesale funds to a private investor for $145M.
The 33,000sqm Centre is anchored by a Kmart, Woolworths and Aldi, together with 10 mini-majors stores, 59 specialty retailers and parking for over 1,000 cars. The WALE is 16.2 yrs.
The Centre was originally developed by Newmark Capital Ltd and the APN Property Group Ltd as the Auburn Power Centre, a bulky goods project anchored by Spotlight, Anaconda, Dick Smith and a Ten Pin Bowling Alley. In November 2014, the Power Centre went through a $120m redevelopment transforming the centre from a bulky goods centre to sub-regional centre.
The Centre has a fully leased net income of $9.4 million and was sold on a yield of 6.49%.