WEST End Plaza and Lavington Square shopping centres in Albury have been sold for a combined figure of almost $120 million.
Vicinity Centres, which owned both properties, has confirmed the sales as part of a sell-off of 10 similar-sized centres across Australia for a total return of $573 million.
All 10 centres have been sold to SCA Property Group.
Lavington Square was put on the market about a year ago and sold for $52 million with West End Plaza selling for $66 million after plans to also sell the central Albury property were revealed in early August.
Lavington Square was the first to open in 1979 followed by West End Plaza six years later with an expansion to Kiewa Street completed in 2000.
Vicinity Centres chief executive Grant Kelley described the sale to SCA Property – Woolworths’ largest landlord – as making “strategic sense for both parties”.
The other centres sold were in Victoria, Queensland and Western Australia.
Vicinity Centres has sold 35 shopping centres for more than $2.5 billion in recent times.
“It is an important step in delivering strong and sustainable growth through focusing our directly-owned portfolio on approximately 50 market-leading destination assets, expanding our wholesale funds platform and realising mixed-use opportunities across the portfolio,” Mr Kelley said.
Settlement on Lavington Square, West End Plaza and other centres are expected to take place later this month.
Coles and Kmart are the major tenants of West End Plaza and Woolworths and Big W are the majors at Lavington Square.
According to the Vicinity Centres 2018 annual report, West End Plaza was valued at $71 million and Lavington Square $58 million with the latter down in value from $62.3 million a year earlier.
West End Plaza has almost 16,000 square metres of floor area and is supported by 596 underground car parks. Lavington Square has 20,467 square metres of floor area and 1036 parking spots.
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