Vicinity Centres has acquired the remaining 49 per cent interest of Chatswood Chase Sydney for $307 million.

Located about 9km north of the Sydney CBD, Chatswood Chase is a major regional shopping centre with an average household income 32 per cent above the city average.

Peter Huddle, Vicinity’s CEO and MD, described the venue as an “iconic asset with strong growth potential” and a key pillar of the group’s strategy.

“Our redevelopment plans represent one of the most exciting and transformational projects to be undertaken in Australian retail property today and for the foreseeable future and will reinforce this exceptional asset as northern Sydney’s premier retail destination,” added Huddle.

The transaction is expected to close in mid-March 2024.

Vicinity Centres has also sold Melbourne’s Roxburgh Village to Hong Kong-based JY Group for $123 million, representing an 8.8 per cent premium to June 2023 book value. The deal will raise the value of JY Group’s Australian shopping centre assets to over $2 billion.

The asset is expected to be fully leased before settlement in March next year and continues to be managed by Vicinity Centres.

CBRE’s Simon Rooney negotiated the off-market sale together with James Douglas on behalf of the property group.