Vicinity makes way for more mixed-use development
Vicinity Centres is furthering its ambition to extend its shopping centres as mixed-use destinations, creating a new role and hiring a senior executive to lead the effort.
The role, to be filled by Truman Dare, who has been in development and acquisition roles at Cbus Property for the past 12 years, will focus on exploring the viability of mixed-use development.
The position “recognises the significant potential for alternative property uses” to be developed across Vicinity’s real estate portfolio, the company said.
As general manager for mixed use development, Mr Dare will report to Carolyn Viney, who joined from Grocon two years ago and now heads Vicinity’s overall development effort.
The latest hire adds momentum to Vicinity’s efforts to extract more value from its portfolio, as it combats the challenges of e-commerce and changing consumer habits.
Last year the retail landlord sold the air rights above The Glen shopping centre in Melbourne’s south-east to Jeff Xu’s Golden Age Group, which is pursuing a $450 million apartment development.
Chief executive Grant Kelley, who took over at the start of this year, has flagged broader development of real estate, along the lines of the more dense and more mixed development around retail property often seen in Asian markets, where he has worked.
Vicinity is already considering residential extensions at its malls at Box Hill in Melbourne and Bankstown in Sydney.
Last week, Ms Viney flagged the prospect of more office development at Chadstone shopping centre, now the country’s biggest mall, and noted a mooted airport rail link in Melbourne’s west could spur further development of Sunshine Marketplace mall.
