Vicinity Strikes $400m Deal for Fraser’s Eastern Creek Quarter
Vicinity Centres has paid $400 million for Frasers Property Australia’s Eastern Creek Quarter retail precinct in Western Sydney as institutional capital continues to target large metropolitan convenience and outlet centres.
The transaction is expected to settle on June 30. Frasers launched the sale of one of the region’s most complex multi-stage retail assets in April.
Eastern Creek Quarter is on a 15ha site at the intersection of the Great Western Highway and the M7 Motorway, within one of Sydney’s fastest-growing population corridors.
The precinct was developed over more than a decade in three stages that form a single integrated retail destination.
Stage 1, completed in 2020, established a supermarket-anchored neighbourhood centre designed around everyday convenience retail and food offerings.
Stage 2, completed in 2022, expanded the precinct into a large-format retail and showroom hub featuring major national retailers and bulky goods operators.
Stage 3, which opened in March, delivered ECQ Outlet, Western Sydney’s first dedicated outlet retail centre and the final component of the masterplanned vision.
The completed precinct spans about 41,000sq m of gross lettable area and includes about 100 outlet brands alongside grocery, dining, health, lifestyle and entertainment tenants.
Retailers in the outlet stage include major international and domestic names such as Adidas, Puma, Calvin Klein, Tommy Hilfiger, Country Road and Levi’s.
The asset services a catchment of around 1.2 million residents, which is forecast to grow significantly as Western Sydney continues to expand.
Frasers Property Australia chief executive Cameron Leggatt said the development had achieved its long-term vision after a decade of planning, delivery and staged openings.
He said the precinct had evolved into a major mixed-retail destination combining everyday convenience, large-format retail and outlet shopping within a single integrated site.
Leggatt said the sale would allow the group to redeploy capital into larger mixed-use developments across its eastern seaboard pipeline, where it continues to focus on placemaking-led projects.
The acquisition adds to Vicinity Centres’ growing exposure to outlet-style retail and metropolitan growth corridors, reinforcing a strategy focused on dominant, high-traffic centres with diversified income streams.
The transaction was negotiated by CBRE Pacific head of retail capital markets Simon Rooney on behalf of Frasers Property Australia.
Rooney said the acquisition by Vicnity was an astute market foray in the face of significant market interest.
“Outlet centres are traditionally tightly held assets and rarely traded—the most recent outlet transaction being the acquisition of a 50 per cent interest in Harbour Town Premium Outlets, which Vicinity Centres acquired in late 2021 for $358 million,” he said.
