We are focused on using sustainable design and emerging technology to reduce energy intensity, grow our renewable energy program and promote greener choices.
Carolyn Viney is the Chief Development Officer for Vicinity Centres, one of the preeminent names in retail property. Prior to joining Vicinity Centres in October of 2016, she held roles at the successful construction and development company Grocon, including CEO, Deputy CEO, and Head of Development. With over 20 years of experience in construction, property development and real estate investment, Ms. Viney is a well-recognised face amongst industry leaders.
In this Q&A, Ms. Viney takes us through some of the work Vicinity Centres are doing to maximise their portfolio, practice sustainbility, and navigate a trying economic period.
Given the current market conditions (e.g., the RBA's hiking of the cash rate) and Vicinity's status as a publicly listed company, how does Vicinity continue to create investor confidence?
We’re in a very strong financial position with a strong balance sheet. Gearing is at the bottom end of the target range, and strong investment grade credit ratings provide us with access to range of debt capital sources.
Vicinity’s debt book is relatively highly hedged, which gives us protection against higher interest rates over the short to medium term. We also maintain our focus on containing costs and driving efficiencies.
With the work done to transform The Glen, and the plans approved for the revitalisation of Box Hill Central, it's clear that Vicinity see major value in large format retail in Melbourne's east. What is the opportunity evident in this area?
As Victoria’s fastest growing Metropolitan Activity Centre outside the CBD, Box Hill Central already welcomes 26 million visitors every year. Our vision builds on the area’s planned future growth as well as its existing strengths, including its longstanding reputation as a key destination to visit for fresh food and exciting flavours from around the world.
Box Hill Central
Our vision draws Box Hill's position as one of Melbourne’s busiest rail and bus transport hubs, nearby health and education facilities, and its prominent, elevated position commanding generous views of the surrounding landscape.
We want Box Hill to reflect its young, highly educated, hardworking community’s aspirations, which is why our future vision is about creating a thriving urban space to meet changing consumer preferences to live, work and play close to home.
How are Vicinity's projects adhering to sustainable practices, and upholding the values of ESG?
Sustainability is at the heart of Vicinity’s operations and is key to the long-term performance of our business. We’re committed to creating sustainable precincts and transitioning our assets to a low carbon economy.
We are focused on using sustainable design and emerging technology to reduce energy intensity, grow our renewable energy program and promote greener choices.
Our ongoing commitment to Environmental, Social and Governance matters is reflected by our performance across a range of investor sustainability surveys including this year Vicinity being ranked Oceania Sector Leader and third globally in the Listed Retail Shopping Centre category by Global Real Estate Sustainability Benchmark (GRESB).
What are some of the more exciting projects currently in the Vicinity pipeline?
Vicinity has been investing in its retail and mixed-use development pipeline for a number of years, and we’ve been pleased to see our pipeline transition from planning to execution. Our $2.9 billion pipeline is a really exciting next phase of growth and leverages several of our key assets in metropolitan cities across Australia.
We have a number of priority development projects in our pipeline, including major transformation projects for Chadstone, Box Hill Central, Victoria Gardens, Chatswood Chase, Bankstown Central and Buranda Village.
At Chadstone, we recently announced The Social Quarter, a new entertainment and dining precinct set to open this Summer, and a revitalised fresh food precinct, The Market Pavilion. We’ve also commenced construction on a new office tower, One Middle Road, which delivers on our vision for Chadstone to become Australia’s leading integrated lifestyle destination where visitors can shop, dine, work, play and stay.
The Glen - The fresh food market
At Box Hill Central in Victoria and Bankstown Central in New South Wales, we have recently introduced new retail and fresh food precincts to meet the needs of their local communities as part of readying these assets for the addition of new high density residential and commercial space in future.
Also in Victoria, we are well advanced in securing town planning approval for the expansion of the retail offer at Victoria Gardens and the addition of ~800 residential apartments.
In Queensland, at Buranda Village we plan to develop the site into a retail, residential and commercial office village for the community to enjoy every day of the week.
We have recently lodged a DA for the major redevelopment of Chatswood Chase, including the introduction of a luxury retail offer as well as ~8,000 sqm of commercial office space.
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