Property giants Vicinity Centres and ISPT have sold their jointly owned Halls Head Central mall for just $70 million at a near 40 per cent fall from its peak pricing, a sign that some centres are yet to recover their valuations from the headwinds of online shopping and the pandemic.

The West Australian mall was acquired by Centuria Capital in the deal, which adds to the fund manager’s $3.2 billion retail portfolio. But for Vicinity and ISPT, the transaction price represents a hefty discount. The mall was once worth as much as $114 million, according to Vicinity’s 2018 property book values.