Retail

As the dust settles on what has been a volatile few years for the Australian retail market, a new landscape has formed in Brisbane. Whilst widespread lockdowns were felt around the country, Queensland was largely undisrupted due to hard border closures and a more conservative approach in comparison to other states.

Construction on Tipalea Partners’ brand new $40 million Glebe Hill Village retail centre has officially reached completion, delivering the first new neighbourhood shopping centre in metropolitan Hobart in over a decade.

The latest WALE (weighted average lease expiry) figures from commercial property management software company Re-Leased have shown a decline since the start of the pandemic, as business confidence falls.

Development of a $200million-plus premium outlet shopping destination has reached another construction milestone, as Auckland Airport unveils detailed plans for the 100-store retail centre.

The Cosmopolitan Retail Centre located in the inner Brisbane suburb of Carindale has sold for $5.88 million following an Expressions of Interest campaign, illustrating the continued strong buyer activity in the retail sector.

Greenpool Capital and Savills Investment Management have purchased the Forest Lakes Shopping Centre in Perth’s south-eastern suburbs for $81.5 million.

Leedwell has successfully leased a retail development on behalf of Troon Group in a joint venture with MaxCap.

Woolworths has today unveiled Queensland’s first new multi-million dollar online Customer Fulfilment Centre (CFC) at Goodman’s Rochedale Motorway Estate, to better serve the growing demand for online grocery shopping in Brisbane

Stonebridge Property Group and Knight Frank have sold on behalf of Landream the Beecroft Place Shopping Centre for $65 million at a fully leased yield of 5.31%.

Newmark REIT Management Limited as the responsible entity of Newmark Property REIT has announced the exchange of a contract for the acquisition of a large format retail (LFR) property in metropolitan Brisbane, Queensland.

The Lendlease Sub-Regional Retail Fund, an unlisted wholesale fund managed by the global real estate group, will test investor demand for a portfolio of three dominant convenience-based sub-regional centres in New South Wales and Western Australia.

National and boutique retailers have snapped up new retail spaces being offered in the first stage of the new Munro Development at Melbourne’s iconic Queen Victoria Market.

Knight Frank and SCA Property Group (ASX: SCP) have entered into a strategic three-year partnership to deliver property services, facilities management and financial accounting across SCA Property Group’s entire shopping centre portfolio.

Investment in Brisbane’s biggest commercial property markets has surged in the first half of 2022, picking up where it left off in 2021 with last year being a record year of transactions in Queensland.

Tannum Central Shopping Centre located near Gladstone has sold in an active retail market for $18.5m reflecting another record yield in regional Queensland of 4.90%.