Shopping Centre News Australia is excited to release its latest edition of SCN! Our annual feature, the Retail Investment Review & Property Sales Report by JLL highlights some very interesting facts. Sales in FY24 totalled some $6.6 billion which is in line with the historical range of $6-8 billion; but what was unusual is that 56% (by value) of those sales were to Syndicator Capital and high net worth Private Investors. Demand for the properties on sale was high with some 3.6x capital available for each property. As well, there’s a shortage of retail space. The other annual feature in this edition is the retail development pipeline coverage. Many of the projects underway are simply fabulous, which sets the stage for our special feature – ‘Movers and Shakers’. Their comments are incisive, with a common theme being that ‘teamwork’ is the cornerstone of success. This exclusive Q&A features: ▪ Benjamin Conlon, Mirvac ▪ Martin Dowl, QIC ▪ Eddie Giraldo, Dexus ▪ Meredith Hayes, Lewis Land ▪ Renaud Herington, Growthpoint Properties Australia ▪ Samantha Horsfall, Vicinity Centres ▪ Antony Keenan, Haben Property Fund ▪ Zak Lewin, Elanor Investors Group ▪ Thomas Rethati, Frasers Property Australia As is typical of SCN, this issue is reflective of our industry at the present time. We’re vibrant and the market for our product – the shopping centre – is keen; there’s more demand than supply. So we’re creating more product and what’s in that development pipeline is inspirational. Furthermore, the teams involved, in both the existing and expanding centres, are expert and unified. What a great industry! SCN's premium members can view the latest digital magazine here: https://lnkd.in/g3-Wq77 The next issue is Mini Guns 2024! To become a premium member, sign up here: https://lnkd.in/dwtn78Yb
Shopping Centre News Australia
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Balmain, New South Wales 15,176 followers
The voice of the shopping centre industry in Australia and New Zealand
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Shopping Centre News stands as the foremost, most authoritative publication for the shopping centre industry in Australia and New Zealand, and now enjoys increasing exposure overseas in markets such as China and the US. Our subscribers include everyone from CEOs, marketing, leasing and fund managers to retailers, architects and retail designers. Daily and weekly news online makes shoppingcentrenews.com a must-visit as part of the morning routine for those who want to keep right across the latest developments and events in the world of retail and centre property, while the industry ‘bible’ Shopping Centre News magazine is printed five times a year with fascinating, in-depth features and important critical analysis written by known industry insiders and personalities. Sign up to our free newsletter https://www.shoppingcentrenews.com.au/subscribe-to-our-mailing-list/
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The North Face today unveils its new format store at World Square, Sydney, marking the first store opening under the new retail format since VF Corporation took back ownership of The North Face brand in the Australia and New Zealand region on July 1, 2024. Visitors to the store can expect an elevated consumer experience with over 300m2 of retail space dedicated to performance outdoor products. This new format store focuses on human connection, blending physical and digital realms, bringing nature into the store, and rethinking sustainability. Design elements include wooden texture tile, concrete finish, brick wall, and raw concrete. World Square is 1 of 3 new openings in Australia this year alongside Doncaster opening in Melbourne this September, and Bondi Junction in Sydney opening October 2024. In 2025, The North Face will open another location in Chatswood Chase Sydney. “We are excited to bring to market a retail experience that is globally consistent but offers local relevance. Our stores provide a balanced combination of authentic outdoor apparel and equipment, while also outfitting the needs for every day. We believe the innovative technology and elevated design of these stores will resonate well with the Australian and New Zealand consumer,” said Stone Dong, Vice President and Managing Director, The North Face APAC. The brand is excited for the potential of the new store format to engage customers to push their boundaries in the outdoors. “We fundamentally believe in the benefits of going outdoors, and the wellbeing it brings. Our new store will inspire people to unlock those benefits. We are excited to deliver this new customer experience to the market – a place you can go to get inspired and equipped to go exploring, whether it’s in your own backyard or the coldest, harshest places on the planet,” adds Paul Karis, General Manager, The North Face Australia & New Zealand.
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In the latest edition of SCN magazine, we invited nine industry 'Movers & Shakers' to tell us about their career journey and experiences and discuss some of the key trends and major challenges facing our industry. This week, we share Zak Lewin's exclusive Q&A. Zak is the Portfolio Manager at Elanor Investors Group, where he leads a team of asset managers overseeing the success of Retail, Industrial, Commercial, and Healthcare assets across Australia and New Zealand. "I love the diversity of the role and working with passionate people who strive for the best outcomes using innovative solutions. Working in a fast-paced, nimble business means there is never a dull day, and you are at the centre of everything. Yes, it is challenging, but that’s what makes it rewarding," he said. Read more here: https://lnkd.in/grQXZjEj
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Renowned leading specialist watch retailer The Hour Glass unveils its latest boutique in Adelaide, South Australia. Located in Adelaide Central Plaza shopping centre on Rundle Mall, the interior design of The Hour Glass Adelaide boutique reflects the understated elegance and refinement of the watch brands retailed within. The opening of The Hour Glass Adelaide marks a significant milestone for local watch enthusiasts. It is the first boutique in the state and the eighth for The Hour Glass in Australia. The Hour Glass Adelaide is an official retailer for a curated selection of brands and invites you to discover ROLEX, Tudor Watch, Hublot, Bvlgari, Zenith, Chopard, Ulysse Nardin, Girard-Perregaux, and NOMOS Glashütte. Michael Tay, Group Managing Director of The Hour Glass, said: "The opening of our Adelaide boutique marks the next chapter of The Hour Glass in Australia. We've long been servicing Adelaide enthusiasts through our boutiques in Sydney, Melbourne and Brisbane; our presence along the famed Rundle Mall is a historic milestone in the evolution of The Hour Glass and our desire to further the appreciation for watches in Australia.” The Adelaide boutique encapsulates the city's key characteristics – a juxtaposition of contrasting elements creating an elegant and personalised experience that embodies the vision and identity of The Hour Glass. The central chandelier, named the ‘Temporal Grid,’ was designed by ILANEL Bespoke Lighting & Design, a Melbourne-based multidisciplinary designer. Other significant works by ILANEL include those at the Melbourne Design Fair and for the National Gallery of Victoria Triennial. Adelaide Central Plaza is the premier shopping destination in South Australia, The Hour Glass Adelaide is strategically located near David Jones, TAG Heuer, and Tiffany & Co. #retaildesign #luxuryretail #fitout #shoppingcentrenews Precision Group Trevor Dill Sue O'Malley GAICD Winnie Ling Dana Ganley ILAN EL Adelaide Economic Development Agency
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🚨 FINAL CALL FOR MINI GUNS🚨 SCN's annual Mini Guns report ranks the performances of Shopping Centres in Australia with a Gross Lettable Area (GLA) between 6,000-20,000 square metres (m2). Who will dominate this year's Mini Guns tables?? If you own/manage a retail centre that fits the GLA criteria above, please submit your centre before the 23 August deadline via our online survey form here: https://lnkd.in/gvcaSTfB SCN's 2024 Mini Guns report will be released next month and will be available to all premium members of Shopping Centre News Australia. Members can access SCN's interactive 'Guns' data tables (including Big Guns 2024) here: https://lnkd.in/gfznqyRz
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SuperPark, a global family entertainment centre, opened its first Australian indoor adventure park at Melbourne’s Highpoint Shopping Centre in December last year. With more activities than any other indoor adventure park, it has more than tripled its numbers since opening. With global family entertainment centres being valued at $30.9 billion in 2022, and projected to reach $88.7 billion by 2032, we invited SuperPark Australia’s co-CEOs Rosheeni Dobbie and Benn Kirkham to tell us about their success in the entertainment centre market and why they chose Melbourne to launch in Australia. "To create lifestyle destinations and entice families to shop longer, we’ve started to see centres implement strategies that foster a strong community. Our research has identified seven key areas which attribute to our success in Highpoint, Melbourne." Read more: https://lnkd.in/ghx7sCyN https://lnkd.in/ghx7sCyN
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QIC has exchanged contracts with Hawaiian on the purchase of QIC’s 50% share of Claremont Quarter in Western Australia, making Hawaiian the sole owner of the centre. CBRE’s Head of Retail Capital Markets – Pacific, Simon Rooney and McVay Real Estate’s Sam McVay and Dan McVay exclusively acted on behalf of QIC to market the shopping centre stake. Rooney said the sales process generated considerable investor engagement from both domestic and offshore groups, institutional and private capital as well as local high-net-worths and family offices ahead of Hawaiian exercising its rights. The divestment of Claremont Quarter, jointly held by the QIC Property Fund and QIC Town Centre Fund, is in line with client-endorsed strategies for both funds. QIC Director of Real Estate Capital Markets James Doneley said the Claremont deal further showcased QIC’s ability to deliver successful transactions on behalf of investors. “While still subject to FIRB approval, the pending purchase price was above QIC’s book value, which, if executed as planned, will be a very pleasing result for our investors and QIC,” Doneley said. Both Hawaiian and QIC expressed their gratitude for the successful partnership they have enjoyed over the years. “We are immensely grateful to QIC for their partnership and the remarkable achievements we have accomplished together at Claremont Quarter over the past 11 years,” Hawaiian COO Richard Kilbane said. The Claremont Quarter deal is the latest major retail transaction in Western Australia, with over $1.6 billion in deals completed since the beginning of 2023. The settlement process is expected to be completed by late October 2024. https://lnkd.in/gjVa37d8
QIC to sell 50% share of Claremont Quarter to Hawaiian - Shopping Centre News
https://www.shoppingcentrenews.com.au
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Vicinity Centres has outlaid $420 million for a 50% stake in Western Australia’s coveted Lakeside Joondalup in Australia’s largest 2024 retail transaction. The exchange of contracts and settlement occurred on 19 August 2024, with the transaction being funded by a mix of existing debt facilities and asset divestment proceeds. CBRE’s Head of Retail Capital Markets Simon Rooney acted on behalf of the Future Fund to sell the stake, with the remaining interest in the landmark centre owned by Lendlease’s APPF Retail Fund. As part of the transaction, Vicinity has also secured the property and retail development management rights for Joondalup. Vicinity’s CEO and Managing Director, Peter Huddle said, “The acquisition of Joondalup, together with the forthcoming redevelopment of Galleria and sale of four non-strategic assets in Western Australia, reflects our deliberate strategy to recycle and redeploy capital in order to right-size our investment and strengthen our asset portfolio in Western Australia.” “With Lakeside Joondalup already achieving annual retail sales of almost $800 million, and with Vicinity’s scalable retailer partnerships, we are confident there is growth and value to be unlocked. In this context, we look forward to curating an even stronger, flagship asset for Vicinity’s securityholders and on behalf of the asset’s co-owner, the Australian Prime Property Fund – Retail, managed by Lendlease,” said Huddle. Lakeside Joondalup has a gross lettable area of 99,832m2 and is securely anchored by Myer, Kmart, Big W, Target, Coles, Woolworths, ALDI and HOYTS Cinemas. The attractive tenancy profile is supported by 16 mini-majors and 267 specialties and kiosks. It is the only regional shopping centre in Western Australia to feature direct railway line connectivity, in addition to a bus interchange, which helps underpin over 10 million customer visits annually. https://lnkd.in/g2SQNh9J
Vicinity Centres finalises Australia’s largest retail transaction for 2024 with Lakeside Joondalup deal - Shopping Centre News
https://www.shoppingcentrenews.com.au
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'Movers & Shakers' feature is an exclusive Q&A with nine industry leaders published in the latest issue of SCN magazine. We asked them to tell us about their career journey and experiences and discuss some of the key trends and major challenges facing our industry. As QIC’s General Manager of Asset Creation and Investment Management, Martin Dowl leads the team that carries the overall strategy for QIC’s managed assets and investments. This includes asset management, development management, masterplanning and strategic asset planning. "One trend that I believe will have an outsized impact is the concept of taking a hyperlocal approach to strategic asset planning, which means not just looking at your own assets or landholdings but zooming out to contemplate your place within the wider context of a town centre and a city," says Dowl. "By considering an asset’s relationship to its surroundings, aiming to support the broader community’s success, and enabling the vision of local policy-makers, the activity and growth of those investments will accelerate. "What I’m most looking forward to is emerging from this current economic cycle in a position of being well prepared and ready to execute the balance of the mixed-use masterplans that our organisation has made in concert with our preferred partners and seeing the results of that execution in the investment performance of our investors’ assets," he said. Read more here: https://lnkd.in/gbkKwyzf Subscribe to SCN magazine: https://lnkd.in/dwtn78Yb
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There’s a proposed merger reform. All shopping centre mergers and acquisitions above $35 million will need ACCC approval. In short, it’s to prevent any owner dominating a specific trade area. But it could have the opposite effect; it could well eliminate open competition for an asset… Luke Sikora Head of Stakeholder Engagement, Shopping Centre Council of Australia writes this exclusive article for Shopping Centre News Australia July/August edition. “On our analysis, which we’ve provided to The Treasury and Minister, a $35 million threshold would trigger at least one transaction a week having to go in front of the ACCC based on a ten-year average,” said Sikora. “By way of example, under the proposed new scheme, this would include the $74.25 million sale of Cooleman Court to Region Group, the $70 million sale of Halls Head Central by Vicinity Centres and ISPT to Centuria Capital Group, and the $35 million purchase of Richmond Mall by IP Generation. “These are just some of the sales that occurred within the past months. This list is quite long!” Read more: https://lnkd.in/g8nmyTne https://lnkd.in/g8nmyTne
Federal Government’s proposed Merger Reform must be fit for purpose - Shopping Centre News
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