Over $10bn in retail property transactions for the year

Westfield ChatswoodOver $10 billion of retail property transactions took place in the 12 months to June, according to Savills Retail Quarter Time Q2 report for 2018.

The majority of transactions occurred in regional locations, equaling $3.5 billion, while $1.77 billion was spent on neighbourhood properties.

In total, 192 sales of over $5 million took place over the period.

The largest recent individual sale was Pacific Werribee, Victoria at $598 million, at 109,997 sqm, in late June.

However, in dollars per sqm, Chatswood Chase is deemed the largest at $18,011 per sqm, or $562.3 million total.

Highpoint in Victoria is not far behind at $17,751 per sqm; or $660 million total.

The report found 78 property development projects underway over the period, equalling over 1 million sqm of development area.

The majority of property developments, 37.4 per cent, occurred in New South Wales, while Queensland accounted for just over a quarter, 25.3 per cent, with Western Australia at 23.5 per cent.

Retail trade trends & drivers

In total, the retail trade grew by 2.8 per cent to $105.17bn, with the largest growth by retail sector in Hardware & Garden which grew by 4.3 per cent between May 2017 – 2018.

Food is the second largest growth (3.8 per cent), followed by Supermarkets (3.5 per cent) and Clothing & Footwear (3 per cent).

Department stores fell by 0.4 per cent; the only sector unable to grow during this period.

New South Wales accounted for 32.2 per cent of quarterly retail trade (to May 18), with Victoria reaching 25.7 per cent and Queensland hitting 19.6 per cent.

Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.

Comments

Comment Manually

I have read and agree to the Terms and Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Loading...

Inside Retail Polls

Myer's new chief executive
Is John King the right CEO to lead Myer's turnaround?

Twitter

Following Nike's lead, Gillette embraces social issues in its marketing, causing both furore and praise from consum… https://t.co/ZnQVYS8Fwo

16 mins ago

Ashley Hughes also previously worked at Diageo, Johnny Walker, Smirnoff Vodka and Bacardi, as well as a six year st… https://t.co/j0aXI5v1IJ

4 hours ago

Concepts such as an in-store cafe and florist, as well as monogramming and product repair, have been tested interna… https://t.co/b2FG1MmBtY

8 hours ago
x

SUBSCRIBE
FREE NEWS BRIEFS Get breaking news delivered