Value of GPT Group’s Melbourne Central grows

Property group GPT has announced an approximate $447.5 million increase in the value of its net tangible assets from June 30, 2018, equating to an approximate 4.7 per cent increase, following an independent revalution of 62 of its properties.

GPT’s retail portfolio saw an overall 1.5 per cent increase in value to $99.5 million, the smallest increase in the valuation change.

Melbourne Central, the largest shopping hub in the city of Melbourne, saw its valuation increase by 6.8 per cent, with GPT noting the centre continues to achieve strong sales growth following the introduction of a number of new retailers over the course of the year, such as footwear retailer Platypus and bakery cafe Rustica.

In Sydney, the business saw its office assets enjoy solid increases during the six month period, with 2 Park Street increasing by 8.6 per cent, MLC centre growing by 5.2 per cent and Australia Square seeing a 4.8 per cent jump in value.

“We have continued to see strong growth achieved by the office and logistics portfolio during the period, with the office portfolio continuing the benefit from its high exposure to the strongly performing Sydney and Melbourne markets,” GPT chief executive Bob Johnston said.

The business’ entire logistics portfolio was revalued, growing by 7.3 per cent to $127 million, while its office portfolio grew by 3.9 per cent to $221 million.

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