savillsresearch quarter times adelaide retail q4 2013
TRANSCRIPT
Savills Research South Australia
Quarter Times Adelaide Retail Q4/2013
Savills Research | Quarter Times Quarter 4 2013
savills.com.au/research 2
Key Market Indicators
Adelaide Enclosed Centres
Regional* Sub-Regional Neighbourhood
Low High Low High Low High
Major Tenant Net Rental ($/sq m) 170 350 150 325 150 300
DDS Tenant Net Rental ($/sq m) 75 125 90 125 na na
Specialty Tenant Net Rental ($/sq m) 1,010 1,775 750 1,250 200 600
Yield – Market (%) 6.50 7.50 7.50 8.50 7.50 9.00
IRR (%) 8.25 9.00 9.00 9.50 9.00 10.25
Outgoings – Operating ($/sq m) 120 140 100 140 40 50
Outgoings – Statutory ($/sq m) 30 40 30 40 25 35
Outgoings – Total ($/sq m) 150 180 130 180 65 85
Capital Values ($/sq m) 7,200 10,800 3,500 6,000 1,600 4,500
Source: Savills Research * Includes Major & Super-Regional na = not applicable
Adelaide Shops
Rundle Mall Other CBD Shopping Strip
Low High Low High Low High
Net Rental ($/sq m) 2,000 3,700 400 1,200 250 600
Yield – Market (%) 5.00 7.50 6.00 8.00 6.00 8.50
Outgoings – Operating ($/sq m) 80 100 70 90 40 50
Outgoings – Statutory ($/sq m) 200 220 150 170 15 25
Outgoings – Total ($/sq m) 280 320 220 260 55 75
Capital Values ($/sq m) 3,600 9,000 3,000 7,000 1,600 3,600
Source: Savills Research
Adelaide Bulky Goods
Bulky Goods
Low High
Tenant Net Rental ($/sq m) > 1,000 sq m 125 220
Yield – Market (%) 9.00 10.50
IRR (%) 10.00 11.50
Outgoings – Operating ($/sq m) 17 20
Outgoings – Statutory ($/sq m) 14 27
Outgoings – Total ($/sq m) 31 47
Capital Values ($/sq m) 1,600 2,700
Source: Savills Research
Savills Research | Quarter Times Quarter 4 2013
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Major Sales Activity
Select Adelaide Enclosed Retail Centre Sales
Date Property Price ($m) GLA (sq m) $/sq m Yield (%)
Oct-13 90-108 Sherriffs Rd, Morphett Vale 60.00 15,844 3,787 7.47
Oct-13 6-8 Dawson St, Strathalbyn 10.10 2,823 3,578 6.84
Nov-13 693-709a Burbridge Rd, West Beach 6.54 2,307 2,835 6.51
Source: Savills Research
Select Adelaide Retail Shop Sales
Date Property Price ($m) GLA (sq m) $/sq m Yield (%)
Oct-13 71 Rundle Mall, Adelaide 7.53 175 43,029 5.50
Oct-13 83 Mount Barker Rd, Stirling 1.35 276 4,891 7.37
Nov-13 133-139 Magill Rd, Stepney 2.50 1,100 2,273 7.41
Source: Savills Research
Select Adelaide Bulky Goods Centre Sales
Date Property Price ($m) GLA (sq m) $/sq m Yield (%)
Nov-13 933-945 North East Rd, Modbury 16.30 6,170 2,642 7.75
Source: Savills Research
Select Adelaide Retail Development Site Sales
Date Property Price ($m) GLA (sq m) $/sq m
There were no sales >$1 million recorded throughout the quarter.
Source: Savills Research
Current Retail Construction
Major Centres Currently Under Construction
Centre Suburb Type New Extension Refurb Completion
Westfield Tea Tree Plaza Modbury Major Regional 30,000* 2014
Churchill Centre Kilburn Sub Regional 19,000 2014
Castle Plaza Shopping Centre Edwardstown Regional 18,000* 2014
Brickworks Woolworths Torrensville Sub Regional 16,000* 2014
Costco Kilburn Bulky Goods 14,000* 2014
Gawler Green Evanston Neighbourhood 6,700* 2014
Seaford Meadows Shopping Centre Seaford Meadows Neighbourhood 6,670 2014
Westfield Marion Oaklands Park Super Regional 50,000* 2015
Salisbury Plain Shopping Centre Salisbury Plain Neighbourhood 9,100 2015
The Stables Shopping Centre Golden Grove Neighbourhood 5,000* 2015
Norwood Mall Norwood Neighbourhood na 2015*
Source: Savills Research * = approximate na = not currently available
Savills Research | Quarter Times Quarter 4 2013
Savills Australian Capital Territory
Research Valuations Sales & Leasing Project Management Simon Hemphill +61 (0) 2 8215 8892 [email protected]
Phil Harding +61 (0) 2 6221 8293 [email protected]
Alison Majdandzic +61 (0) 2 6221 8291 [email protected]
Mitchell Thomas +61 (0) 2 6221 8294 [email protected]
Savills New South Wales
Research Valuations Retail Sales Metro & Regional Sales Simon Hemphill +61 (0) 2 8215 8892 [email protected]
Andrew Johnston +61 (0) 2 8215 8853 [email protected]
Simon Fenn +61 (0) 2 8215 8888 [email protected]
Robert Lowe +61 (0) 2 8215 8841 [email protected]
Retail Leasing Retail Management Project Management Leighton Hunziker +61 (0) 2 8215 8838 [email protected]
Thomas Brown +61 (0) 2 8215 8893 [email protected]
David Nicholas +61 (0) 2 8913 4813 [email protected]
Savills Queensland
Research Valuations Retail Sales Retail Leasing Paul Day +61 (0) 7 3002 8860 [email protected]
Lawrence Devine +61 (0) 7 3002 8822 [email protected]
Peter Tyson +61 (0) 7 3002 8807 [email protected]
Garry McDowall +61 (0) 7 3002 8920 [email protected]
Retail Management Sunshine Coast Gold Coast Project Management Shane Twomey +61 (0) 7 3002 8933 [email protected]
Dustin Welch +61 (0) 7 5313 7519 [email protected]
Kevin Carmody +61 (0) 7 5592 5199 [email protected]
Gary Finnegan +61 (0) 7 3018 6703 [email protected]
Savills South Australia
Research Valuations Retail Sales & Leasing City & Metropolitan Sales Hamish Johnston +61 (0) 8 8237 5029 [email protected]
Alastair Johnston +61 (0) 8 8237 5041 [email protected]
Peter Isaksson +61 (0) 8 8237 5020 [email protected]
Steve Bobridge +61 (0) 8 8237 5015 [email protected]
Retail Management Project Management Jeffrey Klaebe +61 (0) 8 8237 5018 [email protected]
Steve Christodoulou +61 (0) 8 8237 5004 [email protected]
Savills Victoria
Research - National Research - VIC Valuations Capital Transactions Tony Crabb +61 (0) 3 8686 8012 [email protected]
Glenn Lampard +61 (0) 3 8686 8034 [email protected]
Stuart Fox +61 (0) 3 8686 8029 [email protected]
Dominic Long +61 (0) 3 8686 8031 [email protected]
Investment Sales Retail Leasing Asset Management Project Management Pat De Maria +61 (0) 3 8686 8080 [email protected]
Michael Di Carlo +61 (0) 3 8686 8071 [email protected]
Egan Smith +61 (0) 3 8686 8042 [email protected]
Chris Adam +61 (0) 3 9445 6841 [email protected]
Savills Western Australia
Research Valuations Capital Transactions City & Metropolitan Sales Gemma Alexander +61 (0) 8 9488 4140 [email protected]
Mark Foster-Key +61 (0) 8 9488 4145 [email protected]
Miles Rowe +61 (0)8 9488 4116 [email protected]
Chas Moore +61 (0) 8 9488 4155 [email protected]
Retail Leasing Retail Management Project Management Chris Ireland +61 (0) 8 9488 4179 [email protected]
Mark Townsend +61 (0) 8 9488 4114 [email protected]
Graham Nash +61 (0) 8 6271 0306 [email protected]