savillsresearch quarter times brisbane retail q4 2013
TRANSCRIPT
Savills Research Queensland
Quarter Times Brisbane Retail Q4/2013
Savills Research | Quarter Times Quarter 4 2013
savills.com.au/research 2
Key Market Indicators
Brisbane Enclosed Centres
Regional Sub Regional Neighbourhood
Low High Low High Low High
Major Tenant Gross Rental ($/ sq m) 300 450 300 450 300 450
DDS Tenant Gross Rental ($/sq m) 200 250 200 250 na na
Specialty Tenant Net Rental ($/sq m) 900 1,800 600 1,100 400 800
Yield - Market (%) 5.50 6.00 7.25 8.25 7.50 9.50
IRR (%) 8.75 9.00 9.25 9.50 9.00 10.50
Outgoings Operating ($/sq m) 130 150 90 135 70 90
Outgoings - Statutory ($/sq m) 35 40 25 40 20 35
Outgoings - Total ($/sq m) 165 190 115 175 90 125
Capital Values ($/ sq m) 6,600 10,000 3,000 4,800 2,500 4,200
Source: Savills Research,
Brisbane Shops
Queen St Mall Other CBD Shopping Strip
Low High Low High Low High
Net Rental ($/sq m) 2,700 7,000 750 1,700 300 800
Yield – Market (%) 5.50 7.50 6.50 8.25 7.25 9.00
Outgoings Operating ($/sq m) 80 160 80 160 30 50
Outgoings - Statutory ($/sq m) 120 240 80 160 20 20
Outgoings - Total ($/sq m) 200 400 160 320 50 70
Capital Values ($/sq m) 50,000 95,000 9,000 27,000 2,500 7,000
Source: Savills Research.
Brisbane Bulky Goods
Bulky Goods
Low High
Tenant Gross Rental ($/sq m) > 1,000 sq m 150 250
Yield – Market (%) 8.50 11.50
IRR 9.75 10.75
Outgoings Operating ($/sq m) 20 40
Outgoings - Statutory ($/sq m) 15 20
Outgoings - Total ($/sq m) 35 60
Capital Values ($/sq m) 1,400 2,800
Source: Savills Research.
Savills Research | Quarter Times Quarter 4 2013
savills.com.au/research 3
Major Sales Activity
Select Enclosed Centre Sales
Date Property Price ($m)
GLA (sq m)
$/sq m Yield (%)
Oct-13 Wilsonton Shopping Centre, Wilsonton 53.00 17,683 2,638 na
Oct-13 Redbank Plains Shopping Centre, Redbank Plains* na 5,459 3,664 na
Oct-13 Deception Bay Shopping Centre 37.50 19,583 1,914 7.61
Oct-13 Ashmore City Shopping Centre, Ashmore 37.00 8,780 4,214 8.50
Source: Savills Research. na – not currently available/ *including $2m worth of land.
Select Bulky Good Sales
Date Property Price ($m)
GLA (sq m)
$/sq m Yield (%)
Oct-13 33 Shore Street West, Cleveland 4.00 3,394 1,179 VP
Source: Savills Research. VP – vacant possession
Select Retail Strip Shops
Date Property Price ($m)
GLA (sq m)
$/sq m Yield (%)
Oct-13 454-458 Gympie Rd, Strathpine 5.94 1,892 3,140 na
Source: Savills Research. na – not currently available
Savills Research | Quarter Times Quarter 4 2013
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Current Retail Construction
Major Centres Currently Under Construction (>1,000sq m)
Centre Suburb Type New Extension Refurb Completion
Broadway on the Mall Brisbane CBD City Centre 16,747 Jan-14
Masters Bundamba Freestanding 10,409 Jan-14
Aldi Varsity Lakes Freestanding 2,091 Jan-14
Masters Robina Freestanding 13,500 Feb-14
Northpoint Toowoomba Toowoomba Neighbourhood 7,270 Feb-14
Masters Parkinson Freestanding 13,485 Mar-14
Big Top Shopping Centre Maroochydore Neighbourhood 12,189 Mar-14
Bunnings West Ipswich Freestanding 11,461 Mar-14
Indooroopilly Shopping Centre Indooroopilly Major Regional 30,000 May-14
Costco Northlakes Northlakes Bulky Goods 14,000 May-14
Woolworths Shopping Centre Rothwell Neighbourhood 4,932 Apr-14
Aldi West End Freestanding 1,364 May-14
Stockland Hervey Bay Hervey Bay Sub Regional 20,000 Jun-15
Pacific Fair Broadbeach Regional 42,700 Jan-16
Westfield Garden City Mt Gravatt Regional 40,000 Jan-16
Sunshine Plaza Maroochydore Regional 35,000 Jan-16
Source: Cordell Reed Construction Data/Savills Research.
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]
Theo Dimarhos +61 (0) 2 6221 8275 [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 Valuations Capital Transactions Investment Sales 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]
Pat De Maria +61 (0) 3 8686 8080 [email protected]
City Sales Retail Leasing Asset Management Project Management Clinton Baxter +61 (0) 3 8686 8021 [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]