92 Centres are featured this year, of those, 11 were under redevelopment or have only traded fully for part of the year – therefore we have statistics on 81 Big Guns. It’s a few less than previous years. This year, 151 Properties’ Forest Hill Chase, Greensborough, Top Ryde and Warrawong declined to give us figures, as well as YFG Shopping Centres’ recently acquired Mt Ommaney Centre, together with Leda Holdings’ South Point Tuggeranong and Morayfield.
We ignored any rise or fall in MAT of less than 1% – regarding it as ‘static’ – and the following emerged. In a tough year for retail these Big Gun centres performed remarkably well.
Of the 81 centres listed, on the MAT table, seven recorded a decrease, 18 remained static and 56 Big Guns improved their MAT.
The seven negatives, in our view, are minor decreases: -3.8%, -3.2%, -3.0%, -2.7%, -2.4%, -2.4%, -1.4%. So, the remaining 74 Big Guns either held their ground or improved. In such tough times, some of the increases were quite phenomenal.
Top of the table, Vicinity’s Chadstone, powered ahead with a massive 7.8% increase to $2.3 billion! GPT’s Wollongong Central recorded a stunning 8.5% jump to $345.5 million, while both Westfield West Lakes and QIC’s Pacific Epping jumped by more than 6%, along with Narellan Town Centre – up 6%.
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