COVID continued to affect some centres well into the reporting year for Little Guns (1st October to 30th September), so it’s unwise to read too much into the increases or decreases across the board. This year we feature 83 centres; Vicinity has withheld figures on its NSW and Victorian centres, telling SCN that it was impacted by lockdown. Whatever and wherever the COVID impact, these Little Gun results are outstanding.
On the MAT/m2 front, Mirvac’s East Village shopping centre took the honours with a massive $16,179 – up 8% on last year. Standout performers were many; in the Top 10, Mirvac’s Birkenhead Point surged with 14% improvement. More than half the centres traded above the $8,000/m2 which in itself shows the strength of the sector.
Specialty MAT/m2 is even more impressive. To make the Top 10 you need to trade at $11,500/m2! Fawkner Property’s Mount Pleasant Centre (managed by CBRE) topped the charts with a whopping $15,053/m2, with more than half the centres trading above the $9,000/m2 mark. Just think that through; if you’re around the ‘average’ Little Gun in Australia – a ‘middle performer’ – your specialties of just over 100m2 will be trading at about $1million per year! And that’s ‘average’. Whatever impact COVID and lockdowns had is now in the past.
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