spotlight Key Australian Retail Sales Transactions

Transcription

1 spotlight Key Australian Retail Sales Transactions Savills Research February 2017

2 the 12 months to June 2015 South Australian Government set to abolish stamp duty on commercial property transactions by 2018, in a more expected to boost investor appetite square metre for prime stock Approximately 91,758 square metres were reported leased in the 12 months to June 2015 Prime grade land values in the Inner West range from $300 to $400 per square metre for sites up to 5,000 square metres Investment sales in the lower price bracket (<$5 million) will remain strong in the short-term, underpinned by owner occupier and private investor demand Savills Research South Australia Savills Research The latest numbers from PCA indicate that overall vacancy has decreased to 7.4%, down from 9% reported 12 months earlier >10,000 square metres expected to increase Savills Research New South Wales the prior 12 month period Foreign Investors were responsible for 40% of these sales totalling approximately $2.4 billion Indicative A Grade average yields firmed by 13 basis points over the last 12 months with a range from 6.00% to 7.00% leased in the 12 months to June 2015 sold over the year Transport and Logistics was the most active occupier of leased space in the last 12 months Core land values range from $400 to $550 per square metre for parcels up to 5,000 square metres 60 percent of market activity in the last 12 months take advantage of lower pricing Savills Research Western Australia Savills Research Contents Savills Research Team 03 Overview 04 Australian Retail Property 07 Retail Investment Market 11 New South Wales 12 New South Wales Key Retail Sales Transactions Victoria 20 Victoria Key Retail Sales Transactions Queensland 28 Queensland Key Retail Sales Transactions Western Australia Our highly-regarded research team is dedicated to understanding and giving in-depth insight into the commercial, industrial and retail markets throughout Australia. We also provide in-depth consultancy services, ranging from tenant representation to property site selection for multinational businesses. Our research teams are highly qualified real estate professionals with comprehensive knowledge of property markets across Australia. Savills Research & Consultancy team has years of experience, and supported by our extensive agency, property management and valuation professionals, are highly-regarded and respected along with Savills Research teams across the globe. Savills provides free research reports on all major property markets, and some example papers include: Office Markets Retail Markets Residential Markets Industrial Markets Hotel Markets International Markets For our latest reports, contact one of the team or visit savills.com.au/research 34 Western Australia Key Retail Sales Transactions South Australia Briefing Adelaide Industrial July 2015 Briefing Sydney CBD Office July 2015 Briefing Perth Industrial July South Australia Key Retail Sales Transactions 2016 Highlights A total of $166 million (>$1 million) of industrial property reportedly sold in Net rents in the North West remain stable ranging from $70 to $110 per Prime net rents in Adelaide s North precinct range from $80 to $100 per square metre Highlights Full floor availability as at May 2015 is currently sitting at 14.4%, with 11 available options for tenants Net absorption of 78,262 square metres was recorded in the 12 months to December 2014 and is Sales activity in the 12 months to June 2015 totalled $5.8 billion, 78% higher than the amount recorded in Highlights A total of 218,791 square metres of industrial space was reported Approximately $280 million of industrial property was reported Pre-commitment leasing transactions accounted for around May begin to see an increase in leasing activity as firms look to Prime net rents in Perth s core precinct range from $85 to $110 per square metre Download the Savills App to access property insights at your fingertips This information is general information only and is subject to change without notice. No representations or warranties of any nature whatsoever are given, intended or implied. Savills will not be liable for any omissions or errors. Savills will not be liable, including for negligence, for any direct, indirect, special, incidental or consequential losses or damages arising out of our in any way connected with use of any of this information. This information does not form part of or constitute an offer or contract. You should rely on your own enquiries about the accuracy of any information or materials. All images are only for illustrative purposes. This information must not be copied, reproduced or distributed without the prior written consent of Savills.

3 3 Overview Savills recorded approximately $27 billion worth of commercial property transactions in the 12 months to December 2016, down from $33.74 billion in the previous year, but much the same as the five year average ($25.6 billion). Foreign investors were the most active in the investment market for the year ended December 2016, purchasing 40 percent of stock reported sold or approximately $10.7 billion. Professional investors, represented by Trusts, Funds and Syndicates, purchased a total of $8.75 billion of commercial property in Real estate capital appears to have a more global focus than it did even a decade ago. Following the liquidity crisis of the GFC, global capital flows in real estate have recovered and in many cases, exceeded pre-gfc levels. This recovery demonstrates the improvement in confidence but also the willingness and need to diversify across economies, currencies and asset classes by global investors. The years 2014, 2015 and 2016 saw real estate investment capital outflows from Asia exceed real estate capital inflows to Asia Pacific. The capital is looking to exploit the uncorrelated property cycles of Europe, the Americas and Asia to reduce risk. Crowded and expensive property markets in Asia have also boosted the need to look abroad and the loosening of restrictions on foreign investment has also contributed to an increase in capital flows. In essence, Asian capital is looking to diversify away from emerging markets by investing in core assets in stabilised, developed markets. The first half of 2016 saw almost US$5 billion flow into the Australian commercial property market from overseas. North America (the United States and Canada) has had a strong appetite for Australian property as has money in the Asia Pacific region. Undoubtedly the currency will have an important role to play as well as the availability, type and scale of investment opportunities. There are new patterns of demand for real estate emerging around the region and we note that investor demand exceeds occupier demand in many geographies and sectors, driving down capitalisation rates not only in Australia, but globally. A new wave of liquidity is being driven by sovereign wealth funds, developers, state owned enterprises, conglomerates, developers and ultrahigh net worth individuals among others as Asian institutions begin to invest in overseas markets, especially Australia. Asian capital is seeking mature markets, capital security and long-term core value assets, while European and North American funds are often looking for growth markets and exceptional returns in Asia. Asian developers are hungry for land in western markets and the two-way flow of capital from east to west/west to east can often involve a search for joint venture partners and require knowledgeable intermediaries at both ends. New currency regulations introduced by China on New Year s Eve 2016 may have an impact on Asian capital flows.

4 4 Australian Retail Property Over the past 30 years, shopping centres have been increasingly acquired by institutional owners who could actively manage, develop and maintain these centres. Very few major shopping centres become available for sale. Clearly, a number of important factors impact the performance of a shopping centre. The performance of the supermarket and discount department store have a very strong bearing on the returns of a centre. The supermarket and discount department store can be impacted by the range on offer, the price point, the ratio of car parking and opening hours. This, in turn, can impact the performance of the adjoining specialty stores. The catchment area also impacts the performance of the centre. The road system, the points of access and competition are important factors. Critically, the size and age of the population as well as capacity for growth in population over the long term can have a material impact on centre performance. Increasingly, ethnic factors are playing a role as centres need to deal with strong levels of immigration. The retail sector always faces cyclical and structural issues. Some cyclical issues are starting to move in its favour. Employment is growing strongly in four or five sectors and shrinking in four or five sectors and the jobs gained and lost are not necessarily in the same physical place. This means certain catchment areas are doing it tough and some are doing well. The size and shape of the workforce has a profound impact on retail property because wages determine spending and jobs define catchment areas. Australia is almost unique in the world as being one of very few countries that have expanded their workforce over the last decade. The size of the Australian workforce continues to grow and unemployment edges down. This has occurred partly because wages growth has been insipid allowing more workers to be hired than may otherwise be the case. Asset price inflation has bolstered household wealth whilst household

5 5 income growth has been subdued. Positive contributions to household spending capacity have come in the form of lower interest rates, lower petrol prices and greater comfort around job security. Nevertheless, growth in household disposable income remains below average. Changes in consumer spending patterns since 2007 appear to have had an adverse effect on department store, apparel and discretionary retailing turnover generally. This has impacted tenants in regional and some sub regional shopping centres. Some sub regional shopping centres have been immune from this. The ABS turnover statistics in the accompanying table show strong growth over a long period in most of the retail categories found at a shopping centre. Supermarkets have been enjoying strong turnover growth as have their associated liquor stores. Discount department stores dealing in electronics, household goods including furniture and discount clothing have also enjoyed strong turnover growth. Associated specialty stores such as a chemist, a take away food store, a bakery, a newsagent and other local service providers such as a dry cleaner may be found in the tenancy mix. The structural issues facing retail are more formidable but not insurmountable. Savills expects the retail sector to evolve to take advantage of the structural issues rather than be over-run by them. The ageing of the population will continue to create challenges for retailers as they jockey for the dollars of retirees. Retirees can be expected to prefer services over goods and will not necessarily continue to dwell in their traditional catchment areas. Internet retailing has already changed the face of retailing for certain categories of goods and will no doubt continue to evolve and challenge more categories over time. New business models are establishing themselves. National Retail Turnover Growth by Category (Seasonally Adjusted, 12 months to November 2016) Supermarket Liquor Clothing Footwear Pharmaceuticals, Cosmetics Hospitality Annual Growth 5 year compound 10 year compound 2.7% 4.3% 6.7% 3.5% 4.4% 4.0% 4.2% 3.6% 5.2% 3.0% 3.8% 5.6% 5.1% 5.9% 4.4% 2.4% 6.0% 5.8% Source: ABS/Savills Research

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7 7 Retail Investment Market Savills recorded approximately $6.54 billion worth of retail property transactions nationally in the 12 months to December 2016, down from $9.38 billion in the previous year, and down slightly on the five year average, which is $7 billion. In the 12 months to December 2016, 199 properties were sold, down from the previous year of 277 but commensurate with the five year average of 202. In the 12 months to December 2016, $3 billion worth of transactions were reported in the >$100m price range, accounting for 45 percent of total retail property sales activity. Over the same period, sales in the $10m - $50m price range had the greatest number of transactions (101 or 51 percent). In the 12 months to December 2016, $1.5 billion worth of transactions occurred in the City Centre category, accounting for 23 percent of total retail property transactions. Of particular note were City Centres sold in Brisbane (Myer Centre), Melbourne (Myer Melbourne and St Collins Lane), Perth (Carillon City) and Sydney (David Jones and the Mid-City Centre). Only two Regional shopping centres changed hands (as part of a portfolio) in Brimbank Central and Forest Hill Chase. A total of twelve Sub Regional centres were recorded sold for a total of $1.35 billion including Toombul, Clifford Gardens, Runaway Bay, Campbelltown Mall and Casey Central. Freestanding supermarkets remained popular whether they were anchored by Coles, Woolworths or IGA an average yield of 5.72% was achieved on almost $200 million of sales. Foreign investors were the most active in the investment market for the year ended December 2016, purchasing 31 percent of stock sold. This follows a record $2.66 billion of investment the previous year. Of the total approximately $800 million was recorded as originating from Asia whilst almost $1 billion originated from North America. The average yield of retail property purchases made by foreign investors in 2016 was 6.19%. Australian professional investors represented by funds, trust and syndicates purchased $2.5 billion of retail property in The average yield of retail property purchases made by these buyers in 2016 was 6.80%. Trusts purchased $1.4 billion of this with an average yield of 6.58%. Large Format Retail property sales within Australia have decreased in volume in the 12 months to December Savills recorded 29 property sales. These sales amounted to $672 million worth of Large Format Retail property transactions. This was down from the previous year total of $1,373 million in 47 transactions and down from the five year average of $855 million worth of sales in 32 transactions. Foreign investors and Australia s Aventus Retail Property Fund were active buyers in the sector in The average yield of Large Format Retail property purchases in 2016 was 6.64%.

8 8 Australian Retail Retail Property Sales by Price Range ($m) Dec-06 to Dec-16 $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 < $10m $10m - $50m $50 - $100m > $100m Source: Savills Research Australian Retail Retail Property Sales by Centre Type ($m) Dec-06 to Dec-16 $10,000 $8,000 $6,000 $4,000 $2,000 $0 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 City Centre Freestanding Large Format Retail Neighbourhood Sub Regional Regional Other Shops Source: Savills Research

9 9 Australian Retail Retail Property Sales Buyer Profile (%) 12 months to Dec-16 24% Private Investor 11% Fund 25% Trust 3% Developer 31% Foreign Investor 2% Syndicate 1% Owner Occupier 3% Undisclosed Source: Savills Research Australian Retail Large Format Retail Property Sales ($m and number) Dec-06 to Dec-16 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec Sales >$5m (LHS) No (RHS) Source: Savills Research

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11 11 New South Wales Savills has recorded approximately $1.94 billion worth of retail property transactions (>$5m) in the 12 months to December 2016, down from $2.97 billion in the previous year, and down on the five year average, which is $2.22 billion. In the 12 months to December 2016, 49 properties were sold, down from the previous year of 74, and down on the five year average of 57. In the New South Wales retail property market only a select few major retail investment properties change ownership in any given period. In the 12 months to December 2016, approximately 52 percent of the total value of retail properties transacted were valued in the > $100m price range. Approximately 45 percent of the total number of properties transacted were in the $10m - $50m price range. The trust purchaser category was the most active in the New South Wales investment market for the year ended December 2016, purchasing 25 percent of stock sold. Large Format Retail property sales in New South Wales have decreased in volume in the 12 months to December Savills has recorded $174 million worth of Large Format Retail property transactions within the state, down from the previous year of $473 million and down on the five year average of $319 million. New South Wales Retail Retail Property Sales by Price Range ($m) Dec-06 to Dec-16 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 < $10m $10m - $50m $50 - $100m > $100m Source: Savills Research

12 12 New South Wales Key Retail Sales Transactions 2016

13 13 [1] David Jones, 77 Market Street, Sydney [2] Mid City Centre, Pitt Street, Sydney Centre Type: City Centre $ million Date: August 2016 Initial Yield: 4.50% Market Yield: N/A Rate per sq m of GLA: $11,239 Woolworths (South Africa) Scentre Group / CBUS Comment: A heritage significant sandstone-clad retail building comprising 10 levels of retail accommodation and two levels of basement parking. The property has remained under the ownership of David Jones since opening in 1938 and benefits from dual frontages to Castlereagh and Pitt Streets. Scentre Group has the opportunity to refurbish the existing retail into luxury retail, while CBUS could deliver new luxury residential units/mixed use podium overlooking Hyde Park in the stratum above the existing building. Centre Type: City Centre $ million (75% interest) Date: May 2016 Initial Yield: 4.74% Market Yield: 4.57% Rate per sq m of GLA: $43,846 Fortius Active Property Trust No. 1 NGI Investments Comment: A four-level prime City Centre with dual access via Pitt and George Streets and a pedestrian link to Westfield Shopping Centre. Completed in 2010 the property is leased to national and international tenants and is expected to benefit from the new light rail line under construction on George Street.

14 14 [3] Campbelltown Mall, 271 Queen Street, Campbelltown Centre Type: Sub Regional [4] Edgecliff Centre, New South Head Road, Edgecliff Centre Type: Neighbourhood [5] King Street Wharf, King Street, Sydney Centre Type: Shops $ million $ million $90.00 million Date: September 2016 Initial Yield: 6.00% Market Yield: N/A Rate per sq m of GLA: $4,594 Perron Investment Group Charter Hall Comment: Spanning almost 43,000 square metres the centre includes two discount department stores, three supermarkets and 120 specialty stores. The trade area of the centre is located in a major residential growth corridor. Date: September 2016 Initial Yield: 3.72% Market Yield: 4.06% Rate per sq m of GLA: $12,794 Private Investor Longhurst Comment: Developed in 1971 the centre comprises an Aldi supermarket, specialty retail shops and a six storey office building. The property has direct access to Edgecliff Train Station and offers significant development potential, such as the possibility of converting the office space into alternative uses. Date: February 2016 Initial Yield: 5.94% Market Yield: 6.14% Rate per sq m of GLA: $15,921 Brookfield LaSalle Investment Management Comment: A group of 13 adjoining leasehold restaurants and bars with prime frontage to Darling Harbour. The former maritime industrial area was redeveloped in 2001 and includes The Malaya, Steersons Steakhouse, Cargo Bar, The Loft and Bungalow 8.

15 15 [6] Tweed Mall, Cnr Wharf and Bay Streets, Tweed Heads Centre Type: Sub Regional [7] Home Central Bankstown, 173 Canterbury Road, Bankstown Centre Type: Large Format Retail [8] Market Fair Campbelltown, 4 Tindall Street, Campbelltown Centre Type: Neighbourhood $81.25 million $53.30 million $48.25 million Date: August 2016 Initial Yield: 8.41% Market Yield: Circa 8.00% Rate per sq m of GLA: $3,528 Date: March 2016 Initial Yield: 7.41% Market Yield: 7.19% Rate per sq m of GLA: $3,249 Date: August 2016 Initial Yield: 6.31% Market Yield: 6.51% Rate per sq m of GLA: $5,228 Vicinity Group Blackstone Private Syndicate Elanor Investors Comment: Formerly a part of the Centro portfolio, Tweed Mall is a harbour front shopping centre with five hectares of development land. The centre is one of the older centres in the region and presents an opportunity for Elanor to undertake refurbishment works. Aventus Comment: A large format centre comprising eight tenancies with prime frontage to Canterbury Road. Sold as part of a larger portfolio of five properties. Fort Street Real Estate Capital Comment: The centre is anchored by a Woolworths supermarket, three mini majors, including Trade Secret and Chemist Warehouse, and an additional 22 specialty stores. The centre was originally built in 1992 and was refurbished in There are plans mooted for an additional three tenancies and reconfiguration of four existing tenancies.

16 16 [9] Kogarah Town Centre, Railway Parade, Kogarah [10] Ballina Central Shopping Centre, Bangalow Road, Ballina Centre Type: Neighbourhood Centre Type: Sub Regional $47.50 million $46.25 million Date: October 2016 Initial Yield: 8.14% Market Yield: 7.07% Rate per sq m of GLA: $7,326 Date: August 2016 Initial Yield: 7.04% Market Yield: 6.90% Rate per sq m of GLA: : $3,264 Lewis Group Alceon Group Private Investor Comment: A two-level neighbourhood centre located above Kogarah Train Station. The centre is anchored by Woolworths and Aldi supermarkets, with one mini major (Terry White Chemist) and 18 specialties. The property comprises a leasehold interest with 55 years remaining on the sublease with Railcorp. RAM Australia Property Fund Comment: A single level sub regional centre in the coastal town of Ballina in northern NSW, circa 190 kilometres south of Brisbane. The centre comprises a Big W discount store, Richies Supa IGA, Priceline Pharmacy, Super Savers and approximately 20 specialities. The land holding is zoned B3 Commercial Core and spans hectares.

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19 19 Victoria Savills has recorded approximately $1.74 billion worth of retail property transactions (>$5m) in the 12 months to December 2016, down from $2.28 billion in the previous year, and down on the five year average, which was $1.76 billion. In the 12 months to December 2016, 42 properties were sold, down from the previous year of 86, and down on the five year average of 56. In the Victoria retail property market only a select few major retail investment properties change ownership in any given period. In the 12 months to December 2016, approximately 60 percent of the total value of retail properties transacted were valued in the > $100m price range. Approximately 45% of the total number of properties transacted were in the $10m - $50m price range. The foreign investor purchaser category was the most active in the Victoria investment market for the year ended December 2016, purchasing 63 percent of stock sold. Large Format Retail property sales in Victoria have decreased in volume in the 12 months to December Savills has recorded $134 million worth of Large Format Retail property transactions within the state, down from the previous year of $295 million but commensurate with the five year average of $152 million. Victoria Retail Retail Property Sales by Price Range ($m) Dec-06 to Dec-16 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 < $10m $10m - $50m $50 - $100m > $100m Source: Savills Research

20 20 Victoria Key Retail Sales Transactions 2016

21 21 [1] Vogue Plaza, 670 Chapel Street, South Yarra [2] Brimbank Central, Cnr of Neale & Station Roads, Deer Park Centre Type: Sub Regional Centre Type: Sub Regional $92.00 million $ million Date: February 2016 Initial Yield: 5.25% Market Yield: 5.95% Rate per sq m of GLA: $5,165 Stamoulis Property Group MTAA Super Comment: Vogue Plaza comprises a three-level, predominately enclosed shopping centre which opened for trade in June 2010 providing a gross lettable area of approximately 11,813 square metres. The Centre anchored by a Big W discount department store, Woolworths supermarket with two mini majors, 30 specialties, four kiosks, five ATMs and a pad site is a part of a mixed-use development with a 31-level residential tower above the retail plaza comprising 498 apartments and 602 carpark bays over two levels of basement car parking. At the time of the sale, the building was 96 percent leased and had a weighted average lease expiry (by income) of 8.44 years. Date: May 2016 Initial Yield: 7.73% Market Yield: 7.09% Rate per sq m of GLA: $4,634 Vicinity Centres Blackstone Group Comment: Brimbank Shopping Centre was sold as a part of three property portfolio valued at $613.3 million. The property is a single level fully enclosed centre, with a gross lettable area of 35,102 square metres (excluding Pad Sites and Offices). Built in 1979 and redeveloped in 2013, it is anchored by a Target discount department store, Coles, Woolworths and Aldi supermarkets together with 8 mini major tenancies and 85 specialty tenancies. The centre offers a combination of at grade and basement car parking for approximately 2,084 vehicles. The property had a weighted average lease expiry of 3.76 years (by income) at the time of its sale.

22 22 [3] Forest Hill Chase, 270 Canterbury Road, Forest Hill* Centre Type: Major Regional $ million Date: May 2016 Initial Yield: 7.56% Market Yield: 7.33% Rate per sq m of GLA: $4,425 Vicinity Centres Blackstone Group Comment: Forest Hill Chase Shopping Centre was sold as a part of three property portfolio valued at $613.3 million. The centre has a gross lettable area of 60,037 square across three levels. Built in 1964 and redeveloped in 2013, it is anchored by a Big W, Target discount department store, Coles, Woolworths and Aldi supermarkets together with 13 mini major tenancies and 140 specialty tenancies. The centre also has a Hoyts cinema and offers car parking for approximately 3,427 car spaces. The property had a weighted average lease expiry of 3.60 years (by income) at the time of its sale. [4] Myer Melbourne, Bourke Street, Melbourne Centre Type: City Centre $ million (33.3% Interest) Date: May 2016 Initial Yield: Circa 5.00% Market Yield: 4.62% Rate per sq m of GLA: $11,484 My Bourke Pty Ltd (Myer Family) TH Real Estate Comment: The property comprises a nine-level department store with street frontage on the Bourke Street Mall within the Melbourne CBD s retail core precinct. The property is fully leased to Myer Department Stores across its gross lettable area of approximately 39,923 square metres. The centre had a weighted average lease expiry of 15.5 years at the time of its sale. [5] Woolworths, 100 Church Street, Middle Brighton Centre Type: Freestanding Supermarket $32.08 million Date: July 2016 Initial Yield: 3.77% Market Yield: 3.77% Rate per sq m of GLA: $9,707 Private Investor Private Investor Comment: The supermarket with a lettable area of approximately 3,305 square metres was sold to a private Melbourne family with 23.5 years remaining under the initial lease. The supermarket offers approximately 100 car spaces provided on-site including at-grade and under croft parking areas. An adjoining Council owned car park provides another 108 bays that are available for supermarket customers. * Portfolio sale included Brimbank and Forest Hill Chase Shopping Centres in Melbourne, Victoria and Clifford Gardens Shopping Centre in Toowoomba, Queensland

23 23 [6] Pakington Strand, Pakington Street, Geelong West Centre Type: Neighbourhood [7] Coburg North Village, Cnr Gaffney & Sussex Streets, Coburg North Centre Type: Neighbourhood [8] Healesville Walk, 251 Maroondah Highway, Healesville Centre Type: Neighbourhood $31.80 million $37.98 million $29.00 million Date: September 2016 Initial Yield: 4.97% Market Yield: 5.45% Rate per sq m of GLA: $5,935 Date: October 2016 Initial Yield: 4.94% Market Yield: 4.92% Rate per sq m of GLA: $6,405 Date: October 2016 Initial Yield: 5.63% Market Yield: N/A Rate per sq m of GLA: $6,014 Charter Hall Coles Property Group Moelis Australia Private Investor Private Investor Private Investor Comment: The single-level centre comprises 5,538 square metres of GLA constructed in The centre is anchored by a Woolworths supermarket along with 14 specialty tenancies with a weighted average lease expiry of 13.8 years (by gross passing income) at the time of its sale. The property includes a stand-alone heritage listed building known as Kinnears Ropeworks, located on site and approximately 307 at grade car spaces on a Mixed Use zoned site of approximately hectares. Comment: The centre is a single-level building of 6,283 square metres that commenced trading in August Anchored by a Coles supermarket including Liquorland (4,175 square metres) and 15 specialties (including medical centre and pharmacy), the centre had a weighted average lease expiry of years by income (excluding Moreland City Council s 99 year lease), including a new 15 year lease plus options for five further terms of 10 years each to Coles at the time of its sale. Onsite car parking is provided for some 303 vehicles on a site of 1.85 hectares. Comment: The centre is anchored by a Coles supermarket and contains 13 speciality tenancies across 4,972 square metres of gross lettable area. The centre is set on a hectares site and includes approximately 203 carparks.

24 24 [9] Casey Central, 400 Cranbourne Rd, Narre Warren South Centre Type: Sub Regional [10] St. Collins Lane, 260 Collins Street, Melbourne Centre Type: City Centre [11] Laurimer Shopping Centre, 95 Hazel Glen Drive, Doreen Centre Type: Neighbourhood $ million $ million $27.00 million Date: December 2016 Initial Yield: 5.25% Market Yield: N/A Rate per sq m of GLA: $8,852 Scentre Group M&G Real Estate Comment: Originally acquired in 2006 as a 6,500 square metre neighbourhood centre set on a 10.6 hectares site, the vendor completed its expansion into a Sub Regional shopping centre with gross lettable area of 24,853 square metres in early The centre now houses Coles, Woolworths and Aldi supermarkets with an adjacent fresh food precinct, and a new-format Target discount department store. The retail centre also includes large format minimajor retail outlets and approximately 73 new specialty stores. Date: November 2016 Initial Yield: Circa 5.00% Market Yield: N/A Rate per sq m of GLA: $27,444 LaSalle Asian Opportunity Fund III (LaSalle Investment Management) JP Morgan Asset Management Comment: St. Collins Lane is a recently redeveloped City Centre offering over 9,000 square metres of gross lettable area across four floors plus a mezzanine level and comprises over 60 stores. The centre secured strong pre-commitment from a number of leading international brands including Coach, TAG Heuer, Reiss, Maje, Sandro Paris, Zadig & Voltaire and The Kooples with most recent announcements from Debenhams who shall open their first Australian flagship store at the centre. This asset has been placed along with another recently purchased Twenty8 Freshwater Place (AU$286 million) in JP Morgan's Asia-Pacific Property Fund, for which the California Public Employees Retirement System (CalPERS) has provided a US$250 million (AU$330 million) commitment. Date: July 2016 Initial Yield: 6.10% Market Yield: 6.04% Rate per sq m of GLA: $5,722 Private Investor Private Investor Comment: The centre is a single-level, strata titled retail development that opened in June The centre has 10 specialty shops and is anchored by a 3,341 square metre Woolworths supermarket leased for a twenty five year term until June The centre was fully leased at the date of sale. The 5,298 square metres site offers car parking for about 264 vehicles on common property.

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27 27 Queensland Savills has recorded approximately $2.1 billion worth of retail property transactions (>$5m) in the 12 months to December 2016, down from $2.57 billion in the previous year, and up on the five year average, which was $1.86 billion. In the 12 months to December 2016, 70 properties were sold, down from the previous year of 85, and up on the five year average of 56. In the Queensland retail property market only a select few major retail investment properties change ownership in any given period. In the 12 months to December 2016, approximately 42 percent of the total value of retail properties transacted were valued in the $10m - $50m price range. Approximately 54 percent of the total number of properties transacted were in the $10m - $50m price range. The trust purchaser category was the most active in the Queensland investment market for the year ended December 2016, purchasing 39 percent of stock sold. Large Format Retail property sales in Queensland have decreased in volume in the 12 months to December Savills has recorded $263 million worth of Large Format Retail property transactions within the state, down from the previous year of $515 million and down on the five year average of $282 million. Queensland Retail Retail Property Sales by Price Range ($m) Dec-06 to Dec-16 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 < $10m $10m - $50m $50 - $100m > $100m Source: Savills Research

28 28 Queensland Key Retail Sales Transactions 2016 [1] Toombul Shopping Centre, 1015 Sandgate Road, Nundah* Centre Type: Regional $ million Date: May 2016 Initial Yield: 6.75% Market Yield: 6.64% Rate per sq m of GLA: $5,213 Vicinity Centres Mirvac * The centre was offered for sale in a portfolio of four Sub Regional Shopping Centres, consisting of two in Victoria and two in Queensland, with Toombul Shopping Centre purchased as an individual asset by Mirvac and the other three by Blackstone. Comment: The centre comprises a two-level building of 44,147 GLA and is anchored by Target, Kmart, Aldi, Coles and Birch Caroll and Coyle Cinemas, supported by 10 mini major tenancies, 118 specialty stores, seven kiosks, five ATMs, six office tenancies and four sundry. Constructed in 1967 and most recently redeveloped in 2011 which incorporated a new Target and food court. A mix of undercover and shade sail covered at grade car parking provides for 1,582 vehicles. The centre is located in the suburb of Nundah, approximately 7 kilometres northeast of the Brisbane CBD and has four street access, positioned in close proximity to the East West Arterial leading to the Brisbane Airport. Sold with 86 percent occupancy and a WALE of 2.56 years, with Target, Kmart and Coles on long term leases expiring in 2026, 2027 and 2032 respectively. At the time of sale negotiations were underway with a national retail tenant for a significant portion of the vacant space, as well as a new 15 year lease with Aldi. The centre also has 6,000 to 7,000 square metres of currently unoccupied space above Target with redevelopment potential excluded from the lettable area. The sale also included an adjoining parcel of land with residential development potential.

29 29 [2] Clifford Gardens Shopping Centre, Anzac Avenue, Toowoomba* Centre Type: Sub Regional [3] Indooroopilly Central, 34 Coonan Street, Indooroopilly Centre Type: Large Format Retail [4] Logan Mega Centre, 3525 Pacific Highway, Slacks Creek Centre Type: Large Format Retail $ million $85.00 million $81.90 million Date: May 2016 Initial Yield: 7.12% Market Yield: 6.76% Rate per sq m of GLA: $6,640 Date: May 2016 Initial Yield: 5.79% Market Yield: 5.78% Rate per sq m of GLA: $4,249 Date: May 2016 Initial Yield: 7.17% Market Yield: 7.09% Rate per sq m of GLA: $3,034 Vicinity Centres Vicinity Centres Blackstone Blackstone Comment: The centre is fully enclosed, single-level with a total GLA of 27,874 square metres. Constructed in 1983 and most recently redeveloped in 2009, the centre is anchored by Big W, Coles and Woolworths supermarkets, together with two mini majors, 82 speciality tenancies (including three vacancies), seven kiosks and five ATMs (including one vacant site). * The centre was offered for sale in a portfolio of four Sub Regional Shopping Centres, consisting of two in Victoria and two in Queensland, with Toombul Shopping Centre purchased as an individual asset by Mirvac and the other three by Blackstone. Jen Retail Properties Limited Comment: The centre is a multilevel property constructed in two stages during 1991 and 1992 (later refurbished in 1994 and 2003). The centre comprises anchor tenants National Storage (8,954 square metres), Spotlight (3,558 square metres) plus 21 retail tenancies (including one vacancy) and one mezzanine level office tenancy leased to a Yoga Studio. A mixture of at grade and under croft car parking is provided for some 253 vehicles on a site of hectares. Aventus Retail Property Fund Comment: The property comprises an enclosed two-level centre which commenced trading in The centre was sold with a WALE by income of 2.35 years and is anchored by Freedom Furniture, Anaconda, Spotlight, Fantastic Furniture and supported by a further 24 retail tenancies (including one vacancy) and one ATM. Under croft car parking is provided for 600 cars. The property sold as part of a portfolio of five large format retail centres nationally for $219 million. The centre is located adjacent to Ikea Springwood, approximately 22 kilometres south of Brisbane and 80 kilometres north of the Gold Coast.

30 30 [5] DFO Brisbane Airport, Skygate 18th Avenue, Brisbane Airport (Leasehold) Centre Type: Outlet Centre [6] DFO Jindalee, 11 Amazons Place, Jindalee Centre Type: Outlet Centre [7] DFO Cairns, Mulgrave Road, Westcourt Centre Type: Outlet Centre $55.00 million $46.60 million $39.70 million Date: May 2016 Initial Yield: 7.50% Market Yield: 9.50% Rate per sq m of GLA: $2,103 Date: January 2016 Initial Yield: 7.74% Market Yield: 7.31% Rate per sq m of GLA: $2,827 Date: February 2016 Initial Yield: 7.49% Market Yield: 9.03% Rate per sq m of GLA: $1,584 Brisbane Airport Corporation Direct Factory Outlets Jindalee Direct Factory Outlets Cairns Vicinity Centres Chin Yin Sentinel Property Group Comment: Located within the Brisbane Airport Skygate precinct, approximately eight kilometres northeast of the Brisbane CBD, DFO Brisbane comprises a single level centre with around 150 speciality shops. The centre opened for business in 2005 and was recently expanded in 2015, which included an additional 4,950 square metres of retail space, 600 square metres of office space, plus a four level car park and pedestrian area. The addition of the four level car park provides the outlet with a total of 2,459 car spaces. Sold on a leasehold basis, via a sub-lease with BAC, whose head lease (over the land and also owns the buildings) expires in 2046 with an option to extend it for a further 50 years. Ground rent is payable to BAC by Vicinity over the term of the lease. Comment: The centre, incorporating a first-level gymnasium, has a total GLA of 16,438 square metres. The centre was constructed in 2007 and includes Fitness First, seven flag ship mini-major tenants, 67 speciality shops (including two vacancies) and one ATM. Onsite decked car parking is provided for 906 vehicles. The centre is positioned just east of the Centenary Highway opposite a Neighbourhood Centre, within the suburb of Jindalee located 12 kilometres north of the Brisbane CBD. Comment: The centre is located in the Far North Queensland City of Cairns, in the suburb of Westcourt and comprises a single level enclosed building incorporating a Coles supermarket. The centre first commenced trading in 1983, having been refurbished and extended various times before the existing outlet shopping centre use was established in December The centre comprises a Coles supermarket, 13 mini-major tenants (including one vacancy), 68 speciality shops (including eight vacancies), six ATMs (including one vacancy) and one Hungry Jacks pad site. At grade open, covered and partial decked parking is provided for 1,495 vehicles. Centre vacancy totals percent or 3,244 square metres.

31 31 [8] MacGregor Mega Centre, 555 Kessels Road, MacGregor Centre Type: Large Format Retail [9] Reedy Creek Shopping Village, 2 Old Coach Road, Reedy Creek Centre Type: Neighbourhood [10] Poinciana Place Shopping Centre, 86 Poinciana Avenue, Tewantin Centre Type: Neighbourhood $26.10 million $20.50 million Undisclosed Date: May 2016 Date: May 2016 Date: November 2016 Initial Yield: 8.42% Initial Yield: 5.73% Initial Yield: Undisclosed Market Yield: 7.74% Rate per sq m of GLA: $2,087 Blackstone Aventus Retail Property Fund Comment: The centre is a refurbished warehouse conversion to Large Format Retail, which opened for trade in September The centre sold with a WALE by income of 1.31 years and is anchored by Harvey Norman (7,258 square metres) and five retail tenancies. Harvey Norman has a short term expiry, however renewal prospects are reasonable given the tenancy provides warehousing requirements for its store at Garden City and there is minimal vacancy or alternate locations suitable. At grade car parking is provided for 168 vehicles on a site of 29,128 square metres which includes a 5,338 square metre vegetation buffer with no development potential. The centre is located within an established large format retail precinct approximately 13 kilometres southeast of the Brisbane CBD and within 1.6km by road west of Westfield Garden City Shopping Centre. The property sold as part of a portfolio of five large format retail centres nationally for $219 million. Market Yield: 5.92% Rate per sq m of GLA: $6,193 RCSC Two in One Holdings Comment: The centre comprises a compact modern single-level building, which commenced trading in November The centre is anchored by a Woolworths supermarket and six retail speciality stores, one DVD vending machine and one ATM. Onsite car parking provides for 192 vehicles on a corner site of 12,246 square metres. The centre is located in the developing Gold Coast suburb of Reedy Creek approximately 15 kilometres southwest of Surfers Paradise. The property occupies a strategic position directly adjacent to the Pacific Motorway at Exit 85, and has two street frontages. The centre also adjoins the established residential communities of The Observatory and Kingsmore Estate. Sold fully leased, with Woolworths lease expiring November 2031 with eight 5 year options available. The vendor reportedly provided a short term rental guarantee over the pending expiries of two tenancies. Market Yield: Undisclosed Rate per sq m of GLA: Undisclosed Stockwell Funds Management Private Investor Comment: The centre comprises a modern building anchored by a 2,400 square metre Woolworths supermarket supported by eleven speciality tenants predominantly non-discretionary based retailers one ATM and one DVD vending machine. Constructed in 2016, the 3,106 square metre centre provides 150 at grade and undercover basement car parking as well as additional onstreet car parking available immediately adjacent to the centre. The centre sold fully leased with a WALE by income of 6.28 years, Woolworths initial lease expires in 2026 with two 10 year options available. The centre is located on the Sunshine Coast in the suburb of Tewantin, approximately seven kilometres east of Noosa Heads and 148km north of the Brisbane CBD.

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33 33 Western Australia Savills has recorded approximately $616 million worth of retail property transactions (>$5m) in the 12 months to December 2016, down from $701 million in the previous year, and down on the five year average, which is $762 million. In the 12 months to December 2016, 25 properties were sold, up from the previous year of 17, and up on the five year average of 21. In the Western Australia retail property market only a select few major retail investment properties change ownership in any given period. In the 12 months to December 2016, approximately 70 percent of the total value of retail properties transacted were valued in the $10m - $50m price range. Approximately 68 percent of the total number of properties transacted were in the $10m - $50m price range. The trust purchaser category was the most active in the Western Australia investment market for the year ended December 2016, purchasing 43 percent of stock sold. Large Format Retail property sales in Western Australia have increased in volume in the 12 months to December Savills has recorded $96 million worth of Large Format Retail property transactions within the state, up from the previous year of $43 million and up on the five year average of $58 million. Western Australia Retail Retail Property Sales by Price Range ($m) Dec-06 to Dec-16 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 < $10m $10m - $50m $50 - $100m > $100m Source: Savills Research

34 34 Western Australia Key Retail Sales Transactions 2016

35 35 [1] Mullaloo Plaza Shopping Centre, Koorana Road, Mullaloo Centre Type: Neighbourhood [2] Bunnings Joondalup, cnr Sundew Rise and Honeybush Drive, Joondalup Centre Type: Large Format [3] Subiaco Square Shopping Centre, 29 Station Street, Subiaco Centre Type: Neighbourhood $10.00 million $43.54 million $38.50 million Date: April 2016 Initial Yield: 6.90% Market Yield: 6.73% Rate per sq m of GLA: $4,257 Private Investor Private Investor Comment: A single-level centre anchored by an IGA supermarket, 12 specialty stores and one ATM. The centre comprises approximately 2,349 square metres within the beachside suburb of Mullalloo, 22 kilometres north-west of the Perth CBD. Date: March 2016 Initial Yield: 5.50% Market Yield: 5.50% Rate per sq m of GLA: $3,140 Bunnings Private Investor Comment: Bunnings Joondalup is situated approximately 25 kilometres north of the Perth CBD, just south of Lakeside Joondalup Shopping Centre, a regional shopping centre of circa 90,000 square metres. Bunnings entered into a new 12-year lease at settlement with further options to Purpose-built in 2014 for Bunnings on a site of some 26,512 square metres, the property includes a single-level 13,866 square metre building with undercroft parking for 416 vehicles. Date: September 2016 Initial Yield: 6.05% Market Yield: 6.09% Rate per sq m of GLA: $5, Capital Investment Management Private Investor Comment: Located approximately three kilometres west of the Perth CBD, Subiaco Square Shopping Centre comprises circa 6,457 square metres of retail space. The centre is anchored by a Woolworths supermarket, along with 22 specialty stores, a kiosk and two ATMs. There are also two upper level office tenancies and a medical centre incorporated into the centre, which was constructed in the late 1990s. At the time of the sale the property was fully leased with a weighted average lease expiry by income and area of 5.50 and 6.10 years respectively. Subiaco Square Shopping Centre is located directly opposite Subiaco train station and forms part of Subiaco s commercial hub.

36 36 [4] Carillon City, Hay Street Mall, Perth [5] Darling Ridge Shopping Centre, 309 Morrison Road, Swan View Centre Type: City Centre Centre Type: Neighbourhood $ million $17.35 million Date: September 2016 Initial Yield: 5.47% Market Yield: N/A Rate per sq m of GLA: $7,752 Brookfield Property Partners and Hawaiian Investments as joint partners DEXUS Property Group Comment: Carillon City comprises two land holdings that incorporate two arcades and an office tower, covering approximately 18,068 square metres of retail space and 5,896 square metres of office accommodation. Carillon City is located in the heart of Perth CBD s shopping precinct, extending between Hay and Murray Street Malls. The retail component is incorporated within Carillon Arcade and City Arcade. Located above the City Arcade is the office tower, City Arcade Tower, which provides 14 levels of office space. The complex houses Topshop Topman s flagship store, three mini major tenancies, 104 specialty tenancies and kiosks and 11 ATMs. The property sold after an expression of interest campaign. Date: October 2016 Initial Yield: 6.66% Market Yield: 6.61% Rate per sq m of GLA: $7,794 Private Investor Private Investor Comment: Originally constructed circa 1976, with subsequent refurbishments in 1992 and 2002, the centre comprises an IGA supermarket, some 10 specialty tenancies, four ATMs and a Caltex service station. Located approximately 18 kilometres north-east of the Perth CBD in the mature residential locality of Swan View, the centre sold after an expression of interest campaign. At the time of sale the centre was fully leased with a weighted average lease expiry by area of 7.8 years.

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39 39 South Australia Savills has recorded approximately $142 million worth of retail property transactions (>$5m) in the 12 months to December 2016, down from $861 million in the previous year, and down on the five year average, which is $403 million. In the 12 months to December 2016, 13 properties were sold commensurate with the previous year of 15, and also on the five year average of 12. In the South Australia retail property market only a select few major retail investment properties change ownership in any given period. In the 12 months to December 2016, approximately 64 percent of the total value of retail properties transacted were valued in the $10m - $50m price range. Approximately 62 percent of the total number of properties transacted were in the < $10m price range. The private investor purchaser category was the most active in the South Australia investment market for the year ended December 2016, purchasing 67 percent of stock sold. South Australia Retail Retail Property Sales by Price Range ($m) Dec-06 to Dec-16 $600 $500 $400 $300 $200 $100 $0 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 < $10m $10m - $50m $50 - $100m > $100m Source: Savills Research

40 40 South Australia Key Retail Sales Transactions 2016 [1] Hilton Plaza Shopping Centre, 160 Sir Donald Bradman Drive, Hilton Centre Type: Neighbourhood $19.20 million Date: August 2016 Initial Yield: 6.53% Market Yield: 6.61% Rate per sq m of GLA: $4,312 Vicinity Centres Fort Street Real Estate Capital Comment: Located 3.5 kilometres west of the Adelaide CBD, the centre comprises a single-level centre that was built in the late 1990s. The 9,180 square metre centre is anchored by a 3,082 square metre Woolworths supermarket, together with 11 specialty stores, three ATMs, a kiosk, office and an external tenancy. Hilton Plaza is located within an established residential catchment area on a major thoroughfare to and from the city and Airport. The centre sold with a weighted average lease expiry (by income) of 2.04 years. Woolworths has two further rights of renewal of 10 years each.

41 41 [2] Surrey Downs Shopping Centre, Grenfell Road, Surrey Downs [3] Port Mall Shopping Centre, 178 St Vincent Street, Port Adelaide Centre Type: Neighbourhood Centre Type: Neighbourhood $15.50 million $14.85 million Date: July 2016 Initial Yield: 7.80% Market Yield: N/A Rate per sq m of GLA: $3,189 Date: July 2016 Initial Yield: 5.85% Market Yield: N/A Rate per sq m of GLA: $1,295 Private Investor Private Investor Private Investor Private Investor Comment: Located approximately 16 kilometres north of Adelaide CBD on the corner of Golden Grove and Grenfell Roads, the centre was refurbished in 2013 to accommodate the anchor supermarket, Drake Foodland who had recently signed a new 10-year lease. The 4,860 square metre centre also includes 13 specialty stores and medical centre leased to a subsidiary of Sonic Healthcare. Situated on a land holding of some 1.86 hectares, the property sold after a public expression of interest campaign. Comment: Port Mall comprises a supermarket and around 16 specialty stores with an approximate area of 11,465 square metres. The circa 3,094 square metres supermarket is leased to Foodland (Romeo's) until 2027 and the site provides access to more than 400 car parks. It is understood at the time of sale, Port Mall was 37 percent occupied. The 2.2 hectare site offered redevelopment potential as evidenced by the immediate on-sale of the former Mitre 10 site on Quebec Street for $5 million to Aldi for a new supermarket.

42 Savills Key Contacts Australian Capital Territory Research Peter Sutherland +61 (0) psutherland@savills.com.au Valuations Phil Harding +61 (0) pharding@savills.com.au Sales & Leasing Theo Dimarhos +61 (0) tdimarhos@savills.com.au Project Management Mitchell Thomas +61 (0) mthomas@savills.com.au New South Wales Research Tim Mitchell +61 (0) tmitchell@savills.com.au Valuations Chris Paul +61 (0) cpaul@savills.com.au Sales Steven Lerche +61 (0) slerche@savills.com.au Leasing David Kleiner +61 (0) dkleiner@savills.com.au Asset Management Howard Chapman +61 (0) hchapman@savills.com.au Project Management Phill Andrew +61 (0) pandrew@savills.com.au Queensland Research Yvette Burton +61 (0) yburton@savills.com.au Valuations Lawrence Devine +61 (0) ldevine@savills.com.au Sales Peter Tyson +61 (0) ptyson@savills.com.au Asset Management Leonie Deaves +61 (0) ldeaves@savills.com.au Project Management Ken Ng +61 (0) kng@savills.com.au Sunshine Coast Scott Gardiner +61 (0) gardiner@savills.com.au Gold Coast Kevin Carmody +61 (0) kevin@savillsgc.com.au

43 South Australia Research Katy Dean +61 (0) kdean@savills.com.au Valuations Heath Dowling +61 (0) hdowling@savills.com.au Sales Peter Isaksson +61 (0) pisaksson@savills.com.au Capital Transactions Rino Carpinelli +61 (0) rcarpinelli@savills.com.au Leasing Peter Isaksson +61 (0) pisaksson@savills.com.au Asset Management Jeffrey Klaebe +61 (0) jklaebe@savills.com.au Project Management Steve Christodoulou +61 (0) schristodoulou@savills.com.au Victoria Research Monica Mondkar +61 (0) mmondkar@savills.com.au Valuations Stuart Fox +61 (0) sfox@savills.com.au Sales Pat De Maria +61 (0) pdemaria@savills.com.au Leasing Damien Abela +61 (0) dabela@savills.com.au Asset Management Toan Nguyen +61 (0) tnguyen@savills.com.au Project Management David Hayden +61 (0) dhayden@savills.com.au Western Australia Research Katy Dean +61 (0) kdean@savills.com.au Valuations Mark Foster-Key +61 (0) mfosterkey@savills.com.au Sales Chas Moore +61 (0) cmoore@savills.com.au Capital Transactions Graham Postma +61 (0) gpostma@savills.com.au Leasing Chris Ireland +61 (0) cireland@savills.com.au Asset Management Jason Ridge +61 (0) jridge@savills.com.au Project Management Graham Nash +61 (0) gnash@savills.com.au