Savills Research Western Australia
Quarter Times Perth Retail Q4/2013
Savills Research | Quarter Times Quarter 4 2013
savills.com.au/research 2
Key Market Indicators
Perth Enclosed Centres
Regional Sub-Regional Neighbourhood
Low High Low High Low High
Major Tenant Net Rental ($/sq m) 160 230 150 220 135 155
DDS Tenant Net Rental ($/sq m) 160 230 150 220 na na
Specialty Tenant Net Rental ($/sq m) 1,050 1,650 600 1,150 420 740
Yield - Market (%) 6.50 7.25 7.50 8.50 7.25 9.50
IRR (%) 8.75 9.25 9.00 10.00 9.50 10.50
Outgoings - Operating ($/sq m) 80 125 75 120 42 90
Outgoings - Statutory ($/sq m) 40 50 35 40 20 40
Outgoings - Total ($/sq m) 120 175 110 160 62 130
Capital Values ($/sq m) 4,500 9,200 2,700 5,200 1,550 2,600
Source: Savills Research
Perth Shops
Hay St Mall Other CBD Shopping Strip
Low High Low High Low High
Net Rental ($/sq m) 2,300 5,000 650 2,600 400 1,500
Yield - Market (%) 7.25 8.50 7.50 9.00 7.00 9.00
Outgoings - Operating ($/sq m) 110 280 120 170 50 65
Outgoings - Statutory ($/sq m) 50 140 45 80 25 35
Outgoings - Total ($/sq m) 160 420 165 250 75 100
Capital Values ($/sq m) 5,200 7,500 4,200 7,000 4,000 6,500
Source: Savills Research
Perth Bulky Goods
Bulky Goods
Low High
Tenant Net Rental ($/sq m) > 1,000sq m 170 270
Yield - Market (%) 8.50 11.00
IRR (%) 9.00 12.00
Outgoings - Operating ($/sq m) 35 55
Outgoings - Statutory ($/sq m) 25 35
Outgoings - Total ($/sq m) 60 90
Capital Values ($/sq m) 1,900 3,000
Source: Savills Research
Savills Research | Quarter Times Quarter 4 2013
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Major Sales Activity
Select Perth Retail Enclosed Centre Sales
Date Property Price ($m) GLA (sq m) $/sq m Yield (%)
Oct-13 Harbour Town, West Perth 205.00 21,238 9,653 5.85
Oct-13 Bunbury Forum Shopping Centre, Bunbury 137.08 21,384 6,410 na
Oct-13 South Lake Shopping Centre, South Lake 6.80 3,107 2,189 10.27
Nov-13 Brighton Village Shopping Centre, Butler 21.00 3,846 5,460 7.90
Nov-13 Atwell Arcade, Fremantle 8.29 2,678 3,096 8.63
Source: Savills Research
Select Perth Retail Shop Sales
Date Property Price ($m) GLA (sq m) ($/sq m) Yield (%)
Dec-13 East End Village, West Perth 8.35 920 9,076 4.25
Source: Savills Research
Select Perth Retail Bulky Goods Sales
Date Property Price ($m) GLA (sq m) ($/sq m) Yield (%)
There were no significant bulky goods sales recorded during the quarter.
Source: Savills Research
Select Perth Retail Development Site Sales
Date Property Price ($m) GLA (sq m) ($/sq m) Yield (%)
There were no significant development site sales recorded during the quarter.
Source: Savills Research
Current Retail Construction
Major Centres Currently Under Construction
Centre Suburb Type New Extension Refurb Completion
Wyatt Grove Shopping Centre Hocking Neighbourhood 5,000 Feb-14
Bassendean Village Bassendean Neighbourhood 2,902 Jun-14
Eaton Fair Shopping Centre Eaton Sub Regional 15,500 Oct-14
Lakeside Joondalup Joondalup Regional 28,300 Nov-14
Carillon City Perth City Centre 2,264 Nov-14
Cockburn Gateway SC Success Sub Regional 20,600 Dec-14
Centro Warnbro Rockingham Neighbourhood 9,486 Dec-14
Beeliar Village Shopping Centre Beeliar Neighbourhood 3,800 May-15
Pinjarra Junction SC Pinjarra Neighbourhood 5,492 Feb-16
Wellard Square Shopping Centre Wellard Neighbourhood 6,285 Jun-16
Source: Savills Research/Cordells
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]
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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]
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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]