Wheatley agrees that strip centers have been copping a very hard time, citing a lack of convenience factors such as parking, air-conditioning and undercover locations, as the major reasons. There is also a lack of quality tenants to attract shoppers to strip centres. Major retailers don't want to be in them. The decline of these centres is likely to continue for some time. There was talk that very high rents in regional centres would force some retailers to go back to the strip centres, but there doesn't seem to be any sign of this happening,
Those strip centres that do thrive will offer something unique to shoppers. This is true of Oxford Street in Sydney and some of the specialty strip centres in Melbourne. "Like these strip centres, some regionals will also continue to serve as destination shopping centres." A good example of this trend is Gander’s Chad stone Shopping Centre which, according to industry figures, achieves Australia's highest annual turnover of around $530 million ($5860 a sq m).- settlement agent Perth alludes to the demonstration of exchanging property starting with one manager then onto the next.
This is impressive when you consider that it has an area of 90,442 sq m, compared to a super regional such as Westfield Shopping town Parramatta at 113,499 sq m and returning about $400 million ($3542 a sq m). Michael O'Brien, retail portfolio manager for Lend Lease's General Property Trust, believes economic indicators point to continued growth for the retail sector throughout 1998.
Interest rates are very low and have been through a long period of successive cuts, spending is up and unemployment down. This meant more money in pockets in the second half of '97 and growth in sales has gathered momentum," says O'Brien. There is a bit of uncertainty over how the Asian currency crisis will affect growth, but most analysts are predicting a three to four per cent growth in GDP.
GPT has $2 billion of its total $3.5 billion portfolio invested in retail property. According to O'Brien, Lend Lease's centres in strong population growth areas are faring well at present. "The move by Myers/Grace Bros to market its electrical and sporting departments as separate divisions is a sign of this shift."
Throughout the Lend Lease centres, in line with the industry trend, supermarkets have shown very strong growth. Supermarkets have shown much stronger growth than specialty food outlets with very strong dollar per sq m turnover increase. This is partially because supermarkets are offering more to the customer, but it is largely convenience.
The part of conveyancing specialists is a critical one in the entire process as their part is to direct and Longer trading hours have benefited supermarkets and this is particularly evident in Victoria where Sunday trading came in late 1996. As a result of the change in spending patterns, Lend Lease last year shifted the focus of its market research to a lifestyle based approach, segmenting shoppers into lifestyle patterns rather than age. We tailor our marketing to lifestyle patterns rather than to a specific age group. This is an innovative approach and we are pioneering it at a couple of our centres," says O'Brien.
"Geographically, retail performance has followed economic patterns and rates of population growth.” "In Tasmania and South Australia performance has been sluggish, while Canberra has also experienced very little growth." "Sydney is breaking even, Brisbane tends to be over shopped with centres still being developed and Western Australia has been performing well."
"High unemployment in some areas has been tempered with strong population growth and a demand for convenience items." "This is where convenience centers, discount department stores and supermarket chains have benefited. Property developers are concentrating on these centers" such as Triplexes Property Management and Stock land, have benefited from this trend.
Those retail centres poised to benefit from Australian's changing spending patterns and the more discerning 1990s consumer are food based con. According to BIS Shrapnel's report Retail Property Market Forecasts and Strategies 1997 to 2007, this trend is already apparent. Stock land Trust Group has 62 per cent of its assets in retail property. The group is slightly unusual in its structure as the trading group, Stock land Corporation Limited, is separated from the trust, Stock and Property Trust.
"Originally set up this way for tax purposes, the structure means that units in the trust and shares in the corporation are stapled and jointly quoted."It is a structure that has since been adopted by a number of other property groups. "Executive chairman Ervin Graf reports in the trust's 1997 Annual Report that the group's convenience centres significantly out-performed department store based centres.
Industrial assets in the South East region were the most sought after in 2007, with $473.74 million invested, and followed by the West region with $332.68 million. Conveyancing www.enactconveyancingadelaide.com.au is in this manner, a standout amongst the most vital administrations you require. Turnovers were mainly adversely affected in the fashion trades and specialist fresh food outlets, the latter group losing market share to the popular new style fresh food supermarkets, " which gain the principal benefit of extended trading hours. We do not expect these trends will change in the short term".
"Stock land’s general manager shopping centres, Paul Hunter, says the group's convenience centres have been performing very strongly,” in some areas achieving double digit increases in turnover. Those with both discount department stores and supermarkets, such as at Wetherill Park in western Sydney, fared particularly well.
"The centre at Baulkham Hills, which contains a Woolworths and a Franklins supermarket, achieved a turnover increase of between six and eight per cent." The power centre is going from strength to strength. It took a while to take off, but the rate of growth is increasing. Power centers proliferated in the US during 1996 and started easing off in 97 - they were quite a trend. Ours is one of the first here," says Hunter.
While Stock land is generally consolidating its retail portfolio rather than seeking to expand, Hunter does not rule out more acquisitions if the right retail property becomes available. "We're always looking for opportunities. Stock land is an opportunistic developer of retail property," Triplexes Property Management specializes in Community Convenience Centres, hence the Triplexes brand. The group has nine supermarket-based centres, five in Queensland and four in NSW. The centres are typically between 2500 and 3000 sq m in size, with 30 to 40 shops. "Managing director Alan Revell says the convenience sector has been positive compared to other retail areas."
"Supermarkets are moving out of regional and larger centres because shoppers are becoming reluctant to shop for groceries in very large centres." They go to the larger centres for leisure activities and don't want to have to struggle through crowds and large car parks with shopping trolleys," says Revell.
Triplecee's centres are in country or outer metropolitan areas. In NSW, the centres are located in Goulburn, Taree, Lismore and Black town According to Revell they are going "astronomically well" with some centres recording turnover increases over the previous year in excess of 18 per cent. Your conveyancing specialist The conveyancing specials are responsible for making the process much easier and smooth to handle.
The average increase in turnover has been around eight per cent. Revell says the change is simply part of the natural evolution of retailing in Australia. "The enormous increase in the number of women in the workforce means that convenience is the main priority." "In a convenience centre the average visit would be around one and a half hours, whereas for the regional it is three hours.".
"Customers go to the convenience centre primarily to purchase food and will go to other specialty shops such as a chemist or newsagent." These centres are replacing the old strip centres and regionals, which are becoming more leisure oriented, are replacing the CBD. To some extent the CBD is also coming back to life as well," says Revell.
a major prop of the nation's retirement savings with an estimated $30 billion committed to shopping centres by superannuation funds and property trusts on behalf of nine million Australians; and On this one in a thousand New Years Eve there will be much to anticipate with excitement and, perhaps, a touch of fear. The first thing to worry about will be the Y2K bug. Will we and the electronic systems we depend on so much take it all in our stride without so much as a blip on our screens, or will we be plunged into darkness?
Given all the planning and expense that shopping centers have put into preparing for Y2K, I believe that as long as the power supply can be guaranteed, the lifts and escalators will run and the lights and air-conditioning will work. For the shopping centre industry, it's not just a matter of adding 10 per cent, collecting the money at the till and sending it to Canberra. The GST requires the upgrading of financial management systems, stock-taking and re-pricing of thousands of lines of product, new computer systems, staff training and inventory judgments based on assumptions about likely consumer buying patterns before and after the tax.
The Property Council and the Shopping Centre Council have led the charge against the NSW Government’s proposal to increase and extend its car park levy. "If we can knock off this scheme in NSW there’s little chance of other States adopting similar proposals.” "Following a major public backlash on the back of our major media campaign, the NSW Government’s position is weakening by the day.” They initially welcomed the scheme as an “exciting” proposal but now claim it’s a “kite flying exercise” and not policy. Already both the Property Council and the Shopping Centre Council have recorded 115 media hits (TV, radio, newspapers) on the issue since last Thursday. Free parking in shopping centres could be abolished, retailers hit with a major impost and small businesses and workers will pay a lot more to drive their cars to work.
The threat here is for additional harsh amendments to Trade Practices legislation resulting in less flexibility for shopping centre owners and vexatious litigation during lease renewal negotiations. The Property Council and a number of our senior members (shopping centre owners) will also present a strong case on your behalf face to face with the MPs later this year at a public hearing.
"Around 500,000 signatures have been collected for presentation to the Government - a major publicity assault is being planned around the event."Property Council Queensland Executive Director, Ross Elliott, and ACSC (Qld) Chairman Stephen Bridges are right on top of the situation and doing a great job communicating with the Government at the highest levels. Throughout the campaign the Property Council has never lost sight of our policy and priority - Sunday trading. That remains our goal in Queensland and elsewhere. These proposals are contained in a document released today to the Property Council (without consultation) and retailer groups by the WA Government Minister for Fair Trading, Cheryl Edwards
Congratulations to the Property Council's Queensland Division for leading the charge on this issue and working with the Government and our alliance partners to achieve an excellent result on "this most difficult and emotive issue", to quote the Minister. Our Lobbying Update dated 24 October "Retail Lease Legislation Frenzy" alerted you to the media statement by former Premier of SA. Any incredible best cheap conveyancing services Sydney expert possessed with a steady stream of work.
Intense public and private lobbying by senior Property Council members at a state and national level was backed up by formal meetings with the now replaced Premier, Attorney General, and influential backbenchers. Proposals we also encouraged the Government to allow time for a structured discussion by industry participants to achieve a fair and workable outcome on the issue of rights of landlords and tenants at the end of a lease term.
"However, thanks to a huge effort by a number of major shopping centre owners, managers and lawyers, we are well prepared, as are Lend Lease, Westfield and AMP who are also appearing." A major recent development is that the two most influential economic agencies of the Federal Government, the Departments of Treasury and Industry, have urged the Committee of MPs not to pursue draconian legislative solutions to the problems faced by small businesses.Melbourne and Newcastle to get a better understanding of the professionalism of modern shopping centre management and the legislative protections that are already available to retail shop tenants."There is no doubt that the majority of committee members have strong views about the need to protect small business by legislative means."Our fear is that they will recommend sweeping changes to the Trade Practices Act (TPA) to try and prohibit business practices that are, in their view, "unfair".
The ramifications for farmers and landowners adjoining the coastline could be considerable. As James Del Mar from Strutt & Parker’s Land Management Department says: "Although the windfarms will be out at sea there will be a requirement for access for both construction and maintenance, and leases for cables sites and equipment cabins will have to be negotiated. Whether the landowner is a farmer, a local authority, a port authority or some other body, the first requirement is for expert advice.
If these contracts are negotiated correctly they can be extremely valuable and will have a long life." Recent opinion polls have shown that almost three quarters of British people believe that wind is a safe and ecologically sustainable power source. Locating wind farms offshore negates criticisms that the installations can have a detrimental effect on the landscape. With its long coastline and dependable offshore wind the UK is ideally suited to take advantage of wind power.
This Government initiative, known as ‘Round 2’, should provide the power for two million homes. Three quarters of all the wind farms in the world are in the Europe, and Britain is already well established in this industry. "I would advise land owners who are currently negotiating for the establishment of land-based windfarms to get their deals sewn up as soon as possible. For coastline owners the advice is to speak to experts such as ourselves. The Government has put its weight behind Round 2 and the time scale isn’t that long.
The industrial market should stabilize in 2003 and vacancies will remain in the 7 to 9 percent range throughout most of the year. Call us to get licensed and upright property conveyancing sydney if you are looking to sell your residential properties. "Compulsory purchase powers may exist, but in today’s climate they are unlikely to be used. The way forward is through negotiation – which will give the operators what they need and provide valuable leases for the land owners." Mr Parry-Jones, who heads up Strutt & Parker’s Guildford office, comments: "The A3 from south London to Portsmouth has improved considerably over the years, and is virtually motorway standard nowadays.
The only real bottleneck is at Hindhead, and we often see tailbacks of up to four miles. The argument for some kind of bypass was first mooted as long ago as the Seventies, and in recent years has become very strong indeed. The tunnel is by far the best option." he bypass will cost an estimated £150 million, work is scheduled to commence in 2005 and the tunnels will be open in 2009.
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This will make it the second non-estuary tunnel in the UK after the Stonehenge tunnel on the A303. The contract for the work has been awarded to Balfour Beatty. approaches to the tunnels, which means that there should be no lengthy convoys of trucks carrying spoil away from the site and disrupting local life.
"Property prices to the north of the area have risen in recent times but those to the south have been subdued," says Mr Parry-Jones. "We often receive instructions from clients looking for a new home who say that they are prepared to go ‘as far down as Hindhead’ so that they remain on the London side of this notorious bottleneck. "The tunnel will iron out those imbalances in value, and I would imagine that we will see a rise of around 10% in prices very quickly indeed.
This is an imaginative and very welcome solution to a real problem. "This is a very unique site, not only in terms of its coastal location, but also the fact that outline planning permission has been gained for the construction of a maximum of 650 retirement homes. Part of this agreement requires the minimum age of the property owner to 60, and the significant site is divided into approximately 13 different areas of use. There is no scheme in the UK of such significance." Farm Business Consultants Strutt & Parker are urging all arable farmers to “Think VI”, or Voluntary Initiative, as soon as possible, and to put the completion of their Crop Protection Management Plan (CPMP) at the top of their post harvest priority list.