Commercial Retail

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AMP Capital has bought back the corner building it developed in 1931 to house its Melbourne operations.
The <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-501595553" target="_blank">425 Collins Street</a> building was acquired for $39 million from the Indonesian-based Halim family.
The sale reflects a passing yield of 5.07% and a building rate of $7,250 per square metre. 
Negotiations for the 10-level office and retail building were handled by CBRE’s Kiran Pillai, Mark Wizel and Josh Rutman.
The property has been acquired by AMP’s Wholesale Australian Property Fund, which recently exchanged on the Stud Park Shopping centre in Rowville for $154 million.
The 425 Collins Street campaign had generated interest from Chinese and Singaporean hoteliers looking at a future conversion of the asset.
“Over $3 billion worth of office, retail and residential development is either planned or underway in Melbourne’s mid-town and Cbus’s proposed $1 billion redevelopment of 447 Collins Street is directly opposite", said Josh Rutman.
Designed by Bates, Smart and McCutcheon, the heritage-listed 425 Collins Street has a lettable area of 5,350 square metre.
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AMP Capital buys back heritage-listed Collins Street address

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SPONSORED POST
It’s the start of a new year and many businesses may be looking to move office.
Moving an office is a huge challenge that can make moving house feel like a walk in the park – so we’ve collated our top tips for moving offices to make sure the process is as smooth as possible.
Before the move (planning)
<ol>
<li>With the floor plan for your new location, work out at which desk each person will sit.</li>
<li>Assign each desk a number. It’s easiest to sequentially number the desks.  Also alter the number pattern per department. For example, if all your Marketing people sit in one area, assign their desks numbers 100 to 150, your IT Team 200 to 220, Customer Service 300 to 340, and so on. It makes items and areas more easily identifiable.</li>
<li>People with individual offices should have a number assigned to the office.</li>
<li>Match your numbered floor plan with the staff members who will be assigned that desk/office.</li>
<li>Name communal spaces, up to you if you use names or numbers, just make sure they are clear.</li>
<li>Work with IT to ensure all data and power needs are ready (or will be ready) for moving day.</li>
<li>Confirm that you have all details to access the building and that there will be parking available for removalists.</li>
</ol>
Before the move (communications)
<ol>
<li>To the removalists – send them copies of your numbered floor plan so that they have an understanding of the layout ahead of time.</li>
<li>To staff – send clear instructions about the process of packing, along with a cut-off time to have their packing finished. Make sure they understand that any items that are not packed properly will be left behind and then disposed of.</li>
<li>To staff – send a map of the new location so they understand how to get there, where to park, what public transport is available, etc.</li>
</ol>
Before the move (packing)
<ol>
<li>Give each staff member his or her allocated desk number.</li>
<li>Tell staff members to number all boxes, computer screens, hard drives and furniture. Ideally, each item type should be labelled in the same spot (base of the computer screen, top of hard drive, etc).</li>
<li>Filing cabinets should be emptied and locked or taped closed for easy removal.</li>
<li>All keyboards, cables, phones etc should be placed in plastic bags and labelled with their allocated number.</li>
<li>Laptops, tablets and mobiles and any other valuable/personal items should be taken home rather than packed.</li>
<li>Items for shared areas such as kitchens or utilities rooms should be labelled in the same way they are on your floor plan.</li>
</ol>
Before the move (at your new location)
<ol>
<li>Post signs for the removalists with directions to each area. For example, ‘For Numbers 300-500, turn right’.</li>
<li>If you are moving desks into the space, use masking tape, or similar, to plot out where the desks should go. Label each space with its number. Obviously, make sure you’ve measured up ahead of time to make sure everything will fit.</li>
<li>If the office is already fitted out then label the desks with their location number.</li>
</ol>
During the move
<ol>
<li>Depending on the size of the move you may need to arrange to have company representatives at both locations; if there’s more than one truck working, someone needs to be at the new location to meet the first one that arrives while someone stays at the old location until the last of the trucks have completed their work.</li>
<li>Try to have the removalists work on one area at a time, especially in a bigger building. It will ensure you can be there to provide instructions and answer questions.</li>
<li>Wait until everything has been moved in before trying to connect phones and computers. This usually means waiting until the day after the move. You should aim to have all computers connected before staff return to work again.</li>
<li>Before staff return, do a quick check to see that the boxes and items on peoples’ desks correspond with their allocated number.</li>
<li>A nice touch is to create personalized desk labels for each staff member with their name, photo, job title and company logo and leave them on their new desks. It’s a nice surprise for staff and much more welcoming than the location numbers.</li>
</ol>
Before staff arrive
<ol>
<li>Check the building is safe for people to enter, that any rubbish has been removed and walkways are clear.</li>
<li>If the building is big, put up signage with directions for each team to find their way around.</li>
<li>Spot-check all facilities – make sure power, toilets, fridges etc are working.</li>
</ol>
For the latest commercial property news, inspiration and insights, please visit <a href="https://www.realcommercial.com.au/" target="_blank">www.realcommercial.com.au</a>
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Smooth moves: An office relocation checklist

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Childcare magnate Martyn Downs has purchased Bowral's recently refurbished Royal Hotel.
It is where the Southern Highlands rich and famous are served their local sauvignon blanc by the new licensee Peter Dean and wife Kate, whose family are the longtime publicans at the Lord Dudley in Woollahra.
The departing Royal landlords, the Feli family had wanted $5 million plus for the past two or so years.
It is not Downs' first pub, but having a 70 acre black Angus cattle farm at Bundanoon, this one will be handier than his previous Moree venture.
Downs was attracted to the main street acquisition given the inclusion of shops, restaurant and accommodation in the popular tourism destination. 
"It is the first iconic building you see when you arrive in town," Richardson &amp; Wrench selling agent Mick Maloney noted.
Geoff Harvey, the fondly remembered musician from Channel 9's Midday show, is among the regulars at the pub, and also teaches music lessons as one of the seven shop tenants.
Downs' wife Helena, their five daughters - and one son - are always keen for a shop given the likes of Seed, Witchery and Rodd &amp; Gunn emerging on the main strip in the town where Harris Farms grocery has now expanded for the fourth time.
The Downs couple also have the eight bedroom holiday rental property, La Belle Vie at Bundanoon.
Downs has been an operator and developer of childcare centres since 1992, seizing the opportunity of the past 18 months to sell some of his leasehold businesses into the listed G8 group while keeping the freehold.
This article first appeared in The Saturday Daily Telegraph.
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Martyn Downs buys Bowral's Royal Hotel

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Westfield Corporation Funds From Operations (FFO) for the six months ending 30 June 2015 hit $380m, representing 18.3 cents per security and in-line with forecast.
Westfield Corporation Co-CEOs, Peter Lowy and Steven Lowy AM said this year the company expects to commence $2.5bn of projects, having already commenced $1.6bn of redevelopments to-date in 2015 including Century City in Los Angeles and UTC in San Diego, with the expansion at Westfield London expected to commence later this year.
"The benefits of our restructure last year can be seen in the significant progress being made on our $11.4bn development program,” they said.
 “The performance of WFD’s pre-eminent portfolio remains strong. 
“Our investment in the development program, which also comprises Westfield World Trade Center in New York and Valley Fair in Silicon Valley, is expected to create significant long-term value for security holders. Our capital investment is almost entirely weighted towards our Flagship assets, with estimated development yields in the range of 7% - 8%. Upon completion of these projects, we expect WFD’s Flagship assets will represent 85% - 90% of the total portfolio and our business will be more evenly weighted between the US and UK/Europe.”
Westfield's comparable net operating income growth was 4.2% for the six months with the portfolio 95.0% leased as at 30 June 2015. The Flagship portfolio achieved comparable net operating income growth of 4.3% for the six months with the Regional portfolio growing by 3.9%.
Westfield reconfirmed its FFO forecast for the 2015 year of 37.7 cents per security 
 
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Pipeline projects in 2015 worth $2.5 billion: Westfield Corporation

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In the latest run of retail sales in regional Queensland, Gympie’s Southside Town Centre neighbourhood shopping centre has sold for $28.3 million.
Unlisted public company AHC Ltd sold the centre to a private investor on a passing yield of 6.53%.
Southside Town Centre is positioned on a two-hectare site at 1 Woolgar Road at Southside, about two kilometres from Gympie CBD.
The shopping centre, which opened in December 2011, is anchored by Woolworths spread over 3,102 square metres and supported by a discount variety store and 12 specialty tenants including a medical centre and pharmacy.
The site also includes a freestanding Caltex Service Station and Star-Mart, with prospects for a future fast food outlet on an adjacent undeveloped pad site.
The property is underpinned by a 20-year lease to Woolworths until 2031, and over 50 percent of the total rental income is from Woolworths and Caltex.
There is parking for 343 vehicles.
The property was marketed by Peter and Jon Tyson of Savills via an expressions of interest campaign that attracted over 150 buyer enquiries. 
Shopping centre investments, supported by major anchor supermarket tenants, in regional locations are in demand as investors look beyond the suburban Brisbane market for both opportunities and yield, said Peter Tyson.
“The sale of the Southside Town Centre continues this trend and highlights the growing demand for well-established and strongly performing retail assets in regional centres such as Gympie,” he said.
Savills recently sold the Banora Central Shopping Centre, south of the Gold Coast, for $19 million to a private investor at a passing yield of approximately 6.49%.
The 13,340sq m site on the corner of Leisure Drive and Fraser Drive at Banora Point, was built in 2007 and features a Coles supermarket, three specialty shops, one kiosk and two ATMs and extensive partly covered grade-level parking. 
Jon Tyson of Savills said with only four specialty tenants, the asset offered strong income security and little or no leasing risk.
"This feature, coupled with a low management requirement, was of particular appeal to investors," he said.
"It was this income security and ease of management that set the centre apart from other assets."
 
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Savills sell Queensland's Gympie shopping centre for $28.3 million

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The latest research from Parramatta Cityscope shows commercial property sales have dramatically increased in the past three months, the result of several large sales. 
Sales recorded in the quarter ending September 2015 in Parramatta totalled $492.4 million, an increase from the $85.1 million recorded in the three months to June 2015, and an increase from the $170.2 million recorded to March 2015. 
"This data brings the 12 month total to $940.3 million, an increase from the $772.2 million recorded the same time last year," Citiscope commercial research analyst Meredith Baume said.
Sales included 20 Charles Street, Parramatta, an eight-storey office building with retail areas on the ground floor and parking for 162 cars, which was bought for $31 million.
There was also 91 Phillip Street, Parramatta, a nine-storey building with ground floor showrooms, eight levels of offices and parking for 133 cars, which was sold for $30 million.
<a href="https://www.corelogic.com.au/products/cityscope" target="_blank">CoreLogic's Cityscope</a> covers 28 predominantly capital city CBD markets across Australia and New Zealand.
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Parramatta CBD commercial sales near $1 billion annually

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Overseas brands and luxury labels are driving demand for high-end retail space in Melbourne's CBD, using the influence of a prestige address to bolster the appeal of flagship outlets to potential shoppers, according to Herron Todd White. 
Heron Todd White's September Month in Review mentioned companies such as Apple and Asics apply this approach to choosing real estate, forcing other retailers to compete through real estate.
"With the recent and continuing insurgence of new foreign retailers such as Sephora and Brooks Brothers, many of the existing high profile retailers are looking to differentiate themselves and update their images by developing flagship stores which serve as a showcase for the brand," the review noted.
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"A recent trend in Melbourne retailing is the investment in unconventional retail locations such as airports, universities and hospitals. The second half of 2015 will see an additional 34 new retailers opening at Melbourne Tullamarine Airport as part of the $400 million redevelopment of Terminal 4. 
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"Notable retailers include Country Road, which will introduce its first full line airport store as well as a second Australian store for Desigual, the Spanish clothing retailer."
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Flagship retail outlets seeking prestige property: Herron Todd White

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Wittner Shoes has agreed terms on a new lease in Melbourne’s CBD in an off-market deal. 
The 105-square metre retail space is located on the corner of Little Collins Street and Howey Place, well known for haute couture and hip culture.
Wittner Shoes has signed a lease for a five-year term, with options, at a rental of circa $4000 a square metre per annum net.
Savills Australia’s Michael Di Carlo, who brokered the deal with Jock Thomson, said, "Melbourne is Wittner’s town -- it opened its first store here Melbourne in 1912 and now has 75 stores nationally -- and it required space which both reflected its business prominence and of course that offered maximum retail exposure."
The tenancy, previously leased to Maggie T and Oroton, had been combined to provide Wittner more space.
Wittner would begin fitting out the store soon with a view to opening in the next few weeks.
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Shoemaker Wittner steps into Melbourne's Little Collins

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H&amp;M's 10th store to open in Australia will be at Charlestown Square, a Newcastle regional shopping centre.
Charlestown Square is currently undergoing a $45 million development upgrade.
The Newcastle Herald reported UK and Spanish fashion giants Topshop and Zara are also coming to the mall.
GPT's head of retail, Vanessa Orth, told Fairfax Media the entry of H&amp;M into Charlestown Square would consolidate the centre's position as the Hunter's leading shopping destination.
The Swedish retailer, which operates more than 3900 stores in 61 countries, opened its first Australia store in Melbourne's GPO building in 2014.
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H&M to open 10th store in Charlestown Square

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Strengthening demand for freestanding retail investment assets has spurred the listing of two prominent Melbourne service stations.
On offer are a Caltex service station in the western suburb of Altona Meadows, together with a combined BP petrol station and car wash in Blackburn.
The 2-6 Central Avenue Caltex station is set on a 2,383sqm site, and benefits from a corner location and strong tenancy profile which includes Woolworths Limited.
The property, which is expected to sell in excess of $5 million, benefits from a strong trading history, having operated as a service station for more than 25 years.
CBRE Victorian Retail Investments has been appointed to sell the assets.
“Being the only Woolworths Caltex service station in an eight kilometre radius, this property represents an outstanding opportunity to acquire a secure investment with potential for capital return,” said Justin Dowers, one of the listing agents.
The BP service station offered for sale is at 233-243 Whitehorse Road, in the heart of Blackburn’s commercial hub, and close to national retailers such as Bunnings, Officeworks, Supercheap Auto and Brandsmart.
The property has three street frontages and a 7.6 year WALE (weighted average lease expiry) provides steady income.
CBRE's Joseph Du Rieu said the underlying land holding and tightly held nature of Whitehorse Road would be likely to generate buyer interest around the $8 million mark.
“Given the current buyer market environment we expect strong interest from local and offshore groups as evidenced by the recent sales of Petbarn on Whitehorse Road and Officeworks, Vermont South, with both assets reflecting initial yields of less than 5%,” he said.
Caltex Altona Meadows is being sold through a public expression of interest closing March 17, while BP Blackburn will be auctioned on the same day.
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