Retail

Costco has opened its first warehouse in New Zealand, with the big box retailer planning to further expand its presence there and in Australia.

More Australians are treating themselves to expensive purchases with their accumulated savings from Covid lockdowns, propping up the luxury retail industry and helping big landlords.

Coles has exited the fuel and convenience game to focus on its core and more profitable groceries arm, transferring $816m of leases off its balance sheet.

Record low interest rates drove record levels of investment into the commercial real estate sector last year. Now the situation is reversing.

The tough economic environment for commercial property has claimed yet another deal with Queensland businessman Don O’Rorke’s Consolidated Properties Group and funds house CVS Lane Capital Partners pulling a $500m mall portfolio off the market.

Investors are chasing certainty in familiar locations and essential service assets with long-term leases, with buyers new to commercial fighting for more affordable assets.

There were 43 bids taken at auction as buyers tried to secure this Launceston building — and it scored a multimillion dollar sale.

It has served as a cellar door, a police station and even a roller skating rink. Now, this Milawa property is ready for its next chapter in its 161-year history.

The popular international food franchise founded in Japan is a tenant within this fully leased retail investment in one of Queensland’s fastest growing areas.