Retail

One of Australia’s largest Bunnings warehouses in Hoppers Crossing has been sold to an investor, along with an Amart Furniture store for $99.6million.

The Moonah home of The Good Guys has attracted strong buyer inquiry ahead of its multimillion dollar sale this month.

The acquisition provides JY Group with a property portfolio worth close to $1.8bn.

Ikea has opened the first of what could be a number of small format stores in Australia, minus the traditional maze-like showroom and Swedish meatballs.

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.