Retail

Local Westfield owner the Scentre Group has plunged to a $3.73bn loss after the coronavirus pandemic ripped through its portfolio, which was written down by $4.25bn amid a shift away from malls.

First-time investors keen to get into the commercial property market are chasing entry-level opportunities in the first big portfolio auctions of the year.

Vicinity Centres, the co-owner of Melbourne’s landmark Chadstone shopping centre, has praised the Victorian government’s handling of the coronavirus pandemic, calling the public health response “world-leading”.

Scentre Group chief executive Peter Allen has outlined a bold vision to evolve the Westfield shopping centre owner into “a house of brands” that could in the future offer education services, more co-working facilities and property development and management services for big retail investors.

A nearly 7ha greenfield site offers buyers the chance to progress the expansion of the Bellarine Peninsula’s biggest shopping centre.

Retail and land/development properties dominated interest in the commercial market over the past week, securing six of the top 10 spots on realcommercial.com.au’s most-viewed listings.

Your dreams of owning an ice cream shop could now be a reality, with a prime retail site on Manly Beach which is home to a Ben & Jerry’s store coming up for sale.

Property developer Con Makris has continued his exodus from the Adelaide property market, selling two prominent shopping centres for $110 million.

While residential purchases are often judged on how they look, commercial property transactions are driven by more practical considerations.