Shopping Centre

Sydney shopping centres are holding their own against the tide of falling values and sluggish trading conditions with activist funds manager Fortius buying Cammeray Square from property trust Stockland for $39.05 million.

Retail behemoth Amazon has stepped up its offering in Western Australia with a new fulfilment centre unveiled in Perth that will boost its last mile delivery capacity, putting traditional shopping under more pressure.

Retail landlord Vicinity Centres is promoting itself as a luxury fightback story even though retail sales are yet to get a bounce from tax stimulus, interest cuts and a lift in house prices.

Shopping centre legend Sir Frank Lowy has called time on the Australian mall empire he co-founded six decades ago after selling an $815 million stake in the listed Scentre Group on Wednesday night.

Wealthy investors are putting up their capital to bet against the prevailing gloomy sentiment about retail property even as some local institutions adopt a cautious stance towards the under-pressure sector.

Property heavyweight Mirvac has benefited from the strong appetite for well-located Sydney shopping centres with its St Marys Village trading for about $68 million to an Asian-backed investor.

Adelaide’s retail investment market is hotting up after a shopping complex in the city’s north went under the hammer for more than $21 million.

Funds manager M/Group is circling the Coolalinga Central shopping centre that Darwin-based developer Gwelo Developments put on the block in June for about $95 million.

The Charter Hall Retail REIT has snapped up a 20% stake in a $281 million portfolio made up of two Sydney centres anchored by Woolworths, Coles, Aldi and Kmart.