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Sydney 2012/2013

Report

Reihe: C&W Global Cities Retail Guide

Anbieter: Cushman & Wakefield

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  • Erscheinungsweise: Unregelmäßig
  • Berichtszeitraum: Jahre 2012, 2013
  • Erscheinungsdatum : 01.10.2012
  • Seiten : 7 Seiten
  • Datei-Typ : PDF-Datei
  • Größe : 618,39 kB
  • Sprache(n) : Englisch

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Inhalt

High street retailing is based in the CBD with large shopping centres dominating in Sydney's sprawling suburbs. Sydney CBD high street space has among the highest achievable rents in the world due to sustained high demand and limited new supply. High street property is occupied by a diverse mix of luxury brands, Australian fashion clothing chain stores as well as banks and pharmacies.

Despite continued low unemployment, retail volume growth has slowed since the GFC. Average growth for the four years to August was 3.5% per annum compared to the seven years prior to that where the average was well over 6% per annum. Concurrently, staffing and occupancy costs have increased meaning retail companies profit margins have lowered considerably. The change in retail growth is due to a complete transformation of the consumer paradigm from extensive use of credit and lower household savings in the years to mid-2008. This trend has now reversed with household savings higher than ever and reliance on credit is low.

Sydney is targeted by international and domestic retailers for their flagship stores and first Australian stores. The high rents are paid due to the necessity of locating there for their image and branding.

Leases are generally five years plus options and longer for anchor tenants, providing for significant flexibility. Rents and service charges are paid monthly. Most leases will increase annually by CPI, a fixed percentage or a combination of the two. Rental reviews will occur at the option dates and "ratchet clauses" (which only allow upward increases even if the market rental rates have fallen) are prohibited by the Retail Leases Act 1994.

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