Melbourne retail sales volumes hit AUD408m in Q1

This amount represents four transactions.

In a recent report, JLL said Melbourne had limited retail completions recorded in Q1 and this is expected throughout the year. This quarter recorded the addition of 10,350 sqm of retail stock across Chadstone’s fresh food precinct. 

Retail project completions of 54,200 sqm is forecast by year end, below half of the 10-year historical annual average. 

Here’s more from JLL:

Mild decrease in CBD and regional rents while all other sub-sectors record a 1% rental increase. On an annual basis, neighbourhood rents show the greatest increase (up 4.45%) while the CBD is the only sub-sector to record negative growth (down 9.01%).

Sales volumes of AUD 407.9 million were recorded across four transactions, an uptick to the previous quarter. The four assets consisted of two sub-regional and two ‘other’ assets, the largest transaction being Forest Hill Chase which was sold off-market by Blackstone to Haben (50%) and JY property funds (50%) for a total of AUD 256.5 million at a 7.72% passing yield.