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Luxury retail, long the sector’s growth engine, saw an expected decline in sales, but the return of international workers and tourists and events organised by Melbourne and Sydney city councils have boosted CBD retailers across all categories.
“It is worth noting that the occupancy rate of the business centre at 99.6 per cent now exceeds pre-Covid levels, which reflects not only the confidence of retailers in the future of the business districts, but also the excellent leasing execution by our team, with the introduction of new flagship stores and new concepts to the market,” added Hadley.
A rendering of the proposed redevelopment project at Chatswood Chase on Sydney's North Shore.
Vicinity has also been heavily redeveloping its shopping centres. In Chadstone, owned by billionaire John Gandel, Kmart has moved into the neighbouring One Middle Road office tower, while the first phase of the food-focused Market Pavilion precinct is 95 per cent leased.
On Sydney's North Shore, the $590 million Chatswood Chase Centre development includes an Apple store, luxury stores, Australian designers, new market concepts and a 13,200 sq m David Jones store.
Vicinity Centres' results were in line with Moody's expectations, with the company reporting strong operating metrics while maintaining a prudent balance sheet, said Saranga Ranasinghe, senior analyst at Moody's.
Vicinity has declared a final dividend of 5.90 cents per security, payable on September 16.
Market Recap is a summary of today's trading. Get it every one of usHThis afternoon.
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