|
Retail The Age reported that some retailers and landlords are butting heads during rent negotiations. After the ACCC permitted negotiations last week, some retailers who have closed and refuse to pay rent are not facilitating conversations with landlords. Vicinity CEO Grant Kelly says this makes it hard to find common ground. (Retailers and landlords seek ‘common ground’ as negotiations threaten to turn ugly – Dominic Powell, 27/04/20) OTHER KEY HEADLINES 'Stitch-up': Harris Scarfe creditors call for ASIC probe — AFR 24/04/20
Vicinity reopens Emporium Melbourne — AFR 26/04/20
Spotlight halts April rent, demands 50pc cut — AFR 28/04/20
A retail property apocalypse is unfolding - and it's going to be unpleasant — The Age 29/04/20 Offices The AFR has reported that vacant office space is seeing discounts of around 25 to 40% per square metre compared to leased offices. The article also identified that the value of vacant commercial buildings has fallen dramatically since the outbreak of covid-19. (‘Leasing risk’ driving down vacant building values – Larry Schlesinger, 28/04/20) The Age reported that headquarters built to house thousands of staff might be a "thing of the past" if social distancing means only two people can take a lift at a time, says Barclays Chief Executive Officer Jes Staley. (Bankers won't be returning to office towers anytime soon — Stefania Spezzati and Steven Arons, 30/04/20) OTHER KEY HEADLINES
Expect sharp rise in office vacancies as jobs disappear — The Age 25/04/20
Shuttered buildings face another risk: Legionnaires’ disease — AFR 27/04/20
Strata office sales defying market conditions — The Age 29/04/20 Hotels The AFR has reported that average hotel occupancy rates are at 20% in capital cities. More than 240,000 of the 300,000 available hotel rooms in Australia are empty or completely closed, according to hotel analysts STR. The Brighton Savoy, for example, has closed its doors and refunded over 1000 accommodation and event bookings – the owner says that they have a $238,275 land tax bill and no sales but the industry is unsure when travellers will return. (80pc of hotel rooms are empty, or closed entirely – Larry Schlesinger, 27/04/20) OTHER KEY HEADLINE Accor axes rents as booking and revenue plunge — AFR 29/04/20 Industrial In light of many landlords experiencing setbacks with delicate commercial assets during the coronavirus pandemic, industrial property investments are becoming popular. The Australian has reported that the ‘safe haven’ of logistics and industrial property has recently attracted more than $1 billion worth of property sale and leaseback deals. It is likely that more will ensue. (Logistics sites the new safe haven for investors – Ben Wilmot, 28/04/20) OTHER KEY HEADLINES Industrial leases flying off the shelves — The Age 29/04/20
Dexus signs up AS Colour for new distribution centre — The Age 29/04/20
|
