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Mirvac and Perron Group’s 52,583 square metre Broadway centre at the southern end of the Sydney city was a consistent performer as having the highest MAT with $14,692 per square metre.
The global head of QIC real estate, Michael O’Brien, said QIC, which centres include the Castle Towers mall in Sydney’s Hills District and Pacific Epping and Pacific Werribee in Melbourne, is looking at an array of mixed-use developments including build-to-rent (BTR) apartments for more affordable housing.
“By incorporating a broader mix of uses within the retail assets and evolving traditional shopping destinations into multi-dimensional day and night experiences, our town strategy responds to the changing ways people want to live, work and shop,” he told the audience.
“We are looking at having offices, BTR residential, healthcare and civic spaces at the centres.”
QIC recently partnered with Australia Post to provide and in-centre fulfilment hub at its Pacific Werribee and Eastland malls in Melbourne. It is also developing co-working hubs at Eastland.
QIC”s Pacific Eastland will be home to Waterman’s fourth co-working hub. Credit:
SCN publisher and retail industry veteran Michael Lloyd said as larger “big box” stores downsize or even close, that space could be used for a wide range of activities.
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“Why not have big bands or ballroom dancing and yoga rooms to make the shopping centres true destinations and community hubs?” he said.
Another way to create new space is by utilising car parks which are in less demand as more people opt to ditch the car as a result of higher fuel costs.
SCA Property Group’s chief operating officer Michelle Tierney said changing the use of car spaces into areas such as dedicated click and collect bays for its supermarket anchors was a focus for the food-anchored neighbourhood mall landlord.
“The rise in online shopping as a result of the pandemic has gravely impacted many bricks-and-mortar retailers that have not pivoted their business,” Ms Tierney said.
“Our supermarkets have been focused on bringing to life click and collect strategies, and we have been able to support this through delivering dedicated bays and drive through lanes across more than 75 per cent of our portfolio.”