LeaseWise News
LeaseWise Market Update August 2021
Leasewise AUGUST 21 Market Update The New Normal – Retailing during a pandemic Retailers are tired and in despair, Shopping Centres have been decimated with strict Government mandates limiting all non-essential retail. Shopping centres appear to be abandoned shells and many retailers are cashflow depleted whilst their rental debts accumulate. In a desperate attempt to…
Read more...Fitout Incentives and Clawbacks
Among the many technical issues to consider when finalizing a lease, the issue of fitout incentive and what it means long term does not get a big enough spot-light by many. In simple parlance a cash incentive usually referred to as a fitout incentive has been part of the mechanics of leasing within shopping centres…
Read more...Westfield Knox Worse before better ….
Furious shoppers have lamented the once thriving Knox City shopping centre, now turned ghost town, with many questioning the motive behind the decline. Ishka is the latest store set to close at Westfield Knox. The Myer end of Westfield Knox is riddled with empty shops, as more retailers close their doors. Westfield Knox owners, Scentre…
Read more...New Sites and Disputes
After having a healthy robust debate with a very senior Executive of one of the biggest Shopping Centre owners recently, I have realized that perceptions are a product of peoples’ selfishness or weakness when things do not suit them. The perception of course is that LeaseWise are too difficult because although we do many new…
Read more...Why online shopping is killing Australian shopping centres amid COVID
The future of Australia’s shopping centres was unclear even before the pandemic. Were we going to go down the American path of abandoned malls, or ‘dead malls’? Was online shopping going to kill the mall? The pandemic has shaken faith in the sector even further. On Tuesday, one of the big companies that owns shopping…
Read more...Melbourne’s small businesses unable to pay rent, again
Fang Lu owns a small shop and cafe in Balwyn, which has seen trade plummet since restrictions were re-introduced. In March, as the coronavirus pandemic was taking hold, Fang Lu knew there was no way she’d be able to pay the month’s rent on her small beauty salon and café in Balwyn. Key points: Melbourne’s…
Read more...Mauling of values continues
The coronavirus pandemic is taking a heavy toll on shopping centre landlords as some of the world’s largest companies refuse to pay rent or demand cuts, forcing landlords to lower the value of their retail property holdings. The Australian can reveal that companies including 7-Eleven and McDonald‘s have joined Hungry Jack’s in seeking changes to…
Read more...Landlords and COVID so far …
Once the pandemic hit, the Australian Government enacted a series of measures and social distancing restrictions to help the country get through with minimum infections and fatalities. However, the impact on day to life and the economy as a whole was / is devasting. For retailers, the most severe impact was imposed by a mandatory…
Read more...Retail Mall Reality unfolding
Scentre, the owner of the local Westfield mall empire, will not pay a dividend for the first half of 2020, in a move that could be replicated by other hard-hit mall owners. The shopping centre giant cited uncertainty about the pandemic, its duration, the economic impact and the timing of operating cash flows as it…
Read more...Retail landlords face battle over lease terms
The proposed national code is focused on smaller tenants that have been hit hardest by the coronavirus but large tenants are seeking to cut their rental payments during the crisis and dramatically cut back their store footprints once it is over. Shopping centre owners rallied on Tuesday after they eked out concessions in the plan…
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