Shopping giant Westfield has revealed a lift in sales for the first quarter, with Australian retail a strong performer.
In Australia, total annual retail sales at March 2014 were $20.3 billion for the three months to March 31, 2014.
Comparable specialty retail sales were up 4.4 per cent for the March quarter.
Average specialty rent for the Australian portfolio grew to $1,536 psm, up 1.6 per cent from March 2013.
In New Zealand, comparable specialty retail sales were up 3.6 per cent for the March quarter.
Average specialty rent was NZ$1,132 psm, up 0.5 per cent from March 2013.
The Australian/NZ portfolio remains at almost full occupancy at over 99.5 per cent leased.
In Australia, approximately 500 leasing deals were completed during the March quarter.
This represented 3.0 per cent of specialty area, completed at rental spreads 4.6 per cent lower than expiring rents, reflecting an improving trend with rental spreads on lease renewals being flat for the quarter.
Specialty occupancy cost for the Australian/NZ portfolio was 19 per cent, down 10 basis points from March 2013.
Commenting on the results, Westfield Group co-CEO, Steven Lowy said the group’s operations are continuing to perform in line with expectations.
“Our Australian portfolio remains in a strong position and since the third quarter of last year we have seen an improving trend in the retail sales environment,” he said.
The company added that the Australia/NZ business has continued to make good progress on the $4.9 billion of current and future projects, with major projects at Miranda in Sydney and Mt Gravatt in Brisbane progressing on schedule and budget.
Design and construction works have also commenced at Pacific Fair in Queensland on behalf of AMP Capital.
