Retail property news

Mirvac gets ready for Mardi Gras

Mirvac has launched its Mardi Gras preparations, declaring its intentions to create safe spaces and an LGBTQI-friendly environment for its staff and customers.

To promote the program, it is introducing rainbow “Welcome Here” stickers at the entry points of participating centres in Sydney and Brisbane.

The stickers are designed to denote that the centre is a “safe space” for everyone and it is hoped they will promote and create an environment that is visibly welcoming and inclusive of all people.

More seriously, the company has promoted training programs which enhance understanding and inclusivity of the LGBTQI community and provide practical advice and actions for promoting inclusive spaces.

The Welcome Here program is an offshoot of ACON, Australia’s and NSW’s leading LGBTIQ health organisation, which was founded in 1998.

Kelly Miller, general manager of retail at Mirvac, said the Sydney Mardi Gras period was the perfect time to announce the partnership as the centres literally roll out the rainbow welcome.

Mardi Gras, of course, is about serious issues, but it’s also about fun. Centre escalators will be decorated with rainbows, and retailers are offering rainbow juices and hot cross buns and even rainbow manicures.

Drag queens, DJs, comedy and bingo are programmed at Broadway Sydney by Australia’s leading LGBTQI cabaret and drag artist Trevor Ashley.

Over at Tramsheds, there will be live music and a Glitter Bar. East Village is celebrating rainbow families with kids craft workshops complementing a rainbow family photo booth, a disco lift that was the talk of the town last year and a drag-queen dance party.

GPT boosted by office, logistics

Diversified developer GPT has announced its results for fiscal 2019, which CEO Bob Johnson described as a “successful year, delivering funds from operations in line with guidance, executing on developments and further strengthening its balance sheet to fund future growth opportunities”.

Johnston said the strong demand for office space, along with the rising interest in the industrial and warehouse sectors from the e-commerce industry, was helping to offset the sluggish retail sector.

Overall the retail sentiment has been soft, and there was no help from last year’s tax cuts, particularly in the mid-market apparel sector.

Johnston said productivity in specialty sales for tenants was strong at an average $11,667 per square metre. But the value of the retail portfolio fell by $46.1 million during the period, although occupancy was 99.6 per cent as at December 31.

Johnston said the firm was also making solid progress in growing its logistics portfolio.

“The addition of three new development sites in our core markets of Sydney and Melbourne, combined with projects currently under way, provides the group with the opportunity to deliver more than 550,000sqm of new prime logistics facilities with an estimated end value on completion in excess of $1 billion,” he told the ASX.

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