Stockland lifts retail sales

StocklandRetail landlord, Stockland Group, has reported a strong start to the year after lifting sales and residential deposits for the first quarter of FY17, stating it remains on track to deliver five to seven per cent growth in funds from operations.

The property developer’s total sales of retail jumped 2.4 per cent in the three months to September 30, compared to the same period in 2016 with comparable specialty sales up 1.1 per cent on the corresponding quarter last year.

Stockland said sales data from approximately one-third of the group’s portfolio is excluded, due to the redevelopment of some of its more productive centres, Stockland Wetherill Park in western Sydney and Stockland Green Hills in the lower Hunter Valley.

Comparable specialty sales per square metre grew 3.0 per cent for the quarter to $9114 per square metre.

According to the group, the strongest retail categories were communications technology, food catering and casual dining, and retail services.

Stockland also said net deposits on residential lots, townhouses and completed homes had risen 47.7 per cent to 2,301 in the first quarter, over the previous corresponding period.

“Our focus on growing asset returns, broadening our customer base and taking advantage of supportive market conditions has resulted in a strong September quarter,” said Mark Steinert, company managing director and CEO.

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