Strong Leasing Performance
Total rental movements, including new leasing and rent reviews, were up 3.5%. Office leasing spreads increased by 3.4%, and mixed-use leasing spreads rose by 3.2%.
Increased Net Operating Income
Net operating income rose by 5.7% across the portfolio compared to the prior period, with mixed-use assets delivering a 6.9% growth.
Sylvia Park Lifestyle Sale
The sale of Sylvia Park Lifestyle to a retail fund managed by Mackersy Property for approximately $53 million, reducing gearing to 37.5%.
New Large-Format Retail Fund
Mackersy launched a new retail fund with Sylvia Park Lifestyle as a cornerstone asset, unlocking an additional source of capital.
Drury Land Sales
Conditional sales of large-format retail land at Drury to major retailers like Costco, Briscoes Group, and Harvey Norman, with proceeds totaling $115 million expected in FY '27 to FY '29.
High Occupancy Rates
Overall portfolio occupancy increased from 96.9% to 97.9%, with Resido's occupancy at 99% and Vero Centre's occupancy rising to 94.3%.