Specialities retail strength reported by Federation Centres

Federation Centres (FDC) announced its update for the quarter ended 31 March 2015 delivering net operating income up 3.6% for the nine months to March 2015 compared to the prior corresponding period.

The leasing spread was maintained at 3.2%, in line with the half year result, with 585 transactions completed for the nine month period.

Annual sales growth for the year to 31 March 2015 was 1.0%, with specialty retailers recording annual sales growth of 2.3%.

The occupancy rate was 99.4%.

Federation Centres chief Steven Sewell noted ongoing strength in the specialties category.

Source: FDC

There was also an improvement in the Discount Department Stores and Department Stores categories, compared with their December 2014 annual sales performance.

Mini Majors performed well, although sales moderated as new entrants in this category saw sales stabilise after buoyant initial trading.

Redevelopments at Warriewood Square in New South Wales and Halls Head in Western Australia are progressing well and initial works have commenced for the second stage of the redevelopment at Colonnades in South Australia.

Approval for redevelopment plans for Mandurah Forum was also recently received.

Source: FDC

The first stage of the Cranbourne Park redevelopment opened on time and fully leased during the quarter.

The previously announced sales of Woodlands in Queensland and Mildura and Warrnambool in Victoria all settled during the quarter.