This edition’s Cover Story features AMP’s Bayfair Shopping Centre in the City of Tauranga, New Zealand. I went over there to visit the centre and met the team; what a great project. Bayfair, in terms of Specialty MAT/m2 is New Zealand’s Number 1 centre and not just by a short head but by many lengths; in fact, at over $13,000/m2 it trades at more than 40% above the benchmark! Visit and you can see why. The centre sits at the heart of the residential suburbs; a beachside community at the north-western edge of the Bay of Plenty. Tauranga is New Zealand’s largest port; the fastest growing city in the country – it’s just all happening and the development is worth reading about.
Lachlan MacGillivray of Colliers International gives us the annual Investment Review and Property Sales report (Shopping Centres of course) and opens by telling us of another record year for investment sales, with some $10-billion of retail property sales in Australia, up 50% on the previous year and some 40% on the past five years’ average. Really interesting stuff covering who sold, who bought and where the purchases occurred.
The ‘Food’ articles from Suzee Brain and Francis Loughran are compelling reading. Suzee talks about Kerry Packer as well as going into the DNA of Food & Beverage, it’s fascinating reading, while Francis looks at changing lifestyles across the globe and the implications for the F&B outlets in our centres. The ‘Design’ and ‘Trends’ articles are required reading; all in all, a great issue.
A sad note to record. Since our last issue, Tony Taylor died. Tony was one of the most well-known and well-liked Leasing Executives of the late 80s, 90s and the early part of the 2000s. I worked with him at Lendlease for many years and knew him both as a great colleague and friend. He was ‘old school’; he filled the vacancies, closed the deal, whatever it took; he knew and was highly respected by retailers, many of whom he counted as friends. Tony had the quality of bridging the gap between the centre owner, manager and retailer. We talk a lot about ‘relationships with retailers’, ‘partnerships’ and the like – Tony put it into practice – he formed those relationships and they were truly valued by both sides. He taught the Leasing business to many young ones on the way up and he always had time which really means, he made it. He led by example and it wouldn’t be an exaggeration to say that in his prime, he was something of an icon. Those of us who knew him, will miss him.