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property spotlight | | Brooklyn Mall, Pretoria | The sought-after Brooklyn Mall in Brooklyn, Pretoria, offers 57 000m² of elegant and diverse retail space to let, matching luxurious enticement with relaxed and hassle-free shopping. | |
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View our latest properties available to let!
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| Retail Portfolio |
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overview
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Our retail portfolio, which comprises 50 properties in South Africa and two in Namibia, is valued at R10.15 billion (as at 30 June 2009) and has a gross lettable area (GLA) of 965 738m2. The retail portfolio makes up 34.8% by value and 21.1% by GLA of the overall Growthpoint portfolio. The retail portfolio is approximately 75% tenanted by listed retailers and national retailers.
The retail portfolio, consisting of neighbourhood, community, value and regional shopping centres, includes premier shopping centres in South Africa’s major urban areas. As the table below shows, Growthpoint’s retail exposure is mostly to regional shopping centres. Regional shopping centres generally tend to be dominate in their area of location and as such they are likely to withstand an economic downturn. |
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| Recent Performance | The strength of Growthpoint’s retail portfolio was evident in the year ended 30 June 2009, where despite the economic recession, vacancies only increased marginally from 2.8% at 30 June 2008 to 3.2% at 30 June 2009. Vacancies are not expected to increase materially in the next year.
Total arrears increased from R14,0 million to R16,3 million, with the provision for bad debts being reduced from R6,3 million to R6,0 million.
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The table below gives a
cross sectional view of the
retail portfolio as at 30
June 2009. |
| Retail Sub Class | Number of properties | GLA m² | Value Rm | Value /m²(excl. bulk) |
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| Regional Shopping Centres | 12 | 492,110 | 6,187 | 12,573 | | Community Shopping Centres | 14 | 309,671 | 2,877 | 9,290 | | Neighbourhood Shopping Centres | 20 | 145,802 | 930 | 6,377 | | Retail Warehouses | 1 | 3,914 | 16 | 4,104 | | Speciality Centres | 2 | 13,681 | 126 | 9,194 | | Vacant land and bare dominiums | 5 | 560 | 17 | | | Total Retail | 54 | 965,738 | 10,153 | 10,496 |
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The geographical analysis of the retail
portfolio by value and GLA is depicted below.
As
the lease expiry profile as at 30 June 2009
shows, close to 50% of existing leases
expired after 3years. The expiry profile
gives Growthpoint the security of long term
tenancy while also providing the opportunity
to benefit from the short term expires.
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