"This, combined with limited new supply due to planning constraints, small lot sizes, and market values below replacement costs make retail parks an attractive and liquid investment in the direct market.
“Strong demand and limited supply, combined with our scale and focus on operational execution is keeping occupancy at 99 per cent and is giving us strong pricing power. "We continue to see significant leasing momentum across our retail parks, and in the 5 months to 30 August have leased 511,000 sq ft, 15.3 per cent above of Estimated Rental Value, with 677,000 sq ft under offer at 19.4 per cent above ERV.
"Given we continue to lease significantly above ERV we are upgrading our retail park ERV growth guidance for FY2024 from 2-4 per cent to 3-5 per cent.”