Published underIndustry News
Chadstone in Melbourne is the nation's most profitable shopping centre according to the Big Guns survey for 2019.
Chadstone, which attracts 24 million annual visitors including 450,000 international shoppers, has retained its top spot with a turnover of $2.1 billion, marking a 10 per cent increase on last year’s figure.
The figure comes exactly 10 years after it became the first shopping centre to break the $1 billion milestone. The centre has now doubled its sales every decade for the past 30 years.
Sixteen of the top 20 centres to make the Big Guns survey showed an increase in moving annual turnover over the year with Scentre Group’s Westfield Chermside’s performance up 10.2%, Westfield Sydney up 5.8% and Westfield Bondi Junction up 4.7%.
GPT's Melbourne Central that has risen in the ranks to be the most profitable on a sales-per-square-metre measure, narrowly knocking off the long-standing Broadway Centre in Sydney.
Melbourne Central had a 12% improvement to take it to $14,763 per square metres. The Melbourne centre just pipped Mirvac’s Broadway shopping centre in Sydney at $14,405 per square metre which had held the top spot for the past six years in a row.