GPT Group has appointed property veteran Chris Barnett as head of retail, coming off senior roles at Westfield and Scentre Group.
Barnett has more than 22 years of real estate and asset management experience, most of which has come in the retail property sector and includes positions in Australia, New Zealand and the United States.
He was most recently Scentre Group’s general manager, development and strategic asset management NSW/SA, and was responsible for investment performance and the delivers of development projects across Scentre’s portfolio in the two states.
GPT will embark on retail works later this year at Melbourne Central, which will include a 7,000 sqm retail expansion and a new 20,000 sqm office complex, depending on fortunes in securing a pre-commitment. Late last year it submitted applications for a $170 million expansion of Rouse Hill Town Centre.
The group’s retail portfolio delivered income growth of 2.2% across 2018, headed by strong contributions from Charlestown Square, Melbourne Central and Rouse Hill Town Centre.
Specialty sales across the retail portfolio grew by 2.5% to $11,460 per sqm and total specialty moving annual turnover growth was 3.6%.
Occupancy was 99.6% and valuation gains in the period came in at $161.0 million, or 2.7%, with a portfolio weighted average capitalisation rate of 4.88%.
Barnett will commence in the new role on 15th April.
Australian Property Journal
