Emporium Melbourne forecast to deliver 5% yield on cost for CFS Retail
Jonathan ChancellorAugust 21, 2014
CFS Retail Property Group has booked a $400 million net profit for fiscal 2014, up 35% on the prior year.
The retail property trust has $14.2 billion of assets under management, including $8.9 billion held on balance sheet.
It is cautious on retail sales in the short-term given the 2015 federal budget impact but expect specialty store sales to steadily improve, chief executive Angus McNaughton forecasted, as Emporium Melbourne comes on line.
It officially opened its $1.2 billion Emporium Melbourne in Baz Luhrmann-produced extravaganza.
The Emporium comprises 45,000 square metres of retail space.
It is forecast to deliver 5% yield on cost.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
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