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Jones Lang LaSalle already manages a large national portfolio of 59 properties on behalf of SCA. The latest appointment includes exclusive National Leasing for these properties, including Speciality Mall Leasing (SML)
AUSTRALIA, 24 SEPTEMBER 2013 – Global commercial property services firm, Jones Lang LaSalle has secured a further contract appointment with SCA Property Group, to work exclusively on their national leasing for their portfolio of 59 properties across Australia.
The appointment of the firm’s Retail Management business includes Speciality Mall Leasing, which will manage the leasing of casual mall space as well as Third Line Revenue across their portfolio of shopping centres.
Australian Head of Retail, Property & Asset Management, Tony Doherty said, “We are growing our retail management on behalf of SCA Property Group as they grow their portfolio across Australia. We are pleased to be providing SCA with our retail expertise to ensure the strategic management of their significant portfolio holdings Australia-wide, which now covers approximately 360,000 square metres.
“We look forward to continuing to grow with them as they continue their activity in the market,” said Mr Doherty.
SCA this year acquired a further 7 neighbourhood shopping centres located in Victoria and Queensland to add to their national portfolio of 52 shopping centres.
Mr Doherty said “This purchase is consistent with Jones Lang LaSalle’s recent research showing the strength of neighbourhood centres as a retailing category, which is heavily dominated by non-discretionary expenditure such as food retailing and food catering.
“Retail expenditure in the grocery and supermarket category has grown at 5.5% per annum over the past 10 years, outperforming total retail spending of 4.7% per annum over the same period. These solid fundamentals have underpinned the resilient performance of neighbourhood shopping centres,” said Mr Doherty.
Jones Lang LaSalle manages 185 retail assets across Australia with a GLA of over 1.5 million square metres.
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