Kiwi Property today reported the December 2021 sales for its mixed-use shopping centres, announcing a 9.6% increase on the prior comparable period [Note 1].
‘Mini-majors’ [Note 2] delivered a particularly strong increase in total sales, recording a 35.1% year-on-year uplift, led by recently opened retailers such JD Sports and Culture Kings. Sales across the ‘majors’ category were also up 6.1% in December, underpinned by supermarkets and the ongoing recovery of cinemas.
Sylvia Park was Kiwi Property’s top performing asset in December, achieving sales growth of 11.7%, with the centre’s level one expansion and new athleisure precinct helping drive a 47.7% increase in ‘mini-major’ sales. Kiwi Property’s other key mixed-use shopping centres, LynnMall and Te Awa The Base, also recorded robust sales growth of 7.3% and 4.5% respectively in the final month of 2021.
Linda Trainer, Kiwi Property GM Asset Management said: “Lockdowns had a significant impact on New Zealand’s retail sector in 2021, so it’s pleasing that many of our tenants ended the year on a high-note. The overall growth in sales across our mixed-use shopping centres during December is an encouraging sign heading into 2022, despite the presence of COVID-19.” ENDS
Notes
1. Sales information is based on data obtained from third parties or estimated by Kiwi Property where this data is unavailable. Sales information has not been independently verified. Mixed-use shopping centres comprise Sylvia Park, LynnMall, Te Awa (The Base) excluding large format retail. Northlands, The Plaza and Centre Place are excluded for consistency with Kiwi Property’s FY21 annual and FY22 interim reporting treatment.
2. Mini majors include stores over 400 square metres in size, excluding anchor tenants, such as supermarkets, department stores and cinemas, which fall under the majors category.
eye watering stuff and the share price has been slammed...well it wasnt hamilton central doing the heavy lifting. Although HAMTRON's appeared to be staying home in their HUTS as the expressway was empty yesterday afternoon to auckland. Even got out of auckland with light traffic at 5.30 PM. Never experienced that before. Central North island appears to be work from home. Expect retail to take a hit next 6 months right? Or will it?
Really interesting report LEK and is this a buy opportunity for retail stocks. The next 6 month most interesting period of trading; december through to mid year.
Been a fairly narrow trading channel for the better part of the last year, not expecting any big movement upwards while Omicron outbreak proceeds over next few months. In fact I anticipate the discount to NTA will likely widen once they report their annual valuation update in March/April, and the likely sale of Northlands Mall at any moment. Which means steady accumulation still on the cards for those with a long term view.
With the mall sales reducing the debt load even more (gearing sub-30%), I do wonder how big a discount to NTA this company can get before the private equity vultures start circling…?
NTA is currently $1.42 per share (share price at a ~20% discount)
Another view (yahoo) shows last 12 months KPG been in in a downtrend (lower highs and lower lows)
Down 10.57% (so say NZX today) in those 12 months - 5 Year Govt going from 0.4% to 2.4% might have had something to do it.
Share price on a roll today -- that's good
Sorry yes - should have stressed “the better part of a year” - was referring to the channel below 1.20, although breaking down to 1.12 the other day was indeed a new 12-month low, but only by a cent. Stock has basically only moved in this 1.12-1.20 range since before the delta outbreak started.
Flip... this would normally be news that moves the market higher. Oh well there is always tomorrow
"Tomorrow" did indeed prove itself with a very deserved 1.8 percent lift in shareprice today. Still well behind the 8 ball for gains, maybe tomorrow will have more luck.
Is this the KPG drury landholding... it certainly has the hallmarks. They are offering 1200sqm THAB land for $2m (plus gst) roughly of which there are 92 parcels (approx 11 hectares of 56 total) that size and larger making over $180m. Which is just the start of what is there. Remember roads take a big chunk of land and the earthworks and infrastructure costs are huge
The Waipupuke sub-division is a new greenfields 56 ha development in Drury West. The sub-division has only two residential zones - Townhouse & Apartment Buildings (THAB) and Mixed Housing Urban (MHU).
The sub-division is located in Drury West between SH22 (Karaka Rd), Oira Rd and Jesmond Rd. It is included in Stage 1 of the Council approved Drury-Opaheke Structure Plan Area. It is approximately 1.5 kms from the Drury SH1 interchange.
The site is blessed with a ridgeline and easy contours with views of the Hunua Ranges and Manukau Harbour waterways (will depend on the height of buildings).
The sub-division master plan will create:
• 386 MHU lots with minimum lot size of 300sqm
• 92 THAB lots with minimum lot size of 1200 sqm
• 6 parks - one of which is a 3 ha park and 5 neighbourhood parks
• 2 childcare centers
• A neighbourhood center
• A commercial/retail/service center
• 6 Stormwater parks
Is this the KPG drury landholding... it certainly has the hallmarks. They are offering 1200sqm THAB land for $2m (plus gst) roughly of which there are 92 parcels (approx 11 hectares of 56 total) that size and larger making over $180m. Which is just the start of what is there. Remember roads take a big chunk of land and the earthworks and infrastructure costs are huge
The Waipupuke sub-division is a new greenfields 56 ha development in Drury West. The sub-division has only two residential zones - Townhouse & Apartment Buildings (THAB) and Mixed Housing Urban (MHU).
The sub-division is located in Drury West between SH22 (Karaka Rd), Oira Rd and Jesmond Rd. It is included in Stage 1 of the Council approved Drury-Opaheke Structure Plan Area. It is approximately 1.5 kms from the Drury SH1 interchange.
The site is blessed with a ridgeline and easy contours with views of the Hunua Ranges and Manukau Harbour waterways (will depend on the height of buildings).
The sub-division master plan will create:
• 386 MHU lots with minimum lot size of 300sqm
• 92 THAB lots with minimum lot size of 1200 sqm
• 6 parks - one of which is a 3 ha park and 5 neighbourhood parks
• 2 childcare centers
• A neighbourhood center
• A commercial/retail/service center
• 6 Stormwater parks
Drury is large project with multiple partners - KPG part is the 51ha town center, while others are handling the residential subdivisions.
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Originally Posted by winner69
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