A major shopping centre with at least one full-line department store, one or more full-line discount department stores, one or more supermarkets and around 150 specialty stores. Total GLAR ranges from 50,000 to 85,000 sqm. e.g. The Myer Centre, Queen Street Mall, Brisbane, QLD: 63,000 sqm; Myer, Coles, Target and 180 speciality stores.
Tenancies generally greater than 1,000 sqm GLAR and occupying the largest space of any single tenancy in the shopping centre. Major tenancies draw customers to the shopping centre. e.g. Myer, David Jones.
The obligation of a lessee at the end of their occupation to ensure the premises are returned to the same condition as at the commencement of the lease.
Various fees paid to fund managers for their management services, excluding any fees charged for third party services such as external custodian and audit fees.
An accounting alteration to adjust the book value of an asset or liability to its market value.
The estimated amount for which an asset should rent between a willing lessor and a willing lessee in an arm’s length transaction, wherein the parties have each acted knowledgeably, prudently and without compulsion, and having regard to the usual terms and conditions for leases of similar assets. Within a lease, the market rent review and methodology is stated.
Market value is the estimated amount for which an asset should exchange on a given date between a willing buyer and a willing seller in an arm's length transaction after proper marketing, wherein the parties had each acted knowledgeably, prudently and without compulsion. Also called 'current market value'.
Similar to the ‘initial yield,’ however the net income is at current market levels.
Lending to property developers which is subordinated to senior lending in return for a profit share in the completed development.
Space within a building providing for more than one use. e.g. A residential project with retail; an office complex with a hotel attached; an office building with retail space.
Sales for the 12-month period ending in a nominated month and calculated inclusive of GST.