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CTV News
a day ago
- Business
- CTV News
From shoppers to taxpayers: Citi Plaza touted to become interim City Hall
Owners of Citi Plaza want it to become an interim London City Hall. (Sean Irvine/CTV News London) The owners of Citi Plaza want it to become an interim London City Hall. The mall is pegged as the perfect space to house city employees while the current city hall is renovated and redeveloped. In its early years, Citi Plaza, then Galleria Mall, was briefly a vibrant shopping centre. But that was three decades ago. Today, it is a mix of a few retail outlets, a health club and offices. The rest of the space, which spans some 300,000 square feet, remains vacant. The realtor representing the property concedes it will never be what it once was. 'We are transitioning from a retail facility to a large floor plate office campus. So that's their plan. And they've already got some success in parts of the building,' said George Kerhoulas, of Cushman & Wakefield Commercial Realty. Some of that success is office space occupied by the Middlesex-London Health Unit and the City of London. Now, Citi Plaza wants City Hall to expand its footprint. With the municipality in the earliest stages of planning the renovation and redevelopment of the current city hall, Citi Plaza proposes serving as an interim hub as construction takes place at 300 Dufferin. Kerhoulas said an architect has drawn up renderings of what the space could look like. 060405 - City hall Owners of Citi Plaza want it to become an interim London City Hall. (Sean Irvine/CTV News London) 'We figured it's going to take a lot longer than they think. And you're already in our building, so why don't we move everybody over to our building for a decade while you're doing everything you need to do on Dufferin & Wellington.' The proposal has been in the hands of City Hall since late last year. But as it was unsolicited, there has been no feedback from 300 Dufferin. On the streets outside Citi-Plaza, lifelong Londoner Materia Steele recalled more vibrant days. 'I spent a lot of time in the library and whatnot. It was always packed with people,' said Steele. 'But since then, and since COVID, obviously, just everything has completely collapsed, and it's been very disappointing to see.' This is why she would welcome the temporary move to City Hall. 'Having it in a more accessible location would be significantly better, especially near the library, it is a decent idea,' said Steele. 'I would prefer to see some retail in there, I don't think in-store shopping is necessarily dead yet,' said Richard Cliffen, before adding, 'I do think it is an acceptable solution for the time being.' As part of the enticement package, Kerhoulas said the package reminds the city of the ample parking, plans for a roof garden, and flexible design options offered at Citi Plaza. 'There are just a lot of things that we can do to make it attractive for, you know, ten years while the transition goes.'
Daily Telegraph
29-05-2025
- Business
- Daily Telegraph
Ampol launches national petrol station portfolio across five states
Fuel retailer Ampol, previously called Caltex Australia, has put a national portfolio of 13 development sites up for sale following a review of its petrol station network. The portfolio – worth about $20 million plus – comprises three sites in Queensland, three sites in South Australia, four sites in Victoria, two sites in Western Australia and one in New South Wales. The sites range in size from just 1,265sqm – a commercial site in Tumbarumba, NSW, to up to 3073sqm in Gilles Plains, SA. Other locations include St Georges, Kearnys Spring and Portsmith in QLD, Stepney and Prospect in SA, Wangaratta, Portland, Euroa and Wendouree in VIC, and Katanning and Moora in WA. The nationally distributed portfolio comprises a mix of metropolitan and regional locations and comes with a range of zonings that will allow for varied development outcomes, including housing, fast food, service centres and retail development. Each site is strategically positioned with excellent road visibility and access, often in major traffic corridors or key urban intersections. 'This portfolio represents a rare opportunity to acquire well-located land in tightly held locations, whether for immediate development or strategic land banking,' Cushman & Wakefield's National Director and Head of Investment Sales Daniel Cullinane said. 'Given the scarcity of prime arterial sites and the continued strength of convenience retail and service-based assets, we expect this opportunity will appeal to developers seeking shovel-ready or strategically positioned projects, owner-occupiers chasing high-exposure sites, and investors looking to land bank quality real estate in growth corridors. 'All at a time when demand for prime metro and regional locations is being fuelled by infrastructure investment, population growth, and the ongoing push for last-mile and convenience-based solutions. It is understood Ampol had intended to develop the sites into future petrol stations with market sources estimating the portfolio's worth around $20m plus. Ampol last listed petrol station sites for sale in 2022, when it sold off 17 vacant sites from its national collection. Current properties for sale are as follows. QUEENSLAND 104 Victoria Street, St George Size: 3,041sqm 875 Ruthven Street, Kearnys Spring, Size: 2,133sqm 30-36 Kenny Street, Porsmith Size: 1,727sqm SOUTH AUSTRALIA 101 Magill Road, Stepney Size: 1,758sqm 204-208 Main North Road, Prospect Size: 2,992sqm 846-848 Grand Junction Road, Gilles Plains Size: 3,073sqm VICTORIA 79 Reid Street, Wangaratta Size: 1,933sqm 182 Percy Street, Portland Size: 1,628sqm 38-40 Clifton Street & 25 Lewis Street, Euroa Size: 2,625sqm 921 Howitt Street, Wendouree Size: 1,876sqm WESTERN AUSTRALIA 152-154 Clive Street, Katanning Size: 1701sqm 96 Gardiner Street, Moora Size: 1,770sqm NEW SOUTH WALES 150 Albury Street, Tumbarumba Size: 1,265sqm
Irish Times
28-05-2025
- Business
- Irish Times
Dublin Airport Business Park logistics unit seeks occupier
Palm Logistics is seeking an occupier for a detached logistics facility at Dublin Airport Business Park. Unit D1, available for let through joint agents Cushman & Wakefield and Savills, extends to 8,592sq m (92,483sq ft) and comes with 30 dock levellers and two grade-level roller shutter doors that open on to a 34m-deep yard. The warehouse has a clear internal height of 9m throughout and is equipped with high-bay LED lighting. The property will be available for immediate occupancy in the final quarter of this year following an extensive refurbishment programme. The works, which are now nearing completion, include the installation of onsite renewable energy generation through PV panels on the roof, a new air-to-water heat-pump system and the addition of new EV-charging stations to complement the 60 car-parking spaces on site. Palm is also undertaking a full redecoration of the unit's two-storey office accommodation. This is being finished in an open-plan format with a Cat A fit-out, ready for occupier customisation. In terms of its sustainability, Unit D1 is targeting a minimum Ber rating of A3. Dublin Airport Business Park is a fully serviced industrial park with direct access to junction 2 on the M1 motorway. The scheme is also just minutes away from junction 3 on the M50 and within easy reach of Dublin Tunnel and the wider motorway and national road network. READ MORE Letting agents Cushman & Wakefield and Savills say: 'This property offers occupiers the opportunity to secure a newly refurbished, premium facility in a prime location adjacent to Dublin Airport.'
Arabian Business
26-05-2025
- Business
- Arabian Business
UAE malls in ‘non-prime' areas could face pressure from Chinese goods diversion amid U.S. tariffs
Chinese goods facing higher US tariffs may increasingly be diverted to markets like the United Arab Emirates, a shift that could pressure pricing and challenge secondary retail locations first, experts said. The new U.S. tariffs imposed by Donald Trump could create 'ripple effects' throughout global supply chains that could eventually reach the UAE market, according to PP Varghese, Head of Professional Services at Cushman & Wakefield Core. 'While the UAE doesn't heavily import directly from the US, many products pass through complex international supply chains where tariff-related price increases get passed down,' he told Arabian Business. Secondary malls to feel the pinch first He added that Chinese goods facing higher U.S. tariffs might divert to other markets, including the UAE, which could increase supply and pressure pricing. 'We could see price increases of 5 to 10 per cent across various consumer goods categories within 6-12 months of full tariff implementation,' he said, adding that these rising costs could further influence consumer behaviour. 'The UAE consumer market is quite segmented, and we'll likely see different responses across demographic groups,' Varghese said, adding that expat consumers with fixed incomes, could become more price-conscious and selective in their purchasing decisions. The Cushman & Wakefield Core executive anticipates more deliberate shopping, greater use of discount platforms, and reduced impulse purchases. However, high-income residents and tourists may continue spending at current levels. 'Overall, I expect a shift toward more value-conscious consumption rather than a dramatic reduction in shopping activity.' This evolving behaviour could also influence retail real estate, with retailers reconsidering expansion plans or renegotiation of lease terms, if they 'face margin pressures from tariff-related cost increases,' he said. Secondary malls and non-prime retail locations could feel 'selective pressure' first, while flagship destinations like Dubai Mall and Mall of the Emirates are likely to remain resilient, Varghese said. However, at the same time, retailers are also responding to changing shopper expectations by embracing flexible payment solutions such as Buy Now, Pay Later (BNPL), which has emerged as a key tool to sustain consumer spending amid economic uncertainty. Buy Now, Pay Later a preferred payment method The rise of BNPL is another factor shaping the sector. According to Stuart Porter, a wealth coach based in Dubai, BNPL has become a preferred payment method for both shoppers and retailers. ' BNPL has grown quickly in the UAE because it helps shoppers stretch their budgets without relying on credit cards,' he said. 'For retailers, it's a simple way to boost sales during uncertain times.' Electronics, fashion, and online marketplaces are the sectors leading BNPL adoption. 'These sectors see higher conversion rates when BNPL is available at checkout,' Porter added. In addition, BNPL's popularity has also helped physical retail maintain its relevance. 'Retailers with effective BNPL integration typically report larger average basket sizes, which helps justify their physical store footprints despite higher operational costs,' Varghese noted. Tamara, a BNPL provider operating in the region, confirmed this in its 2025 business trends report. According to the company, '9 out of 10 shoppers say BNPL has improved their purchasing behaviour,' especially amid economic pressure. More than 50 per cent of UAE and Saudi consumers have reduced spending, yet BNPL is enabling continued shopping activity. The report also identified 'phygital' experiences — hybrid online and offline shopping — as a key trend. The Tamara survey found that 50 per cent of consumers visit stores to try items before purchasing online, underlining the importance of seamless integration across channels. 'Shoppers in 2025 expect the best of both worlds,' the report stated, with retailers encouraged to provide services like real-time stock visibility, click-and-collect, smart fitting rooms, and virtual storefronts to meet these expectations. Another major trend is mass personalisation. Businesses are turning to predictive analytics to deliver customised offerings. 'Predictive analytics may reveal that certain products, like black abayas, are most popular on weekends, allowing you to optimise your offers and timing,' the report noted. Aside from this, sustainability and brand values also influence consumer behaviour. '53 per cent of GCC consumers are willing to pay more for sustainable products, compared to 46 per cent globally,' the report stated, citing a rise in global searches for eco-friendly products. Due to this, retailers are reacting to these trends, with many of them 'diversifying their supply chains to reduce dependence on any single sourcing region,' Varghese said. 'Some UAE retailers are exploring increased sourcing from regional manufacturers less affected by U.S.-China trade tensions.' 'Others are adjusting inventory management to maintain price stability despite cost fluctuations – bringing in merchandise earlier or negotiating longer-term supplier contracts,' he added. Risk of overreliance on BNPL With inflation pressures nudging shoppers to spread costs, retailers and customers alike are beginning to view BNPL as a 'lifeline,' said Porter. For retailers, this keeps spending up without needing to offer discounts. Trump-era tariffs mostly affected U.S.-China trade, but ripple effects raised import costs globally. 'This made BNPL more appealing as it helped soften price hikes for consumers.' Retailers are using BNPL specifically to counter economic pressures. 'BNPL allows retailers to maintain customer demand even as purchasing power tightens. It's a tool to keep tills ringing in tougher times,' he added. According to Varghese, there could be long-term market distortion 'if BNPL creates artificial demand that isn't sustainable.' 'If consumers increasingly finance everyday purchases through BNPL during a period of rising prices, we could see household debt levels creep upward,' adding that the UAE's consumer credit reporting infrastructure 'is still developing, which could allow some consumers to overextend themselves across multiple BNPL platforms.' Despite this, Porter believes BNPL will continue growing — at least in the near term. 'Economic stress tends to fuel demand for flexible payment options, and BNPL meets that need,' he said. He expects more regulation, increased competition, loyalty rewards, and transparency over the next year. Varghese said prudent developers and landlords should remain cautious. 'Retail concepts that have become highly dependent on BNPL-driven sales could face challenges if regulations tighten or consumer sentiment shifts,' he noted. Luxury retailers, however, may remain insulated from some of these pressures. 'Luxury brands operate with fundamentally different dynamics than mass-market retail. Their customers are generally less price-sensitive, and these brands typically maintain higher margins that can absorb some cost increases without dramatically affecting retail prices,' Varghese said. 'The UAE's position as a luxury shopping destination is supported by tourism from regions where these same goods may cost significantly more due to taxes or import duties.' If prices continue to rise, some global brands might adjust their UAE strategy by introducing different product lines or adjusting their positioning 'to maintain market share despite changing economic conditions,' he added. In the longer term, the UAE's broader economic strategy could buffer against these headwinds. 'The real estate sector continues to mature and evolve in response to global economic shifts, not just reacting to them but increasingly setting regional trends,' Varghese said. 'Developers and retailers who recognise the changing relationship between physical and digital retail, and who can create value beyond just facilitating transactions, will continue to thrive regardless of tariff pressures. 'The UAE's advantageous geographic position and business-friendly regulatory environment provide significant buffers against global economic headwinds. Rather than viewing potential challenges as threats, forward-thinking market participants will find opportunities in this evolving landscape to create new value propositions for increasingly sophisticated consumers,' he added. Nevertheless, in the face of these challenges, flexible payment options such as BNPL are becoming essential for sustaining retail activity in the UAE. In the UAE, BNPL adoption leads the Gulf region thanks to high smartphone penetration, strong e-commerce growth, and a young, tech-savvy population – making it an ideal environment for BNPL compared to neighbours like Saudi Arabia or Qatar.
Yahoo
22-05-2025
- Business
- Yahoo
Kelly Evans Joins Cushman & Wakefield's Multi-Market Advisory Solutions Team as Senior Managing Director
CHICAGO, May 22, 2025--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK) has hired Kelly Evans as Senior Managing Director of the firm's Multi-Market Advisory Solutions team, reporting to Paul Koenigsdorf, Executive Managing Director, Occupier Advisory Services. "Kelly is a strong leader and has a proven track record for driving transformative growth," said Koenigsdorf. "Her expertise in organizational development, collaborative leadership and data analytics will benefit our occupier clients and foster deeper relationships." Prior to Cushman & Wakefield, Evans worked for CBRE where she held a number of roles over 11 years, including Global Senior Director for the company's Portfolio Services Sales & Solutions team. "Real strategic growth is hard earned through a collaborative approach and data-driven insights – this has been my approach throughout my career, and it is an approach that perfectly aligns with Cushman & Wakefield's platform," said Evans. Cushman & Wakefield's Occupier Advisory Services focuses on client strategies and multi-market advisory services. The platform helps clients uncover strategic solutions across asset classes, including office, industrial, retail and data centers, by integrating insights from expert consultants and proprietary data analytics. Cushman & Wakefield's tenant representation professionals advise beyond the transaction to deliver real estate solutions that support operations, elevate brand, attract and retain talent and drive long-term success. About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit View source version on Contacts Media Contact: Mike Boonshoft
