Retail property didn’t fade in 2025. It recalibrated. Investment volumes surprised to the upside, and 2026 is shaping as a year where selective retail outperforms more volatile commercial segments.

This isn’t a discretionary comeback. It’s a yield-and-income play.

What buyers are targeting in retail now

The retail assets trading well share common traits — they behave more like infrastructure than fashion.

• Non-discretionary anchors with daily visitation

• Strong catchment growth underpinned by housing supply

• Long WALEs with CPI-linked uplifts

• Large-format retail with irreplaceable locations

• Convenience-led mixes that support repeat spend

Soft specialty retail without a remix strategy remains penalised.

Why leasing strategy now drives value

Retail success in this cycle is decided early. Centres that pre-lease the logic of the mix outperform those that wait for the market to decide.

• Visual tenant adjacencies accelerate leasing decisions

• Footfall logic replaces hope-based tenancy mixes

• Growth narratives must be backed by population data

• Retailers want clarity on access, signage, and timing

• Marketing collateral must suit national leasing teams

Retail doesn’t need hype — it needs structure.

Bought / sold signals to watch

Bunnings Epping – $49.5m at a 4.92% yield
Large-format retail with a blue-chip covenant remains one of the most aggressively priced defensive assets.

Mount Barker KFC – $6.1m at a 3.85% yield
Long-leased fast food in growth corridors continues to attract yield-focused capital.