CBD Guns 2026

2 weeks ago 4 min read

Shopping Centre News

SCN’s annual CBD Guns report tracks the performance of retail centres across Australia’s major CBDs. This year, the report features 26 centres, with three not reporting sales metrics due to redevelopment activity. Scentre Group’s Westfield Sydney remains Australia’s leading CBD retail destination by both size (GLA: 97,453 sqm) and turnover, recording MAT of $1.16 billion — up 7.4 per cent year-on-year. The GPT Group’s Melbourne Central ranks second on the MAT table with $726.16 milli

ion (up 5.8 per cent), followed by Vicinity Centres’ Emporium Melbourne at $522.89 million (up 2.7 per cent). The Dexus-managed QV Melbourne climbs to fourth position with MAT of $330.17 million (up 4.8 per cent), closely followed by QueensPlaza which recorded $326.20 million. Queen Victoria Building, World Square, The Galeries and Barangaroo all feature in the Top 10, recording strong year-on-year growth. Of 23 centres ranked, only three centres reported negative MAT growth. The Strand Arcade, managed by Vicinity Centres, retains its position at the top of both the MAT/sqm and Specialty MAT/sqm rankings, recording $35,196 per square metre and $31,320 per square metre respectively. However, there has been notable movement across both rankings this year. The Queen Victoria Building moves into second place for MAT/sqm following a 12 per cent increase, while Melbourne Central rises to third position with a 5 per cent increase to $19,544 per square metre. The Galeries (up 8.4 per cent) and World Square (up 7.2 per cent) each climb two places to rank fifth and sixth respectively, followed closely by Raine Square in seventh position. Sydney CBD assets continue to dominate the Specialty MAT/sqm rankings, with Vicinity Centres securing the top three positions and Westfield Sydney moving into fourth place. The latest results reinforce the resilience of high-performing CBD retail assets, particularly those offering strong luxury, dining and experiential retail mixes. Despite ongoing economic pressures, leading centres continue to benefit from increased city visitation, tourism recovery and sustained demand for premium retail environments. CBD Guns 2026 DATA TABLES The following table includes data for 26 CBD Gun centres. CBD Guns 2026 ranked by GLA (sqm)

Rank	Centre Name	State	Owner	Management	GLA (sqm)
1	Westfield Sydney	NSW	Scentre Group	Scentre Group	97,453
2	Uptown*	QLD	VCX, IFM	Vicinity Centres	62,974
3	Melbourne Central	VIC	GPT	GPT	55,555
4	QV Melbourne	VIC	Dexus, DOTA, Victoria Square	Dexus	47,331
5	Emporium Melbourne	VIC	VCX, GIC	Vicinity Centres	44,108
6	Forrest Chase	WA	IFM	CBRE	42,034
7	QueensPlaza	QLD	VCX	Vicinity Centres	39,304
8	Market City Shopping Centre	NSW	Jen Retail Properties	Jen Retail Properties	28,044
9	Adelaide Central Plaza*	SA	Precision Group	Precision Group	24,847
10	World Square	NSW	IFM REF, AWPF Mgt No 2	JLL	17,442
11	Barangaroo	NSW	LLIST, LLOIST, Marquette, Oscar Group	Knight Frank & JLL	17,148
12	Midtown Melbourne	VIC	IFM	CBRE	15,392
13	MacArthur Central*	QLD	Precision Group	Precision Group	15,163
14	The Galeries	NSW	VCX, Link REIT	Vicinity Centres	14,965
15	Raine Square	WA	Charter Hall	Charter Hall	14,194
16	Queen Victoria Building	NSW	VCX, Link REIT	Vicinity Centres	14,190
17	Darling Square	NSW	SLP, SLLZ, Bearings	Knight Frank & JLL	12,026
18	The Strand Melbourne	VIC	IFM	CBRE	10,116
19	Greenwood Plaza	NSW	Mirvac, Capitaland	Mirvac Real Estate	9,361
20	25 Martin Place	NSW	Dexus, DWPF	Dexus	7,875
21	Galleria Melbourne	VIC	DOTA	Dexus	6,160
22	Gateway	NSW	DWPF	Dexus	5,630
23	The Strand Arcade	NSW	VCX, Link REIT	Vicinity Centres	5,564
24	Enex	WA	IFM	CBRE	5,404
25	80 Collins Street	VIC	Dexus, DWPF	Dexus	4,771
26	Stockland Piccadilly	NSW	Stockland	Stockland	2,983

*Development affected CBD Guns 2026 ranked by MAT ($million)

Rank	Centre Name	State	Owner	Management	MAT (million)
1	Westfield Sydney	NSW	Scentre Group	Scentre Group	$1,157.00
2	Melbourne Central	VIC	GPT	GPT	$726.16
3	Emporium Melbourne	VIC	VCX, GIC	Vicinity Centres	$522.89
4	QV Melbourne	VIC	Dexus, DOTA, Victoria Square	Dexus	$330.17
5	QueensPlaza	QLD	VCX	Vicinity Centres	$326.20
6	Queen Victoria Building	NSW	VCX, Link REIT	Vicinity Centres	$311.59
7	World Square	NSW	IFM REF, AWPF Mgt No 2	JLL	$299.04
8	The Galeries	NSW	VCX, Link REIT	Vicinity Centres	$261.17
9	Barangaroo	NSW	LLIST, LLOIST, Marquette, Oscar Group	Knight Frank & JLL	$213.34
10	Raine Square	WA	Charter Hall	Charter Hall	$180.49
11	Market City Shopping Centre	NSW	Jen Retail Properties	Jen Retail Properties	$170.96
12	The Strand Arcade	NSW	VCX, Link REIT	Vicinity Centres	$170.66
13	Darling Square	NSW	SLP, SLLZ, Bearings	Knight Frank & JLL	$123.02
14	Forrest Chase	WA	IFM	CBRE	$118.71
15	25 Martin Place	NSW	Dexus, DWPF	Dexus	$97.46
16	Gateway	NSW	DWPF	Dexus	$79.25
17	80 Collins Street	VIC	Dexus, DWPF	Dexus	$69.96
18	Enex	WA	IFM	CBRE	$54.40
19	Greenwood Plaza	NSW	Mirvac, Capitaland	Mirvac Real Estate	$39.94
20	Galleria Melbourne	VIC	DOTA	Dexus	$33.87
21	The Strand Melbourne	VIC	IFM	CBRE	$33.58
22	Midtown Melbourne	VIC	IFM	CBRE	$31.17
23	Stockland Piccadilly	NSW	Stockland	Stockland	$20.08
24	Adelaide Central Plaza*	SA	Precision Group	Precision Group	–
25	MacArthur Central*	QLD	Precision Group	Precision Group	–
26	Uptown*	QLD	VCX, IFM	Vicinity Centres	–

*Development affected CBD Guns 2026 ranked by MAT/sqm

Rank	Centre Name	State	Owner	Management	MAT/sqm
1	The Strand Arcade	NSW	VCX, Link REIT	Vicinity Centres	$35,196
2	Queen Victoria Building	NSW	VCX, Link REIT	Vicinity Centres	$24,912
3	Melbourne Central	VIC	GPT	GPT	$19,544
4	80 Collins Street	VIC	Dexus, DWPF	Dexus	$18,137
5	The Galeries	NSW	VCX, Link REIT	Vicinity Centres	$17,584
6	World Square	NSW	IFM REF, AWPF Mgt No 2	JLL	$16,694
7	Raine Square	WA	Charter Hall	Charter Hall	$16,297
8	25 Martin Place	NSW	Dexus, DWPF	Dexus	$14,350
9	Gateway	NSW	DWPF	Dexus	$13,885
10	Emporium Melbourne	VIC	VCX, GIC	Vicinity Centres	$13,669
11	Westfield Sydney	NSW	Scentre Group	Scentre Group	$13,401
12	Barangaroo	NSW	LLIST, LLOIST, Marquette, Oscar Group	Knight Frank & JLL	$12,440
13	Galleria Melbourne	VIC	DOTA	Dexus	$12,092
14	Market City Shopping Centre	NSW	Jen Retail Properties	Jen Retail Properties	$11,110
15	Enex	WA	IFM	CBRE	$10,698
16	QV Melbourne	VIC	Dexus, DOTA, Victoria Square	Dexus	$10,667
17	Darling Square	NSW	SLP, SLLZ, Bearings	Knight Frank & JLL	$10,229
18	QueensPlaza	QLD	VCX	Vicinity Centres	$9,043
19	Stockland Piccadilly	NSW	Stockland	Stockland	$7,946
20	Greenwood Plaza	NSW	Mirvac, Capitaland	Mirvac Real Estate	$7,538
21	The Strand Melbourne	VIC	IFM	CBRE	$3,173
22	Forrest Chase	WA	IFM	CBRE	$2,813
23	Midtown Melbourne	VIC	IFM	CBRE	$2,280
24	Adelaide Central Plaza*	SA	Precision Group	Precision Group	–
25	MacArthur Central*	QLD	Precision Group	Precision Group	–
26	Uptown*	QLD	VCX, IFM	Vicinity Centres	–

*Development affected CBD Guns 2026 ranked by Specialty MAT/sqm

Rank	Centre Name	State	Owner	Management	Specialty MAT/sqm
1	The Strand Arcade	NSW	VCX, Link REIT	Vicinity Centres	$31,320
2	The Galeries	NSW	VCX, Link REIT	Vicinity Centres	$30,119
3	Queen Victoria Building	NSW	VCX, Link REIT	Vicinity Centres	$28,024
4	Westfield Sydney	NSW	Scentre Group	Scentre Group	$26,949
5	Raine Square	WA	Charter Hall	Charter Hall	$26,421
6	QueensPlaza	QLD	VCX	Vicinity Centres	$22,918
7	80 Collins Street	VIC	Dexus, DWPF	Dexus	$19,312
8	Forrest Chase	WA	IFM	CBRE	$18,720
9	Gateway	NSW	DWPF	Dexus	$18,384
10	Darling Square	NSW	SLP, SLLZ, Bearings	Knight Frank & JLL	$17,138
11	25 Martin Place	NSW	Dexus, DWPF	Dexus	$16,316
12	Barangaroo	NSW	LLIST, LLOIST, Marquette, Oscar Group	Knight Frank & JLL	$16,288
13	Melbourne Central	VIC	GPT	GPT	$16,189
14	Emporium Melbourne	VIC	VCX, GIC	Vicinity Centres	$15,695
15	Midtown Melbourne	VIC	IFM	CBRE	$15,355
16	QV Melbourne	VIC	Dexus, DOTA, Victoria Square	Dexus	$14,941
17	World Square	NSW	IFM REF, AWPF Mgt No 2	JLL	$14,914
18	The Strand Melbourne	VIC	IFM	CBRE	$12,440
19	Market City Shopping Centre	NSW	Jen Retail Properties	Jen Retail Properties	$11,733
20	Galleria Melbourne	VIC	DOTA	Dexus	$11,463
21	Enex	WA	IFM	CBRE	$10,587
22	Stockland Piccadilly	NSW	Stockland	Stockland	$8,137
23	Greenwood Plaza	NSW	Mirvac, Capitaland	Mirvac Real Estate	$6,795
24	Adelaide Central Plaza*	SA	Precision Group	Precision Group	–
25	MacArthur Central*	QLD	Precision Group	Precision Group	–
26	Uptown*	QLD	VCX, IFM	Vicinity Centres	–

*Development affected CBD Guns 2026 ALL Data

Centre Name	State	Owner	Management	Telephone	GLA (sqm)	GLA rank	MAT (million)	MAT rank	MAT/sqm	MAT/sqm rank	Specialty MAT/sqm	Specialty MAT rank	Asset value (million)	Traffic / year (million)	Av. Spend/ Visit ($)	Majors / Cinemas	Mini Majors	Specialties	Carparks	Centre Manager	Marketing Manager	Leasing Manager
25 Martin Place	NSW	Dexus, DWPF	Dexus	02 9224 8333	7,875	20	$97.46	15	$14,350	8	$16,316	11	–	5.1	$18.96	IGA	4	45	311	Steve Printezis	Danika Crawford	Cameron Haddad
80 Collins Street	VIC	Dexus, DWPF	Dexus	03 9650 3844	4,771	25	$69.96	17	$18,137	4	$19,312	7	–	–	–	–	4	16	122	Sarah Herbert	Lorenza Maiolo	C. Haddad, E. Trezise
Adelaide Central Plaza*	SA	Precision Group	Precision Group	08 8465 2222	24,847	9	–	24	–	24	–	24	–	–	–	David Jones	–	40	1,200	Ash Somerville	Rebecca France	Ben Singler, Alecia Johnson
Barangaroo	NSW	LLIST, LLOIST, Marquette, Oscar Group	Knight Frank & JLL	02 9277 2034	17,148	11	$213.34	9	$12,440	12	$16,288	12	–	–	–	Woolworths Metro	3	91	–	Shirley Sharma	Deanna Kaltsos	Sam Phu
Darling Square	NSW	SLP, SLLZ, Bearings	Knight Frank & JLL	02 9237 5116	12,026	17	$123.02	13	$10,229	17	$17,138	10	–	–	–	–	2	74	–	Allen Lin	Ivy Ly	Sam Phu
Emporium Melbourne	VIC	VCX, GIC	Vicinity Centres	03 8609 8221	44,108	5	$522.89	3	$13,669	10	$15,695	14	$1,165.00	20.3	$25.75	–	13	155	–	Gordon White	Nicola Doupe	S. Hill, B. Mummery, R. Binder
Enex	WA	IFM	CBRE	08 9476 7666	5,404	24	$54.40	18	$10,698	15	$10,587	21	–	4.2	$13.06	Woolworths	1	26	–	Amanda Clarke	Bronte Macpherson	Anthony Einfeld
Forrest Chase	WA	IFM	CBRE	08 9476 7666	42,034	6	$118.71	14	$2,813	22	$18,720	8	–	14.7	$8.07	Myer	1	20	–	Amanda Clarke	Bronte Macpherson	Anthony Einfeld
Galleria Melbourne	VIC	DOTA	Dexus	03 9604 5800	6,160	21	$33.87	20	$12,092	13	$11,463	20	–	2.4	$14.07	–	2	30	240	Kate Rooney	Lorenza Maiolo	C. Haddad, E. Trezise
Gateway	NSW	DWPF	Dexus	02 9224 8333	5,630	22	$79.25	16	$13,885	9	$18,384	9	–	5.2	$15.37	–	3	30	197	Micheal Hodge	Danika Crawford	Cameron Haddad
Greenwood Plaza	NSW	Mirvac, Capitaland	Mirvac Real Estate	02 9923 0700	9,361	19	$39.94	19	$7,538	20	$6,795	23	$82.00	5.2	$7.75	Romeo's IGA	2	92	312	Kelvin Fung	Juliana Lovell	Luke Taplin
MacArthur Central*	QLD	Precision Group	Precision Group	07 3556 1200	15,163	13	–	25	–	25	–	25	–	–	–	Big W, Woolworths	2	45	182	Colleen Middlemass	–	Rory O’Brien, Alecia Johnson
Market City Shopping Centre	NSW	Jen Retail Properties	Jen Retail Properties	02 9288 8900	28,044	8	$170.96	11	$11,110	14	$11,733	19	–	15.1	$20.36	Thai Kee IGA, TK Maxx	1	75	627	Ray Khoury	Sandra Stern	Maria Amorillo
Melbourne Central	VIC	GPT	GPT	03 9922 1100	55,555	3	$726.16	2	$19,544	3	$16,189	13	$1,675.00	54.8	$13.25	Coles, Hoyts	12	259	–	Andrew Drivas	Chris Byrne	Ben Wynne, Emma Gibson
Midtown Melbourne	VIC	IFM	CBRE	–	15,392	12	$31.17	22	$2,280	23	$15,355	15	–	2.3	$13.36	–	4	6	–	Andrew Gibson	Leah Zou	Kate Wicks
Queen Victoria Building	NSW	VCX, Link REIT	Vicinity Centres	02 9265 6800	14,190	16	$311.59	6	$24,912	2	$28,024	3	$560.00	24.5	$12.73	–	4	154	699	Melanie Vale	Alicia Wrightson	A Barnes, D. Belyuga, F. Mokhtar
QueensPlaza	QLD	VCX	Vicinity Centres	07 3234 3900	39,304	7	$326.20	5	$9,043	18	$22,918	6	$740.00	11.7	$27.81	David Jones	5	51	600	Katrina Warren	Joanne Amarandos	A Barnes, D. Belyuga
QV Melbourne	VIC	Dexus, DOTA, Victoria Square	Dexus	03 9207 9200	47,331	4	$330.17	4	$10,667	16	$14,941	16	–	51.8	$6.38	Big W, Woolworths, Harvey Norman	20	94	1,522	Kate Rooney	Lorenza Maiolo	C. Haddad, E. Trezise
Raine Square	WA	Charter Hall	Charter Hall	08 6143 4830	14,194	15	$180.49	10	$16,297	7	$26,421	5	$198.00	–	–	Coles, Palace Cinema	4	27	205	Mike Barrington	Samantha Mills	Mark Galligan
Stockland Piccadilly	NSW	Stockland	Stockland	02 9267 0722	2,983	26	$20.08	23	$7,946	19	$8,137	22	$48.00	2.9	$6.90	–	1	38	274	Lisa Vaughn	Terri Thomas	Lisa Vaughn
The Galeries	NSW	VCX, Link REIT	Vicinity Centres	02 9265 6800	14,965	14	$261.17	8	$17,584	5	$30,119	2	$345.00	18.2	$14.37	–	5	64	–	Melanie Vale	Alicia Wrightson	A Barnes, D. Belyuga, F. Mokhtar
The Strand Arcade	NSW	VCX, Link REIT	Vicinity Centres	02 9265 6800	5,564	23	$170.66	12	$35,196	1	$31,320	1	$230.00	5.1	$33.73	–	1	73	–	Melanie Vale	Alicia Wrightson	A. Barnes, R. Binder
The Strand Melbourne	VIC	IFM	CBRE	–	10,116	18	$33.58	21	$3,173	21	$12,440	18	–	2.6	$13.00	–	2	10	199	Andrew Gibson	Leah Zou	Kate Wicks
Uptown*	QLD	VCX, IFM	Vicinity Centres	07 3223 6900	62,974	2	–	26	–	26	–	26	$275.00	–	–	Coles, Target, Event Cinemas	6	106	1,450	Katrina Warren	Joanne Amarandos	G. Nagel, Kylie Curtis
Westfield Sydney	NSW	Scentre Group	Scentre Group	02 8236 9200	97,453	1	$1,157.00	1	$13,401	11	$26,949	4	$4,359.00	34.9	$33.20	Myer	21	247	172	Trish Dullard	Enid Sung	Sanjay Ippolito
World Square	NSW	IFM REF, AWPF Mgt No 2	JLL	02 8275 6777	17,442	10	$299.04	7	$16,694	6	$14,914	17	–	24.5	$12.42	Coles, Gong Grocer	5	93	455	Nick Bell	Stephanie Isakka	Bruce Sedgwick

*Development affected Definitions: GLAm2: Gross Lettable Area. Includes the trading area of all tenants located at the centre, whether currently leased or not leased. Includes non-retail such as medical suites, offices, cinemas and entertainment etc. Does not include storage areas or casual leasing sites. MAT: Moving Annual Turnover ( million). Total retail sales from April 1, 2025 to March 31, 2026 including GST. Includes trade from all tenants where the manager is provided with sales data (including cinemas, restaurants, travel and entertainment venues). Excludes sales from banks, ATMs, financial institutions, health insurance, TAB/soft gambling, gaming venues, amusements (rides), professional services and suites, offices, casual mall tenants and storage tenants. MAT/sqm: Total retail sales from April 1, 2025 to March 31, 2026 including GST, divided by the retail area from which the retail sales were derived. Includes trade from all tenants where the manager is provided with sales data, excluding cinemas and entertainment venues. Excludes sales from banks, ATMs, financial institutions, health insurance, TAB/soft gambling, gaming venues, amusements (rides), professional services and suites, offices, casual mall tenants and storage tenants. Specialty MAT/sqm: Total retail sales from April 1, 2025 to March 31, 2026, including GST, for all trade-reporting tenants with a GLA below 400sqm, divided by the retail area from which the retail sales were derived. Excludes sales from cinemas, entertainment venues (such as ice skating rinks or ten pin bowling centres), banks, ATMs, financial institutions, health insurance, TAB/soft gambling, gaming venues, amusements (rides), professional services and suites, offices, casual mall tenants and storage tenants. Travel agencies are excluded from Specialty MAT/sqm. (In keeping with SCCA standards).