It was a long road back after COVID, but now CBD retail in Australia has regained its power! Unsurprisingly, Scentre Group’s Westfield Sydney leads the MAT table with an annual turnover in excess of $1 billion; GPT’s Melbourne Central takes the Number 2 spot with a very creditable 8.5% improvement over last year to $687 million, while Vicinity’s Emporium Melbourne reaches the half-billion MAT milestone for the first time. The Galeries in Sydney showed a great improvement attributed to the
inclusion of some new retailers recording an almost 13% rise. The Sydney revival spread with Market City, The Strand Arcade and Barangaroo all showing healthy increases.
On the MAT/m2 ladder, the new Number 1 is Vicinity’s The Strand Arcade, Sydney, with a whopping $34,360. Dexus’ Gateway comes in at Number 2 with a very creditable $23,201.
On the Specialty MAT/m2 table, honours went again to The Strand Arcade with The Galeries closely behind in the Number 2 spot.
All in all, a good year for CBD retail and somewhat of a full-force recovery from a trying period.
CBD Guns 2025 DATA TABLES
The following table includes data for 29 CBD Gun centres.
CBD Guns 2025 ranked by GLA m2
*Development affected
CBD Guns 2025 ranked by MAT $(million)
*Development affected
CBD Guns 2025 ranked by MAT/m2
*Development affected
CBD Guns 2025 ranked by Specialty MAT/m2
*Development affected
CBD Guns 2025 ALL Data
*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, 2024 to March 31, 2025 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/m2: Total retail sales from April 1, 2024 to March 31, 2025 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/m2: Total retail sales from April 1, 2024 to March 31, 2025, including GST, for all trade-reporting tenants with a GLA below 400m2, 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/m2. (In keeping with SCCA standards).
| GLA m2 rank | Centre Name : | State : | Owner : | Management Company : | GLA m2 |
|---|---|---|---|---|---|
| 1 | Westfield Sydney | NSW | Scentre Group | Scentre Group | 91,349 |
| 2 | Uptown* | QLD | VCX & ISPT | Vicinity Centres | 63,025 |
| 3 | Myer Centre Adelaide* | SA | Starhill Global REIT | CBRE | 58,166 |
| 4 | Melbourne Central | VIC | GPT | GPT | 55,745 |
| 5 | QV Melbourne | VIC | Dexus, DOTA, Victoria Square | Dexus | 47,333 |
| 6 | Emporium Melbourne | VIC | VCX & GIC | Vicinity Centres | 44,063 |
| 7 | Forrest Chase | WA | ISPT | CBRE | 42,034 |
| 8 | QueensPlaza | QLD | VCX | Vicinity Centres | 39,423 |
| 9 | Market City Shopping Centre | NSW | Jen Retail Properties | Jen Retail Properties | 28,044 |
| 10 | Adelaide Central Plaza* | SA | Precision Group | Precision Group | 24,847 |
| 11 | Rundle Place | SA | Growthpoint | JLL | 23,265 |
| 12 | World Square | NSW | ISPT & AWPF Mgt No. 2 | JLL | 17,315 |
| 13 | Barangaroo | NSW | LLITST, LLOITST, LLMP | Lendlease | 17,148 |
| 14 | MacArthur Central* | QLD | Precision Group | Precision Group | 15,163 |
| 15 | The Galeries | NSW | VCX & Link REIT | Vicinity Centres | 14,970 |
| 16 | Queen Victoria Building | NSW | VCX & Link REIT | Vicinity Centres | 14,237 |
| 17 | Darling Square | NSW | LLH, APPFC, SLLZ | Lendlease | 12,026 |
| 18 | Midtown Melbourne | VIC | ISPT | CBRE | 9,983 |
| 19 | Greenwood Plaza | NSW | Mirvac & Capitaland | Mirvac Real Estate | 8,973 |
| 20 | 25 Martin Place | NSW | Dexus & DWPF | Dexus | 8,057 |
| 21 | The Strand Melbourne | VIC | ISPT | CBRE | 6,544 |
| 22 | Galleria Melbourne | VIC | DOTA | Dexus | 6,207 |
| 23 | Melbourne GPO | VIC | ISPT | CBRE | 5,969 |
| 24 | Gateway | NSW | DWPF | Dexus | 5,727 |
| 25 | The Strand Arcade | NSW | VCX & Link REIT | Vicinity Centres | 5,632 |
| 26 | 206 Bourke Street | VIC | ISPT | CBRE | 5,609 |
| 27 | Enex* | WA | ISPT | CBRE | 5,404 |
| 28 | Stockland Piccadilly | NSW | Stockland | Stockland | 5,312 |
| 29 | 80 Collins Street | VIC | Dexus & DWPF | Dexus | 4,771 |
| MAT $ (million) rank | Centre Name : | State : | Owner : | Management Company : | MAT $ (million) |
|---|---|---|---|---|---|
| 1 | Westfield Sydney | NSW | Scentre Group | Scentre Group | $1,077.00 |
| 2 | Melbourne Central | VIC | GPT | GPT | $686.62 |
| 3 | Emporium Melbourne | VIC | VCX & GIC | Vicinity Centres | $509.34 |
| 4 | QueensPlaza | QLD | VCX | Vicinity Centres | $321.50 |
| 5 | QV Melbourne | VIC | Dexus, DOTA, Victoria Square | Dexus | $315.10 |
| 6 | Queen Victoria Building | NSW | VCX & Link REIT | Vicinity Centres | $292.68 |
| 7 | World Square | NSW | ISPT & AWPF Mgt No. 2 | JLL | $269.58 |
| 8 | The Galeries | NSW | VCX & Link REIT | Vicinity Centres | $238.47 |
| 9 | Barangaroo | NSW | LLITST, LLOITST, LLMP | Lendlease | $194.95 |
| 10 | Market City Shopping Centre | NSW | Jen Retail Properties | Jen Retail Properties | $163.50 |
| 11 | The Strand Arcade | NSW | VCX & Link REIT | Vicinity Centres | $160.74 |
| 12 | Rundle Place | SA | Growthpoint | JLL | $155.33 |
| 13 | Darling Square | NSW | LLH, APPFC, SLLZ | Lendlease | $117.27 |
| 14 | Forrest Chase | WA | ISPT | CBRE | $115.52 |
| 15 | 25 Martin Place | NSW | Dexus & DWPF | Dexus | $90.80 |
| 16 | Gateway | NSW | DWPF | Dexus | $81.68 |
| 17 | 80 Collins Street | VIC | Dexus & DWPF | Dexus | $72.66 |
| 18 | Greenwood Plaza | NSW | Mirvac & Capitaland | Mirvac Real Estate | $46.00 |
| 19 | 206 Bourke Street | VIC | ISPT | CBRE | $41.89 |
| 20 | Melbourne GPO | VIC | ISPT | CBRE | $36.39 |
| 21 | Galleria Melbourne | VIC | DOTA | Dexus | $33.35 |
| 22 | Midtown Melbourne | VIC | ISPT | CBRE | $22.90 |
| 23 | The Strand Melbourne | VIC | ISPT | CBRE | $22.09 |
| 24 | Stockland Piccadilly | NSW | Stockland | Stockland | $15.72 |
| 25 | Adelaide Central Plaza* | SA | Precision Group | Precision Group | Not ranked |
| 26 | Enex* | WA | ISPT | CBRE | Not ranked |
| 27 | MacArthur Central* | QLD | Precision Group | Precision Group | Not ranked |
| 28 | Myer Centre Adelaide* | SA | Starhill Global REIT | CBRE | Not ranked |
| 29 | Uptown* | QLD | VCX & ISPT | Vicinity Centres | Not ranked |
| MAT/m2 rank | Centre Name : | State : | Owner : | Management Company : | MAT/m2 |
|---|---|---|---|---|---|
| 1 | The Strand Arcade | NSW | VCX & Link REIT | Vicinity Centres | $34,360 |
| 2 | Gateway | NSW | DWPF | Dexus | $23,201 |
| 3 | Queen Victoria Building | NSW | VCX & Link REIT | Vicinity Centres | $22,236 |
| 4 | 80 Collins Street | VIC | Dexus & DWPF | Dexus | $21,158 |
| 5 | Melbourne Central | VIC | GPT | GPT | $18,584 |
| 6 | Barangaroo | NSW | LLITST, LLOITST, LLMP | Lendlease | $17,064 |
| 7 | Darling Square | NSW | LLH, APPFC, SLLZ | Lendlease | $16,691 |
| 8 | The Galeries | NSW | VCX & Link REIT | Vicinity Centres | $16,218 |
| 9 | World Square | NSW | ISPT & AWPF Mgt No. 2 | JLL | $15,569 |
| 10 | 25 Martin Place | NSW | Dexus & DWPF | Dexus | $13,878 |
| 11 | Emporium Melbourne | VIC | VCX & GIC | Vicinity Centres | $13,238 |
| 12 | Westfield Sydney | NSW | Scentre Group | Scentre Group | $12,677 |
| 13 | Rundle Place | SA | Growthpoint | JLL | $10,841 |
| 14 | Galleria Melbourne | VIC | DOTA | Dexus | $10,771 |
| 15 | Market City Shopping Centre | NSW | Jen Retail Properties | Jen Retail Properties | $10,585 |
| 16 | 206 Bourke Street | VIC | ISPT | CBRE | $10,432 |
| 17 | QV Melbourne | VIC | Dexus, DOTA, Victoria Square | Dexus | $9,999 |
| 18 | QueensPlaza | QLD | VCX | Vicinity Centres | $8,712 |
| 19 | Greenwood Plaza | NSW | Mirvac & Capitaland | Mirvac Real Estate | $7,632 |
| 20 | Stockland Piccadilly | NSW | Stockland | Stockland | $5,905 |
| 21 | Melbourne GPO | VIC | ISPT | CBRE | $5,098 |
| 22 | Forrest Chase | WA | ISPT | CBRE | $2,731 |
| 23 | Midtown Melbourne | VIC | ISPT | CBRE | $2,293 |
| 24 | The Strand Melbourne | VIC | ISPT | CBRE | $2,068 |
| 25 | Adelaide Central Plaza* | SA | Precision Group | Precision Group | Not ranked |
| 26 | Enex* | WA | ISPT | CBRE | Not ranked |
| 27 | MacArthur Central* | QLD | Precision Group | Precision Group | Not ranked |
| 28 | Myer Centre Adelaide* | SA | Starhill Global REIT | CBRE | Not ranked |
| 29 | Uptown* | QLD | VCX & ISPT | Vicinity Centres | Not ranked |
| Specialty MAT/m2 rank | Centre Name : | State : | Owner : | Management Company : | Specialty MAT/m2 |
|---|---|---|---|---|---|
| 1 | The Strand Arcade | NSW | VCX & Link REIT | Vicinity Centres | $30,801 |
| 2 | The Galeries | NSW | VCX & Link REIT | Vicinity Centres | $28,018 |
| 3 | Westfield Sydney | NSW | Scentre Group | Scentre Group | $27,437 |
| 4 | Queen Victoria Building | NSW | VCX & Link REIT | Vicinity Centres | $25,700 |
| 5 | 80 Collins Street | VIC | Dexus & DWPF | Dexus | $25,242 |
| 6 | Gateway | NSW | DWPF | Dexus | $24,225 |
| 7 | QueensPlaza | QLD | VCX | Vicinity Centres | $22,432 |
| 8 | Barangaroo | NSW | LLITST, LLOITST, LLMP | Lendlease | $20,465 |
| 9 | 25 Martin Place | NSW | Dexus & DWPF | Dexus | $18,026 |
| 10 | Forrest Chase | WA | ISPT | CBRE | $15,602 |
| 11 | Darling Square | NSW | LLH, APPFC, SLLZ | Lendlease | $15,383 |
| 12 | Melbourne GPO | VIC | ISPT | CBRE | $15,294 |
| 13 | Melbourne Central | VIC | GPT | GPT | $15,254 |
| 14 | Emporium Melbourne | VIC | VCX & GIC | Vicinity Centres | $13,727 |
| 15 | World Square | NSW | ISPT & AWPF Mgt No. 2 | JLL | $13,072 |
| 16 | QV Melbourne | VIC | Dexus, DOTA, Victoria Square | Dexus | $12,803 |
| 17 | Midtown Melbourne | VIC | ISPT | CBRE | $12,725 |
| 18 | Market City Shopping Centre | NSW | Jen Retail Properties | Jen Retail Properties | $10,568 |
| 19 | Galleria Melbourne | VIC | DOTA | Dexus | $9,888 |
| 20 | Rundle Place | SA | Growthpoint | JLL | $8,554 |
| 21 | Stockland Piccadilly | NSW | Stockland | Stockland | $7,355 |
| 22 | Greenwood Plaza | NSW | Mirvac & Capitaland | Mirvac Real Estate | $7,160 |
| 23 | The Strand Melbourne | VIC | ISPT | CBRE | $6,778 |
| 24 | 206 Bourke Street | VIC | ISPT | CBRE | $6,596 |
| 25 | Adelaide Central Plaza* | SA | Precision Group | Precision Group | Not ranked |
| 26 | Enex* | WA | ISPT | CBRE | Not ranked |
| 27 | MacArthur Central* | QLD | Precision Group | Precision Group | Not ranked |
| 28 | Myer Centre Adelaide* | SA | Starhill Global REIT | CBRE | Not ranked |
| 29 | Uptown* | QLD | VCX & ISPT | Vicinity Centres | Not ranked |
| Centre Name : | State : | GLA m2 | GLA m2 rank | MAT $ (million) | MAT $ (million) | MAT/m2 | MAT/m2 rank | Specialty MAT/m2 | Specialty MAT/m2 rank | Owner : | Management Company : | Telephone : | Asset value: ($million) : | Traffic / year (million) : | Average Spend/ Visit ($) : | Majors / Cinemas | Number of Mini Majors : | Number of Specialties : | Number of Carparks : | Centre Manager: | Marketing Manager : | Leasing Manager |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 206 Bourke Street | VIC | 5,609 | 26 | $41.89 | 19 | $10,432 | 16 | $6,596 | 24 | ISPT | CBRE | - | - | 3.0 | $13.86 | - | 1 | 9 | - | Andrew Gibson | Leah Zou | Kate Wicks |
| 25 Martin Place | NSW | 8,057 | 20 | $90.80 | 15 | $13,878 | 10 | $18,026 | 9 | Dexus & DWPF | Dexus | 02 9224 8333 | - | 4.5 | $20.34 | - | 5 | 51 | 311 | Steve Printezis | - | Cameron Haddad |
| 80 Collins Street | VIC | 4,771 | 29 | $72.66 | 17 | $21,158 | 4 | $25,242 | 5 | Dexus & DWPF | Dexus | 03 9650 3844 | - | - | - | - | 5 | 14 | 122 | Sarah Herbert | Lorenza Maiolo | C. Haddad, E. Trezise |
| Adelaide Central Plaza* | SA | 24,847 | 10 | Not ranked | 25 | Not ranked | 25 | Not ranked | 25 | Precision Group | Precision Group | 08 8465 2222 | - | - | - | David Jones | Ð | 40 | 1,200 | Felicity Connolly | Rebecca France | E.Krecsik, H.Pettigrew |
| Barangaroo | NSW | 17,148 | 13 | $194.95 | 9 | $17,064 | 6 | $20,465 | 8 | LLITST, LLOITST, LLMP | Lendlease | 02 9277 2034 | - | - | - | Woolworths Metro | 8 | 74 | - | Scott Sullivan | Kimberley McCone | Sam Phu |
| Darling Square | NSW | 12,026 | 17 | $117.27 | 13 | $16,691 | 7 | $15,383 | 11 | LLH, APPFC, SLLZ | Lendlease | 02 9237 5116 | - | - | - | - | 1 | 70 | - | Scott Sullivan | Kimberley McCone | Sam Phu |
| Emporium Melbourne | VIC | 44,063 | 6 | $509.34 | 3 | $13,238 | 11 | $13,727 | 14 | VCX & GIC | Vicinity Centres | 03 8609 8221 | $1,105.0 | 19.6 | $26.00 | - | 15 | 159 | - | Gordon White | Nicola Doupe | D. Nohra, R. Tibbott |
| Enex* | WA | 5,404 | 27 | Not ranked | 26 | Not ranked | 26 | Not ranked | 26 | ISPT | CBRE | - | - | - | - | Woolworths | 1 | 26 | - | Amanda Clarke | Bronte Macpherson | Anthony Einfeld |
| Forrest Chase | WA | 42,034 | 7 | $115.52 | 14 | $2,731 | 22 | $15,602 | 10 | ISPT | CBRE | - | - | 13.6 | $8.00 | Myer | 1 | 20 | - | Amanda Clarke | Bronte Macpherson | Anthony Einfeld |
| Galleria Melbourne | VIC | 6,207 | 22 | $33.35 | 21 | $10,771 | 14 | $9,888 | 19 | DOTA | Dexus | 03 9604 5800 | - | 2.4 | $13.76 | - | 2 | 32 | 240 | William McLaughlin | Lorenza Maiolo | C. Haddad, E. Trezise |
| Gateway | NSW | 5,727 | 24 | $81.68 | 16 | $23,201 | 2 | $24,225 | 6 | DWPF | Dexus | 02 9224 8333 | - | 3.5 | $23.68 | - | 3 | 31 | 197 | Rachel Brimmer | - | Cameron Haddad |
| Greenwood Plaza | NSW | 8,973 | 19 | $46.00 | 18 | $7,632 | 19 | $7,160 | 22 | Mirvac & Capitaland | Mirvac Real Estate | 02 9923 0700 | $111.0 | 7.2 | $6.37 | Super IGA | 2 | 93 | 312 | Kelvin Fung | Juliana Lovell | Luke Taplin |
| MacArthur Central* | QLD | 15,163 | 14 | Not ranked | 27 | Not ranked | 27 | Not ranked | 27 | Precision Group | Precision Group | 07 3556 1200 | - | - | - | Big W, Woolworths | 2 | 45 | 182 | Colleen Middlemass | - | Kevin Ramsey |
| Market City Shopping Centre | NSW | 28,044 | 9 | $163.50 | 10 | $10,585 | 15 | $10,568 | 18 | Jen Retail Properties | Jen Retail Properties | 02 9288 8900 | - | 7.5 | $21.80 | IGA, TK Maxx, Paddy's Markets, Hay St Market | 1 | 75 | 627 | Ray Khoury | Sandra Stern | Paul Trachtenberg |
| Melbourne Central | VIC | 55,745 | 4 | $686.62 | 2 | $18,584 | 5 | $15,254 | 13 | GPT | GPT | 03 9922 1100 | $1,575.0 | 54.3 | $12.65 | Coles, HOYTS | 14 | 256 | 863 | Denis Ryan | Samantha Carr | B. Wynne, B. Mummery |
| Melbourne GPO | VIC | 5,969 | 23 | $36.39 | 20 | $5,098 | 21 | $15,294 | 12 | ISPT | CBRE | - | - | - | - | H&M | 1 | 6 | - | Andrew Gibson | Leah Zou | Kate Wicks |
| Midtown Melbourne | VIC | 9,983 | 18 | $22.90 | 22 | $2,293 | 23 | $12,725 | 17 | ISPT | CBRE | - | - | 2.0 | $11.50 | - | 4 | 6 | - | Andrew Gibson | Leah Zou | Kate Wicks |
| Myer Centre Adelaide* | SA | 58,166 | 3 | Not ranked | 28 | Not ranked | 28 | Not ranked | 28 | Starhill Global REIT | CBRE | 08 8212 1200 | $218.0 | 4.8 | - | Myer | Ð | Ð | - | - | - | - |
| Queen Victoria Building | NSW | 14,237 | 16 | $292.68 | 6 | $22,236 | 3 | $25,700 | 4 | VCX & Link REIT | Vicinity Centres | 02 9265 6800 | $532.0 | 25.3 | $11.56 | - | 4 | 149 | 669 | Melanie Vale | Brittany Mazzarella | A. Barnes, D. Belyuga, R. Binder, F. Mokhtar |
| QueensPlaza | QLD | 39,423 | 8 | $321.50 | 4 | $8,712 | 18 | $22,432 | 7 | VCX | Vicinity Centres | 07 3234 3900 | $715.0 | 11.6 | $27.84 | David Jones | 5 | 51 | 600 | Emma Chettleburgh | Emma Bullock | A. Barnes, D.Belyuga |
| QV Melbourne | VIC | 47,333 | 5 | $315.10 | 5 | $9,999 | 17 | $12,803 | 16 | Dexus, DOTA, Victoria Square | Dexus | 03 9207 9200 | $38.9 | - | $8.09 | Big W, Woolworths, Harvey Norman | 12 | 100 | 1,500 | Arabella Richards | Lorenza Maiolo | C. Haddad, E. Trezise |
| Rundle Place | SA | 23,265 | 11 | $155.33 | 12 | $10,841 | 13 | $8,554 | 20 | Growthpoint | JLL | 08 8227 2369 | - | 9.8 | $18.44 | Coles | 2 | 61 | - | Paula Toshack | Marcus Butler | - |
| Stockland Piccadilly | NSW | 5,312 | 28 | $15.72 | 24 | $5,905 | 20 | $7,355 | 21 | Stockland | Stockland | 02 9267 0722 | $41.1 | 2.9 | $6.01 | - | 1 | 29 | - | Lisa Vaughn | Cathy Finlaysaon | Lisa Vaughn |
| The Galeries | NSW | 14,970 | 15 | $238.47 | 8 | $16,218 | 8 | $28,018 | 2 | VCX & Link REIT | Vicinity Centres | 02 9265 6800 | $320.0 | 17.8 | $13.40 | - | 5 | 64 | - | Melanie Vale | Brittany Mazzarella | A. Barnes, D. Belyuga, F. Mokhtar |
| The Strand Arcade | NSW | 5,632 | 25 | $160.74 | 11 | $34,360 | 1 | $30,801 | 1 | VCX & Link REIT | Vicinity Centres | 02 9265 6800 | $205.0 | 5.0 | $32.15 | - | 1 | 72 | - | Melanie Vale | Brittany Mazzarella | A. Barnes, R. Binder |
| The Strand Melbourne | VIC | 6,544 | 21 | $22.09 | 23 | $2,068 | 24 | $6,778 | 23 | ISPT | CBRE | - | - | 2.4 | $9.12 | - | 2 | 10 | 199 | Andrew Gibson | Leah Zou | Kate Wicks |
| Uptown* | QLD | 63,025 | 2 | Not ranked | 29 | Not ranked | 29 | Not ranked | 29 | VCX & ISPT | Vicinity Centres | 07 3223 6900 | $275.0 | - | - | Coles, Target, Event Cinemas | 6 | 103 | 1,450 | Katrina Warren | Joanne Amarandos | Julia Davey |
| Westfield Sydney | NSW | 91,349 | 1 | $1,077.00 | 1 | $12,677 | 12 | $27,437 | 3 | Scentre Group | Scentre Group | 02 8236 9200 | $4,360.0 | 33.5 | $32.20 | Myer | 18 | 247 | 172 | Trish Dullard | Enid Sung | Julie Gasper |
| World Square | NSW | 17,315 | 12 | $269.58 | 7 | $15,569 | 9 | $13,072 | 15 | ISPT & AWPF Mgt No. 2 | JLL | 02 8275 6777 | - | 24.3 | $11.10 | Coles, Gong Grocer | 4 | 85 | 455 | Nick Bell | Stephanie Isakka | Bruce Sedgwick |
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