SHOPPING centre owner CFS Retail says it will double the space set aside for luxury retailers in its $1.3 billion Emporium development in Melbourne, a move that will lower the overall rate of return on the project to 5 per cent from 6 per cent.
CFS Retail, which is developing the project with partner GIC of Singapore, said the lower rate of return was the result of its share of the cost of the project increasing by $15 million to $575m due to the need for high-end store fitouts for luxury retailers. Link
