Revo has recently launched an industry wide consultation on a proposed new classification for retail assets.
Revo have recognised the industry’s need for a far more nuanced approach to classification, rather than the widely used “primary, secondary and tertiary” descriptions, which are acknowledged to be too simplistic and subjective for the complexity of retail. They also undermine successful schemes operating in the local markets. The proposal provides a far more objective test, meaning strongly trading “community centres” are not belittled by the old “tertiary” tag and investors can recognise their value. Assuming it is embraced by the industry, this standardised classification will assist with comparing assets more readily, true differentiation on an objective basis, and should lead to better investor knowledge.
Let’s hope the industry get on board when it is launched at the REVO conference later this year - a rare positive in difficult times.