Retail revenue grew 10%, office revenue was up 13%, industrial revenue climbed 20% and specialised revenue grew 6%, with Fountainhead making more than 70% of its revenue from the retail sector. The group owns 14 shopping centres, 20 office blocks and 30 industrial buildings.

Raubenheimer said retail revenue performed well due to the defensive qualities of regional shopping centres and the “successful” developments which came on stream during the year, particularly Benmore Gardens and Kenilworth Centre, which had major upgrades.

But vacancies had increased marginally to 6,1% compared with 5% in March. By value, the vacancies equated to 4% of potential rental income, the same as at half-year.

In the retail sector, 74% of the vacancies remained at The Boulders, The Brightwater Commons and at Centurion Mall. The company said 25% of the total retail vacant area had been let for future occupation.

The office sector vacant space was 7%, mainly at Grayston Ridge, AMR Office Park and The Ambridge. The industrial sector had 8% compared with 7% at half year.

Raubenheimer said the increased vacancies was reflective of the depressed economic conditions within the manufacturing and distribution sectors.

He said that Fountainhead remained opportunistic in terms of acquiring quality properties at a cheaper price.