Scott O'Neill

So overall, the returns are fantastic in that space.

But-

Like any asset, you don't generalize.

All industrial is not great.

All of it's not good or poor rather.

The other one is retail.

So, retail is a massive field.

You could talk about supermarkets.

That's essential service.

But retail is also high-end shoe shops.

You can't compare all retail in the same barrel as being a

good or bad because there's just thousands of different businesses.

So I think there's this buzzword in the economy at the moment, like off the back of COVID around essential service.

I like using this term called destination type tenants where you've got to go and see them to use your products.

That business model is not dying.

In fact, there can be a lot of resilience in that sector because tenants often pay a lot of money for their fit outs.

And these are the things as a commercial investor you want to look at.

Is your tenant going to stay long term?

And if they've just spent

a lot of money on fitting their property out and they've got a five-year lease and they've got through COVID without issues, then that can be a really good asset.