COMMERCIAL PROPERTY, SALES & LEASING

Adelaide shopping centre expecting $65m

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ABOUT $65 million is expected for the Gilles Plain shopping centre in Adelaide’s northern suburbs, which has been taken to the market just a few years after a $30 million redevelopment and expansion.

Located on the corner of Sudholz Rd and North East Rd, the triple anchored neighbourhood shopping centre has a Woolworths supermarket, ALDI supermarket, Dan Murphy’s, one mini major, 40 specialty retailers, five kiosks and six ATMs, together with two freestanding sites with a McDonald’s and a Caltex Petrol Station.

The centre offers a fully leased net annual income of $4,651,407, and has a weighted average lease expiry by income of 9.09 years for the entire centre, and 13.32 years for the major tenants.

The single level centre has a gross lettable area of about 11,958 sqm on 35,090 sqm of land with five street frontages and parking for 464 cars.

Rino Carpinelli, Ryan Mills and Steven Lerche of Savills have been appointed to market the centre via expressions of interest closing 25th March.

“This is an opportunity to acquire a magnificent modern centre that would be regarded as ‘best in class’ within its trade area,” Carpinelli said.

He highlighted the centre’s corner location, depreciation benefits, zero stamp duty on commercial transactions in South Australia, and a strong lease covenant to Woolworths offering long term income security.

Gilles Plains has a growing catchment, driven by the completion of the Lightsview project – encompassing 103 hectares – in addition to the proposed 100 hectare Renewal SA urban infill development just north of the centre, and which is expected to deliver an additional 1,500 homes into the primary trade area.

The offering follows more than $100 million of neighbourhood shopping centres trading in Queensland this week.

Great Western Super Centre, in Brisbane’s Keperra, sold for $84.5 million to local developer Consolidated Properties and CVS Lane Capital Partners, while Coles-anchored Taigum Village Shopping Centre in the northern suburbs sold to an offshore-based Taiwanese shopping centre investor for $26.35 million.

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