A triple anchored neighbourhood shopping centre located about 11kms from Adelaide’s CBD has hit the market with price expectations of more than $60 million. Gilles Plains Shopping Centre is anchored by Woolworths, ALDI and Dan Murphy’s, as well as a mini major, 40 specialty retailers, five kiosks, six ATM’s together with two freestanding sites (McDonalds and a Caltex Petrol Station).
The single level centre underwent a $30 million redevelopment and expansion in 2016, and offers a GLA of approximately 11,958m2 on a 35,090m2 site with five street frontages and parking for 464 cars.
The centre is offered for sale exclusively through Rino Carpinelli, Ryan Mills and Steven Lerche of Savills Australia, who said the centre has a Weighted Average Lease Expiry by income of approximate 9.09 years for the entire centre and 13.32 years for the Majors.
According to Rino Carpinelli, Managing Director of Savills Adelaide, the centre services a large catchment of growing residents with population growth primarily driven by the completion of the Lightsview project (103 hectares of residential) in addition to the proposed 100 hectare Renewal SA urban infill development just north of the subject centre, which is expected to deliver an additional 1,500 homes into the primary trade catchment.
“This is an opportunity to acquire a magnificent modern centre that would be regarded as ‘Best in Class’ within its trade area. This combined with its premium corner location, depreciation benefits, and zero stamp duty on commercial transactions in South Australia make this property a compelling investment acquisition, as the centre is underpinned by a strong lease covenant to Woolworths offering long term income security, as well as being supported by a superb mix of food convenience, retail and services” he said.
Gilles Plains Shopping Centre is located on the corner of Sudholz and North East Roads, Gilles Plains and offers a fully leased net income of $4,651,407 per annum.
International Expressions of Interest close 4pm on Wednesday 25 March 2020.