Industry News

Adelaide’s Gilles Plains Shopping Centre hits the market

Gilles Plains Shopping Centre on the market

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.

About the author

Shopping Centre News

Shopping Centre News (SCN) is in the ‘information business’, and is perceived as such by its readers. Daily industry news makes a must-visit as part of the morning routine for those who want to keep right across the latest retail developments and events, while SCN's premium magazine is the leading publication for the shopping centre industry in Australia and New Zealand.

Known as the ‘industry bible’ SCN is printed five times a year with fascinating, in-depth features and important critical analysis written by known industry insiders as well as the popular ‘Guns’ reports, which ranks Australian shopping centre performances. Shopping Centre News is the only publication in the world that features centre statistics on Turnover, Turnover per square metre and Specialty Shop turnover per square metre for every major centre in Australia.

Add Comment

Click here to post a comment

Notice: Undefined index: comment_cookie_gdpr in /opt/amaze/srv/live/app/www/wp-content/themes/herald/core/template-functions.php on line 28

Notice: Trying to access array offset on value of type null in /opt/amaze/srv/live/app/www/wp-content/themes/herald/core/template-functions.php on line 28