Colliers have been exclusively appointed to sell Hollywood Plaza, a dominant, high-profile Town Centre in South Australia, on behalf of Moelis.
The Centre is anchored by Coles and Woolworths supermarkets and a Target discount department store and complemented by a diverse range of retailer categories including medical, wellness, food retail and services.
Located approximately 20 kilometers north of the Adelaide CBD in the City of Salisbury, Greater Adelaide’s second most populated Local Government Area, Hollywood Plaza provides a high standard of convenience retailing, servicing the local community.
Hollywood Plaza occupies a landmark 8.0-hectare site with a low site coverage ratio, providing future value-add and expansion opportunities (STCA).
Lachlan MacGillivray, Head of Retail Investment Services at Colliers said “Shopping centres with Town Centre characteristics gained a competitive advantage as people began to rely more on local amenity. We believe that this is the right time to capitalise on strong levels of demand for high quality convenience-based centres like Hollywood Plaza.”
Tim McIntosh, Director at Colliers said “Hollywood Plaza will attract strong interest from investors due to the resilient nature of the Centre and the excellent security of income underpinned by a majors WALE by income of 6.9 years and 78% of the Centre’s GLA occupied by national and chains tenants”.
“South Australia has been relatively insulated from the disruptions of COVID-19. Stable foot-traffic figures and sales growth have been recorded at Hollywood Plaza throughout 2020.”
Mike Crittenden, Director at Colliers said “With the supply of investment stock at its lowest levels, coupled with cheap cost of debt and the stamp duty exemption in place in South Australia, the asset is expected to attract strong interest from both domestic and offshore institutional and private capital”.
Hollywood Plaza is being sold by an ‘Expressions of Interest’ campaign, closing 2pm (AEDT) on 10 March, 2021.