Industry News

South Australian centre Newton Village Shopping Centre sells

Newton Village Shopping Centre sells for circa $30 million

Western Sydney group Revelop has snapped up a neighbourhood shopping centre in Adelaide boasting two leading anchor supermarkets for circa $30 million in a display of confidence in the South Australian retail market. The centre is centrally located approximately 11kms northeast of the Adelaide CBD.

The Newton Village Shopping Centre was the first major retail property acquired by Makris Group in 1982. Today, the centre comprises a Coles Supermarket, Woolworths supermarket, two mini majors (The Reject Shop and Jetts 24 Hour Fitness), 23 specialty retailers, two kiosks, and three ATMs.

Located at 200 Montacute Road, Newton, the centre sits on a 22,200m2 site with a total Gross Lettable Area (GLA) of 9,965m2 and is on a high profile site on the corner of Stradbroke Road and Montacute Road which is the main east-west traffic route for residents in the region.

Sold exclusively off market through Rino Carpinelli and Ryan Mills of Savills Australia, the centre recently underwent a $25 million redevelopment and expansion.

According to Rino Carpinelli, Managing Director – SA at Savills Australia, this local neighbourhood centre will provide the everyday needs of the local community now and well into the future.

“There is significant investment demand for defensive style non-discretionary retail assets, which has been reinforced by the ongoing Covid-19 events. Core retail assets and shopping centres are essential for everyday life”, Carpinelli said.

“Newton Village is the only major retail facility in the primary sector and contains the only Coles and Woolworths Supermarkets in the main trade area, not to mention undercover and rooftop parking for 500 cars with convenient travelator and lift access” he said.

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 shoppingcentrenews.com.au 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

Advertisement

Advertisement