In one of the key SA sub-regional shopping centre sales of 2017, the Wharflands Plaza property at Port Augusta has been sold for $21m.
In one of the key South Australian sub-regional shopping centre sales of 2017, the Wharflands Plaza property at Port Augusta has been sold for $21 million.
The centre is prominently located in the main commercial and retail precinct of Port Augusta, 300km north of Adelaide. It is anchored by a full-line Woolworths supermarket, a Big W discount department store, one mini-major, nine specialties and a Woolworths Petrol Station.
This rare sub-regional shopping centre investment opportunity was marketed on behalf of vendor, Charter Hall Retail REIT, by Rino Carpinelli and Peter Isaksson of Savills South Australia.
The property was acquired by a local South Australian property syndicate led by experienced Adelaide property investor Peter Tunno on an 8.3% yield.
Rino Carpinelli, Managing Director, Savills South Australia, said Wharflands Plaza is a major retail centre in the important regional hub of Port Augusta, a strategic port and rail gateway to the north and west.
He said Wharflands Plaza provides a well-established, non-discretionary retail offering to service this market, with approximately 79% of the centre’s total lettable area leased to Woolworths Limited.
“This is a high-quality, service-orientated retail property in a key regional location with a solid tenancy profile underpinned by a full-line supermarket and the only discount department store in town,” he said.
“The strongly trading major tenants are supported by an attractive mix of speciality retailers and services in a high-profile main street location with extensive car parking directly fronting the centre.”
Wharflands Plaza is set on an expansive site area of 20,091sq m at 25 El Alamein Road, Port Augusta.
It features a total lettable area of 10,215sq m across two buildings. The original centre opened in 1988 and houses the Woolworths, mini-major and eight specialty shops, seven of which face an internal mall.
The Big W and bank tenancy occupy a separate building constructed in 2005. The property features a total of 173 car spaces on title as well as a further 543 spaces immediately surrounding the centre.
Peter Isaksson, Director - Capital Transactions, Savills South Australia, said Wharflands Plaza attracted a high level of enquiry from a diverse range of buyers from South Australia and nationally.
He said sub-regional shopping centres of this positioning and quality are rarely offered to the market and as a result are very high sought-after by investors.
“Buyers were drawn to the strategic regional location of Wharflands Plaza and its blue-chip tenancy mix which is dominated by national retailers,” he said.
“We are seeing rising demand for such assets as investors increasingly look beyond the capital city markets for attractive regional investment opportunities.”