A triple anchored neighbourhood shopping centre approximately 11km from the Adelaide CBD is set to hit the market with price expectations in the mid $60 million range.
Gilles Plains Shopping Centre is located on the corner of Sudholz & North East Roads, Gilles Plains and is anchored by a leading Woolworths supermarket, ALDI supermarket and Dan Murphy’s, as well as one mini major, 40 specialty retailers, five kiosks, six ATM’s together with two freestanding sites (McDonald’s and a Caltex Petrol Station).
Immaculately presented after a $30 million redevelopment and expansion in 2016, the single level centre offers a GLAR of approximately 11,958sq m on a 35,090sq m* site with five street frontages and convenient parking for 464* cars.
The centre is exclusively for sale through Rino Carpinelli, Ryan Mills and Steven Lerche of Savills Australia, who said the centre has a Weighted Average Lease Expiry by income ) of 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 offers a fully leased net income of $4,651,407* per annum.
International Expressions of Interest close 4pm (ACDT) on Wednesday 25 March 2020.
*Approximate
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