Rundle Place, in the heart of Adelaide’s Rundle Mall, has been placed on the market and is expected to draw significant interest from investors both onshore and offshore.
Currently owned by Growthpoint Properties Australia and Irongate, Rundle Place sits in the heart of the CBD retail precinct, with 52m of direct frontage to Rundle Mall. Some 54 million people pass by its frontage annually.
The centre is anchored by the state’s only Apple store and a high-performing Coles supermarket, complemented by a mix of flagship retailers including Lululemon, RM Williams, and an entertainment and dining precinct.
Since acquiring Rundle Place in 2021, Growthpoint has executed a comprehensive repositioning program, materially enhancing both the tenant mix and customer experience. This has attracted premium, flagship and new-to-market operators.
The international expressions of interest campaign will be jointly managed by CBRE’s Simon Rooney and JLL’s Sam Hatcher and Nick Willis until June 3.
“It is extremely rare for flagship retail assets of this scale and profile to become available on the open market,” commented Hatcher.
“Assets of this calibre are typically held generationally by major private family offices and long-standing institutional investors.”
Rooney added: “We are continuing to see a pronounced flight to quality from investors. With limited availability of institutional-grade retail assets, Rundle Place presents a compelling opportunity to secure a premium core holding with embedded value-add potential, further supported by South Australia’s favourable investment settings.”
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