North Adelaide Village, a retail centre in one of the South Australian city’s most affluent suburbs, has been put on the market by joint owners Qualitas Convenience Retail Fund No. 1 and Greenpool Capital.
The 9352sqm shopping centre occupies an 11,439sqm corner site on O’Connell Street, just 2.6km from the CBD. CBRE agents Simon Rooney, James Douglas and James Sherley have been appointed to manage an expressions of interest campaign, which closes on September 25.
Anchored by Romeo’s Foodland on a lease running until 2033, the centre includes a Goodlife Gym, 32 specialty stores and kiosks, seven office tenancies and a car wash site.
CBRE’s James Douglas said the centre is well-placed to benefit from strong retail growth, with spending in the main trade area forecast to rise from $896.5 million to $1.86 billion by 2046, an average annual increase of 3.5 per cent.
He added that the asset is underpinned by stable income and offers flexibility for repositioning or future redevelopment, with all leases including redevelopment clauses.
Planning rules allow for potential mixed-use redevelopment of up to six storeys, subject to approval. The site is located in a precinct that has seen major investment, including the nearby 88 O’Connell Street project and upgrades to Adelaide Oval and the Riverbank precinct.
“North Adelaide is experiencing significant capital investment, including the near completion of the 88 O’Connell mixed-use residential development and redevelopment of the North Adelaide Golf Course, Adelaide Oval, Market Square, Keystone Tower and Festival Tower, highlighting capital interest in the region and inflows into the state,” said Sherley.
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