More than a 50 per cent freehold interest in Westfield Marion, Adelaide’s Super Regional shopping centre, is to be offered for sale on behalf of Singapore-based private investment group Cuscaden Peak.
Westfield Marion is located approximately 13 kilometres south-west of the Adelaide CBD on a 22.8-hectare freehold site at the intersection of three major arterial roads. The land is zoned as an Urban Activity Centre, allowing for mixed-use development over the short, medium and long term, subject to planning and co-owner approvals.
The centre comprises approximately 138,000sqm of gross lettable area (GLA). Major tenants include David Jones, Myer, Woolworths, Coles, Aldi, Kmart, Big W, Target, Harris Scarfe, Event Cinemas, Bunnings Warehouse and Dan Murphy’s.
Annual retail sales exceed $970 million, with specialty store productivity above $14,000 per sqm. Westfield Marion ranked 15th nationally in the SCN Big Guns 2025 and performed above the Urbis 2024 Regional Shopping Centres benchmark.
Major tenants generate approximately $422 million in annual sales. The weighted average lease expiry (WALE) is 6.9 years by GLA and 6.8 years by income. Occupancy is 96 per cent, with GLA leased to ASX-listed entities, national brands and large-format retail chains.
Westfield Marion records approximately 12.5 million customer visits each year and serves a trade area population of 522,242 residents, forecast to increase to 591,292 by 2046. Total retail expenditure within the total trade area is estimated at $10.4 billion in 2025 and is forecast to grow at an average annual rate of 3.9 per cent to $13 billion by 2046.
The divestment is expected to be among the retail transactions during the year, as activity in regional shopping centre acquisitions increases. The process reflects continued investor demand for retail assets meeting institutional investment requirements.
The global expressions of interest (EOI) process will be jointly managed by Simon Rooney, CBRE’s head of retail capital markets – Pacific, alongside Nick Willis, JLL’s executive director of retail, and Sam Hatcher, JLL’s head of retail.
According to Rooney, 2025 has seen increased participation from domestic and offshore institutional capital targeting large-scale retail assets, with pricing levels reflecting competition. He said Westfield Marion benefits from operating performance, co-ownership with Scentre Group, yield differentials between Adelaide and Sydney and Melbourne, and commercial stamp duty exemptions in South Australia.
Willis said ‘super regional’ shopping centres represent a limited real estate sub-sector in Australia, with approximately 20 centres nationally controlled by 12 owner-managers. The sale of Westfield Marion provides access to this sub-sector through a single-asset transaction.
“As global retail real estate experiences a significant resurgence, investors face constrained access to institutional-grade assets,” Willis said.
“Westfield Marion offers an exceptional opportunity enhanced by South Australia’s favourable tax structure, delivering superior risk-adjusted returns in what remains one of the most sought-after and guarded asset classes.”
Australian retail property transaction volumes increased last year, with total deal value estimated at $12.7 billion. Liquidity for partial-interest joint venture transactions has remained evident.
In South Australia, investment conditions include no stamp duty on commercial property acquisitions and no foreign owner land tax surcharges. These factors, alongside employment levels, income growth, population forecasts and residential market trends, are expected to support retail spending over the long term.
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