Qualitas Convenience Retail Fund No 1 and Greenpool Capital have divested North Adelaide Village shopping centre to a local private investor.
Located 2.6km from the CBD, the 9352sqm centre occupies a high-profile and prominent corner site within the heart of the premier O’Connell Street retail precinct.
The mall is anchored by a Romeo’s Foodland on a long-term lease until 2033, alongside a Goodlife Gym, 32 specialty shops and kiosks, seven office tenancies and one car wash pad site.
The centre benefits from an affluent and high-spending demographic, with primary trade area per capita income levels 34.4 per cent above the benchmark. Population growth within the main trade area is projected to increase from 43,763 to 55,543 by 2046, representing an average annual growth of 1.14 per cent.
There is also a significant worker market of 10,559, as well as a thriving tourist market with 64.1 per cent of centre visitation coming from outside the main trade area.
CBRE’s Simon Rooney, James Douglas and James Sherley coordinated the sale campaign of the property.
According to Sherley, neighbourhood shopping centres such as North Adelaide Village remain a highly contested commodity, given their non-discretionary focus and secure anchor tenant profile, which is viewed as a defensive investment play.
“North Adelaide is an attractive investment destination experiencing significant capital investment, including 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 continued capital interest in the region and inflows into the state,” he said.
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