This article is from the Australian Property Journal archive
A WOOLWORTHS-anchored shopping complex in the northern Adelaide suburb of Munnon Para has been offered to the market, part of the $1 billion Playford Alive urban development project.
Savills agents Peter Isaksson, Rino Carpinelli and Steven Lerche are marketing the 2.032-hectare site at 297 Peachey Road, which brings in $1,613,400 per annum and is strategically located to benefit from an uplift in local retail spend in the coming years.
The centre has a gross lettable area of 6,390 sqm comprising the full-line Woolworths supermarket and BWS liquor store, which are operating under a new 12-year lease, and a mix of 17 speciality tenants that include a Smokemart, newsagency, café, medical centre and Terry White Pharmacy. It has a weighted average lease expiry of 9.12 years by area.
Carpinelli said shopping centres like Woolworths Playford were rarely traded in South Australia.
“This centre serves the everyday needs of the local community and is classed as a defensive asset, driven largely by non-discretional shopping,” he said.
The main trade area population the is expected to increase from 35,340 people last year to 47,890 people by 2031, taking retail trade area expenditure from $397 million to $720 million over that period.
Playford Alive is being jointly managed by the City of Playford council and state government and precinct comprises suburban lifestyle facilities, such as healthcare, education, recreation and a new $250 million town centre.
“There is no doubt there is pent-up demand from investors wanting to enter growth areas such as Playford,” Isaksson said. “Buyers are looking to capitalise on Adelaide’s northern growth corridor and the large number of dwellings to be constructed within the city’s fastest-growing precinct.”
Australian Property Journal
