Adelaide large format in demand

ADELAIDE’S latest large format retail offering is shaping up as four major retailers are secured at the development.

Scheduled for a mid-year completion, the 4,350sqm development will be an extension of the town centre of Mount Baker, around 35 minutes out from the Adelaide CBD, and will be occupied by a 2,00sqm JB HiFi, 950sqm Adairs, 650sqm Beacon Lighting and 750sqm Horizon Lighting.

“We have been looking to secure a suitable site in Mount Barker for several years now and we are looking forward to opening alongside some fantastic national retailers,” said Michael Cherubino, executive director at Adairs.

Dallas Sears from CBRE negotiated the leases, each on seven-year terms, with further options in place.

“Heat mapping of traffic and footfall movement in the area highlights that it’s a hub for commercial and retail activity in Mount Barker and the surrounding townships, which is why retailers want to be there,” said Sears.

Sitting opposite the Mount Barker Homemaker Centre, the new development will be delivered by Chappell Builders and will see this this area in the largest Adelaide Hills township transformed into a large format retail hub.

“The homemaker centre acts as an extension of the main street and township of Mt Barker,” added Sears.

“Horizon Leisure will be relocating from Mount Baker Homemaker Centre into larger premises in the new development, and we already have several retailers interested in their existing space, highlighting the strength of tenant demand.”

The new offerings will be complemented by retail tenancies at the Mount Barker Homemaker Centre, including Harvey Norman, Spotlight, BCF, Toyworld, and Autobarn.

“We were looking at the Mt Barker Homemaker centre for a number of years but were unable to secure the optimum site until Dallas presented the latest extension of the centre to us,” said Barry Martens, COO at Beacon Lighting.

“It has a great presence and impact to all traffic entering the centre plus further complementary retailers joining us.”

In regional NSW, more than $40 million in large format retail centres recently changed hands at the close of 2022, with major acquisitions occurring in both Dubbo and Griffith.

While closer by, the end of 2022 saw a large format retail complex in Adelaide’s north east suite to medium-term redevelopment sell for $10.25 million.

After record low vacancy rates across Adelaide’s large format retail sector hit just 0.58%, has spurring on a number of new development projects such as this.