This article is from the Australian Property Journal archive
SOUTH Australian real estate identity Andrew Taplin has bought Adelaide's high profile Mawson Lakes Town Centre for $26.05 million.
The Taplin Group of Companies snapped up the the Town Centre which is within Mawson Lakes – a 600 hectare master-planned community being developed by Delfin Lend Lease and the LMC.
The sale price equates to a circa 7.5% yield on the existing centre and a value of $470 a sqm for the adjoining land.
CB Richard Ellis directors Phil Rundle and Alistair Laycock negotiated the sale on behalf of Delfin Lend Lease and the SA Land Management Corporation.
Rundle said the strong demographics of Mawson Lakes had been one of the significant drawcards for prospective purchasers.
Laycock said despite softening market conditions, investors and developers showed strong interest in Mawson lakes due to the dominant nature of the centre within the master-planned community.
He also said the current market conditions have opened the door for private developers and investors to bid for some very attractive retail centres with a number of significant off market opportunities.
“The current performance of the centre combined with the development potential and growth projections for Mawson Lakes were all factors in securing the strong sale price,” he added.
The sale will accelerate plans to expand the neighbourhood shopping centre, which presently comprises a Woolworths supermarket, 12 retail and eight commercial tenancies and 1.39 hectares of adjoining development land.
Taplin Group intends to develop the second and final stage of the centre, which is expected to include an enlarged Woolworths supermarket.
Mawson Lakes project director Vince Rigter said the sale would ensure that the master plan for Mawson Lakes was completed.
“One of the key objectives of the sale was to identify a suitable purchaser who not only had the financial capacity to complete the acquisition but also the vision and commitment to complete the final stage of the Town Centre in line with the development benchmarks and objectives set by Delfin Lend Lease and the LMC,” Rigter said.
Mawson Lakes is located 12kms north of the Adelaide CBD. Developed over the past 10 years, the community is currently home to approximately 8,000 residents, with further housing options including apartments earmarked for development over the next 12 months.
The community is expected to encompass 4,000 homes and have a population of circa 10,000 by 2010, as well as ultimately house 7,000 workers and a student population of 7,500 attending the schools and University of South Australia located within Mawson Lakes.
Australian Property Journal
