This article is from the Australian Property Journal archive
BILLIONAIRE Con Makris is hoping for $200 million from the sale of Rundle Mall’s City Cross Shopping Centre and the North Adelaide Village Shopping complex, furthering his selldown of South Australian retail assets.
Makris sold the Newton Village shopping centre earlier this year for $35 million, and had also put the Gilles Plains complex in northern Adelaide to the market.
The City Cross Shopping Centre and office complex is the largest of the new offerings, providing a gross lettable area of 10,512 sqm.
CBRE’s Simon Rooney and James Douglas have been appointed to steer the sale campaign on behalf of the Makris Group, South Australia’s largest privately-owned retail property group.
The properties are being offered for sale individually or in one line. Rooney said they are expected to generate significant interest, providing strategic future development potential and value add opportunities.
“Investors will be attracted to the location of City Cross within Adelaide’s tightly held CBD, and the affluent locale of
North Adelaide Village
,” he said.
Domestic and offshore investors have purchased circa $700 million of Adelaide retail assets in recent years.
“Investors who have been priced out of the east coast markets or have struggled to find high quality product have turned to Adelaide for better yielding opportunities, and both properties offer strong underlying cashflows with a history of robust trading performance.”
“Adelaide’s retail yield spread relative to Sydney and Melbourne, with added tax efficiencies, make it an attractive state in which to invest.”
Late in 2018, Makris sold the 431 King William St office tower in Adelaide’s CBD for $43.1 million.
