This article is from the Australian Property Journal archive
FOUR hectares of commercial and retail assets in Adelaide’s north eastern growth corridor returning more than $3.2 million in passing net annual income has hit the market.
The Modbury Triangle Shopping Centre portfolio is located 15 kilometres from the CBD and is over 92% occupied, and is in a high exposure position on the door step of the Westfield Tea Tree Plaza Super Regional Shopping Centre.
It falls within urban activity centre zoning as part of the City of Tea Tree Gully, allowing for future development of up to five levels.
This is the first time the portfolio, underpinned by an established neighbourhood shopping centre with value add potential, has been listed for sale in 25 years.
Jordan Schmidt, Paul Van Reesema and Alistair Mackie of Colliers have the listing on behalf of a local South Australian private group.
Interest is expected from buyer groups across the country, including institutional funds, commercial developers and retail syndicates with an appetite for value-add driven investment, according to Schmidt.
Reesema said the portfolio benefits from significant passing income and favourable zoning, supporting a range of development outcomes.
“The sheer scale of the land holding and contiguous nature of the portfolio provides nothing short of a community-shaping opportunity, driving growth of a region which is evolving due to extensive infrastructure and amenity upgrades,” Schmidt said.
The portfolio is available for purchase in one line or individually via an expressions of interest campaign closing 11th August.
