Western Sydney group Revelop has snapped up a neighbourhood shopping centre in Adelaide boasting two leading anchor supermarkets for circa $30 million in a display of confidence in the South Australian retail market. The centre is centrally located approximately 11kms northeast of the Adelaide CBD.
The Newton Village Shopping Centre was the first major retail property acquired by Makris Group in 1982. Today, the centre comprises a Coles Supermarket, Woolworths supermarket, two mini majors (The Reject Shop and Jetts 24 Hour Fitness), 23 specialty retailers, two kiosks, and three ATMs.
Located at 200 Montacute Road, Newton, the centre sits on a 22,200m2 site with a total Gross Lettable Area (GLA) of 9,965m2 and is on a high profile site on the corner of Stradbroke Road and Montacute Road which is the main east-west traffic route for residents in the region.
Sold exclusively off market through Rino Carpinelli and Ryan Mills of Savills Australia, the centre recently underwent a $25 million redevelopment and expansion.
According to Rino Carpinelli, Managing Director – SA at Savills Australia, this local neighbourhood centre will provide the everyday needs of the local community now and well into the future.
“There is significant investment demand for defensive style non-discretionary retail assets, which has been reinforced by the ongoing Covid-19 events. Core retail assets and shopping centres are essential for everyday life”, Carpinelli said.
“Newton Village is the only major retail facility in the primary sector and contains the only Coles and Woolworths Supermarkets in the main trade area, not to mention undercover and rooftop parking for 500 cars with convenient travelator and lift access” he said.
