Adelaide’s richest man, Con Makris, has listed two shopping centres in Adelaide worth a combined price tag of $200 million.
The property tycoon is divesting the City Cross shopping centre which runs off Grenfell Street in the Adelaide CBD, while also offloading the North Adelaide Village neighbourhood shopping complex.
The City Cross shopping centre and an adjoining office tower at 32 Grenfell Street comprise a combined 10,524sq m of core retail and commercial floor space on a 6,779sq m T-shaped site spanning a city block.
The centre includes anchor tenants Harvey Norman, Rebel Sport and Australia Post and features a large format food court and 57 specialty tenancies overall.
North Adelaide Village is located opposite the controversial Le Cornu site in affluent north Adelaide, which Makris sold to the Adelaide City Council for $34 million in 2017.
The neighbourhood shopping centre is located 3 kilometres from the CBD in close proximity to the iconic Adelaide Oval and St Peter’s Cathedral.
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.
“Adelaide’s retail yield spread relative to Sydney and Melbourne, with added tax efficiencies, make it an attractive state in which to invest,” Rooney said.
“There has been significant interest in Adelaide in recent years from domestic and offshore investors, who have acquired circa $700 million of retail assets.”
The South Australian-based businessman stepped back from the day-to-day operations of the Makris Group several years ago and put in place an independent advisory board to guide expansion, with a keen focus on Queensland.
The property group late last year sold the 9,964sq m Newton Village Shopping Centre in Adelaide’s north-western suburbs in an off-market deal worth $35 million.
The Newton Village Shopping Centre, which includes a total site area of 20,200sq m including 500 car spaces, was purchased by Sydney-based property group Revelop, having previously secured Renmark Square shopping centre in 2017.