Coles banks $75m from Adelaide mall
Coles has sold Adelaide’s Kurralta Village shopping centre to the Taplin Group.
An extension is now planned for the Anzac Highway, Kurralta Park, complex, which cost $75.25 million.
The supermarket giant only held 15 months – after paying $74.25m.
On 3.25 hectares with high density residential development upside, it contains 10,700 square metres and 542 car parks.
Kmart is another the anchor.
There are also 12 specialty stores.
The deal comes a week since we reported Vinta sold Coolangatta’s The Strand for $140m while Sydney pub investor Sam Arnaout made his maiden mall acquisition via the $450m St Ives Shopping Village, in his home town.
In March meanwhile Charter Hall agreed to buy Corio Village in Geelong, Victoria, from IP Generation for $146m. Knight Frank marketed Kurralta Park.
Coles sheds another mall
Coles – and Woolworths – have form selling assets with a part leaseback, typically to fund the creation of new stores.
In 2023, Coles banked $44m from a Carringbah, Sydney, site with a permit for a supermarket it would occupy, and 120 apartments.
Also that year it sold established supermarkets in Sydney’s and Schofields and Melbourne’s Camberwell.
It also divested a Victor Harbour mall it anchored, 80 kilometres south of Adelaide, in 2022.
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