Con Makris – South Australia’s richest man – has sold another Adelaide retail investment, this time on the coast.
The Hallett Cove Shopping Centre is trading for $71 million at a 6.8 per cent yield.
The buyer is local developer Antunes Group.
CBRE’s Simon Rooney was the agent.
The deal comes six months since Mr Makris offloaded North Adelaide Village and a neighbouring site, 85-87 O’Connell St, to Greenpool Capital, backed by Qualitas, for $50m – reflecting a 6.75pc return.
Also earlier this year the businessman banked $60m selling Rundle Mall’s City Cross Centre and an adjoining office to Revelop for $60m – a 6.2pc yield.
The same buyer (Revelop) and seller also traded Newton Village, in the city’s east, for $35m last March.
On 5.3 hectares at 246 Lonsdale Road, Hallett Cove Shopping Centre contains 19,913 sqm of lettable area.
Supermarkets Aldi, Drakes and Woolworths, along with Big W anchor it; there are also over 45 specialty stores (story continues below).
The Weighted Average Lease Expiry by area is 7.7 years.
“Investors are now actively pursuing quality retail opportunities to capitalise on attractive returns relative to other asset classes, with a clear focus on defensive, non-discretionary retail assets,” Mr Rooney said.
“In the case of Hallett Cove, the incoming purchaser was attracted to the strong underlying investment fundamentals, with the asset being the dominant sub-regional shopping centre in a well established and densely populated trade area, providing a strong triple supermarket and fresh food offering,” he added.
More than 10 million vehicles a year pass the property.
Hallett Cove is about 24 kilometres south of the city.
Mr Makris holds substantial real estate in the city including Gilles Plain Shopping Centre and at Glenelg, Marina Pier.
In Melbourne’s south east, the businessman’s Makris Group also holds Endeavour Hills shopping centre.
Four years ago, the company relocated its headquarters from Adelaide to Brisbane, closer to two major Gold Coast assets: Marina Mirage and The Oracle Boulevard.
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