Con Makris to bank $200m from City Cross, North Adelaide Village

North Adelaide Village, in O’Connell Street, includes 34 specialty stores and four offices.

South Australia’s wealthiest person, Con Makris, is selling two Adelaide shopping centres.

Via Makris Group, the Greek Australian property developer and investor is expecting about $200 million from the deals.

The listings come five months after the businessman offloaded another retail investment, Newton Village, 11 kilometres north east of the city, for c$35m to Parramatta-based Revelop.

CBRE’s Simon Rooney and James Douglas are representing Mr Makris this time around.

The latest offerings: City Cross and North Adelaide Village

City Cross Shopping Centre is the priciest of the complexes to hit the market.

With frontage to Rundle Mall and Grenfell Street, the latter a white-collar employment hub, it contains 10,512 sqm of lettable area configured with 57 specialty stores and larger spaces for anchor tenants Australia Post, Harvey Norman and Rebel Sport.

It has significant development upside – offices, apartments and tourist accommodation mooted as possibilities for the airspace (story continues below).

“The existing centre services an expansive metropolitan trade area population of over one million, a worker population of 117,600 and a visitor market of over eight million per annum,” Mr Rooney said.

Makris Group also today listed the North Adelaide Village Shopping Centre, three kilometres away.

In the affluent North Adelaide, 85-87 O’Connell Street is near the redeveloped Adelaide Oval and revitalised Riverbank precinct.

The main trade catchment population here, the marketing agent added, is set to rise 1.4pc pa until 2036, which is close to twice the Adelaide metropolitan average.

“The centre benefits from a diverse tenancy mix and a focus on convenience, lifestyle, service and fresh food,” Mr Rooney said.

“It is anchored by a strong performing Romeo’s Foodland on a…lease until 2033 with a further 25 year option, alongside a Goodlife Gym, 34 specialty tenants and four office[s]”.

North Adelaide Village also has development upside, occupying a corner block which could allow for six-storey structures.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco