Martin family sell Adelaide shopping centre
The Martin family has sold the Pelican Plaza at Ridgehaven, 15 kilometres north east of Adelaide.
The 1.2 hectare asset with 153 car parks at 1007-1011 North East Road – with four other street frontages – is speculated to have fetched $15.5 million.
With 2996 square metres, it returns $943,920 per annum net.
Beyond Bank, the Cheesecake Shop, Chemist Warehouse, Hungry Jack’s and My Local Physio Plus are amongst the 18 occupiers.
The weighted average lease expiry is 3.1 years.
The complex is opposite the Tea Tree Plaza – a half stake which sold to SCentre and Barrenjoey Capital two years ago.
Dexus managed AMP Capital was that seller (continues below).
Pelican Plaza sold
The Martin family $4.42m for Pelican Plaza in late 2005 (continues below).
Twenty two offers came in following the sale campaign.
“Pelican Plaza represents a rare chance to acquire a 100 per cent leased neighbourhood shopping centre on a significant, flexible site in one of Adelaide’s most established and well-connected growth corridors,” Colliers’ Alistair Mackie, who brokered the deal with Jordan Schmidt and LJ Hooker Commercial’s Mario Bonomi and Mark Tettis, said upon listing the asset last month.
“The centre delivers secure income underpinned by essential retail, while the Urban Activity Centre zoning and generous landholding provide long-term redevelopment and value-add potential that is increasingly difficult to find in metropolitan Adelaide,” he added.
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