Suburban Adelaide mall fetches $10.5m
IGA Supermarket operator Romeo Retail Group has sold a north east Adelaide mall held three years.
Modbury Heights Shopping Centre at 172-182 Ladywood Road collected $10.5 million – a 5.05 per cent yield – following an off-market campaign
It paid $8.3m – a 5.7pc return – in October, 2022.
As well as the supermarket tenancy – leased for years to Woolworths and Liquorland, which contribute to 90 per cent of the income – there are 10 specialty stores.
Buildings occupy 34 per cent of the 1.38 hectare block at the north west corner of Brunel Drive, also exposed to Macadam and Roebling streets.
Knight Frank’s Ryan Mills and Max Frohlich were the agents.
The buyer is another private investor.
Modbudy Heights is 16 kilometres from of the CBD.
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