A 50% freehold interest in Westfield Marion – Adelaide’s largest and only Super Regional shopping centre, is set to be offered for sale on behalf of Singapore-based private investment group Cuscaden Peak.
The divestment process, anticipated to be one of the most significant retail transactions of 2026, comes amid an uptick in regional shopping centre transactions, underpinned by increasing positive investor demand for high-quality, defensive retail assets.
The international Expressions of Interest campaign will be jointly managed by CBRE’s Simon Rooney, Head of Retail Capital Markets – Pacific, and JLL’s Nick Willis, Executive Director Retail and Sam Hatcher, Head of Retail.
“Fortress assets of the calibre of Westfield Marion remain highly sought-after. Throughout 2025 we have seen significant re-engagement from both domestic and offshore institutional capital groups on major retail assets, willing to transact at competitive pricing levels for premium retail opportunities. The Westfield Marion opportunity is underpinned by exceptional centre performance, the ability to partner with Scentre Group, Adelaide’s compelling yield spread relative to Sydney and Melbourne, and South Australia’s favourable commercial stamp duty exemptions,” Mr Rooney said.
JLL’s Nick Willis said, “Super Regional shopping centres represent one Australia’s most exclusive commercial real estate asset classes, with only 20 centres nationwide controlled by an exclusive 12 owner managers. The sale of Westfield Marion presents a rare opportunity to enter this sub-sector in one of Australia’s premier performing shopping centres.”
“As global retail real estate experiences a significant resurgence, investors face constrained access to institutional-grade assets. Westfield Marion offers an exceptional opportunity enhanced by South Australia’s favourable tax structure, delivering superior risk-adjusted returns in what remains one of the most sought after and guarded asset classes,” Mr Willis added.
Australian retail transaction activity continued to increase in 2025, with approximately $12.7 billion in deals transacted. Notably, there has been significant liquidity for joint venture regional shopping centre stakes, evidenced by 17 part-share transactions totaling $6.4 billion since 2024.
Located approximately 13 kilometres south-west of the Adelaide CBD, Westfield Marion occupies a substantial 22.8-hectare freehold site at the junction of three major arterial roads. The property is
favourably zoned Urban Activity Centre, enabling potential short, medium and long-term mixed-use development opportunities (subject to the relevant planning and co-owner approvals).
The centre is jointly owned and managed by Scentre Group – offering incoming investors the opportunity to co-own alongside Australia’s leading retail owner and manager.
Comprising a total gross lettable area of around 138,000sqm, the centre is anchored by David Jones, Myer, Woolworths, Coles, Aldi, Kmart, Big W, Target, Harris Scarfe, Event Cinemas, Bunnings Warehouse and Dan Murphy’s.
Westfield Marion is underpinned by robust annual retail sales of over $970 million and has a specialty productivity rate of greater than $14,000/sqm, is ranked 15th nationally (SCN Big Guns 2025) and performs above the Urbis 2024 ‘Regional Shopping Centres’ benchmark.
Major tenants account for a combined $422 million in sales per annum and have a long WALE of 6.9 years by GLA and 6.8 years by income. Together with the major tenants, the centre is securely leased, with ASX-listed, national and chain retailers representing 96% of total gross lettable area.
The centre draws 12.5 million customers annually and currently caters to a significant trade area population of over 522,242 residents, forecast to reach 591,292 residents by 2046.
The retail spend in the Total Trade Area was estimated at $10.4 billion in 2025 – forecast to increase by 3.9% per annum through to 2046, reaching $13.0 billion.
Investment within South Australia is underpinned by strong economic fundamentals, with no stamp duty payable on commercial property acquisitions and no foreign owner land tax surcharges. This is paired with the state’s historically low unemployment rate, relatively strong growth in average weekly earnings, forecast population growth and a resilient residential market, which will support future growth in retail spending conditions.
Related Articles
