Stonebridge Retail Investments has transacted Bunnings Prospect & Churchill South LFR Centre in Adelaide’s inner north for $80 million, representing the largest recorded large format retail centre transaction in South Australia.
The asset was acquired by Charter Hall’s Convenience Retail Fund Net Lease (CCRFNL) from a private investor following a direct off-market approach by Stonebridge.
Located in Prospect, approximately 7 kilometres north of the Adelaide CBD, the 23,258 sqm leasehold asset comprises a freestanding Bunnings Warehouse, eight large format retail tenancies and a standalone Hungry Jack’s pad site.
Stonebridge Retail Investments National Partner Justin Dowers said the transaction reflected the significant weight of capital continuing to target large format retail investments.
“Large format retail continues to be one of the strongest-performing segments of the retail investment market, with more than $1 billion of transactions recorded over the past 12 months and continued competition from both institutional and private capital.
“The $80 million sale demonstrates the depth of demand for high-quality, nationally anchored assets, particularly given the transaction was completed off-market and notwithstanding the property’s leasehold title.”
Large format retail transaction volumes have increased 33.7% year-on-year to approximately $1.04 billion over the 12 months to August 2026 across 20 transactions.
Mr Dowers said Bunnings remained one of the most sought-after retail covenants in the Australian investment market.
“Assets anchored by Bunnings continue to attract significant investor interest due to the strength of the covenant, underlying property fundamentals and limited availability of institutional-quality opportunities.
“The competitive response to Prospect reinforces the significant pool of capital seeking exposure to the sector and the continued resilience of large format retail as an investment class.”
The transaction follows Stonebridge’s recent $25.2 million sale of Sunbury Lifestyle Centre and comes as the agency markets Bunnings Traralgon, which is secured by a new 10-year net lease to Bunnings.
Stonebridge Retail Investments acted on behalf of the private vendor in the Prospect transaction.
Stonebridge Property Group transacts more than $3 billion in retail assets nationally each year across every format, from neighbourhood, sub-regional and regional shopping centres to large format retail and convenience retail, supported by a dedicated capital markets capability across Asia Pacific.
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