Image via North Adelaide Village
Adelaide property heavyweight Richard Antunes has expanded his growing retail portfolio, securing ownership of the North Adelaide Village shopping centre in one of the city’s most tightly held neighbourhoods. The transaction, reported by The Australian, marks another strategic move by Antunes following a series of high-profile retail acquisitions across South Australia.
The neighbourhood centre, located just north of Adelaide’s CBD, was sold by Perth-based Greenpool Capital and ASX-listed Qualitas, nearly five years after they purchased the asset from prominent developer Con Makris. While the sale price remains undisclosed, industry sources say investor appetite for the property was strong, driven by its prime positioning and significant redevelopment potential.
According to CBRE director James Douglas, who negotiated the deal with colleagues Simon Rooney and James Sherley, the centre’s secure income profile and flexible planning opportunities appealed to a broad buyer pool. “The optionality to consider various value-add initiatives was underpinned by the secure underlying cashflow of Romeo’s Foodland and all specialty leases featuring redevelopment clauses,” Douglas said. He added that the corner site could support a future mixed-use project of up to six storeys, aligning with ongoing urban renewal activity across North Adelaide.
The 9,352sq m shopping centre sits on an 11,439sq m landholding directly opposite Commercial & General’s newly launched 88 O’Connell development, a landmark mixed-use project that has helped elevate the precinct’s residential and retail profile. North Adelaide Village is anchored by Romeo’s Foodland on a long-term lease extending to 2033, with an additional 25-year option. It also includes a Goodlife Health Club, 32 specialty stores and kiosks, seven office suites, and a dedicated car wash pad site.
The transaction adds to a broader wave of investment reshaping North Adelaide, with ongoing commitments to projects including the North Adelaide Golf Course redevelopment, Adelaide Oval upgrades, Market Square revitalisation works, and major CBD towers such as Keystone Tower and Festival Tower. These developments highlight the region’s increasing attractiveness to both local and interstate capital.
For former owner Con Makris, the sale continues a multi-year divestment of South Australian assets following his relocation to the Gold Coast in 2017. Makris has since concentrated on Queensland holdings, including Marina Mirage and Oracle Boulevard. His Adelaide exit has included the $60 million sale of City Cross to Revelop and the earlier $71 million sale of Hallett Cove Shopping Centre, also acquired by Antunes.
CBRE’s Sherley noted that neighbourhood shopping centres continue to outperform in the current market environment due to their essential-service offerings and stable income characteristics. “These centres remain highly competitive because they provide non-discretionary retailing and offer defensive investment attributes,” he said.
With strong fundamentals, redevelopment upside, and ongoing transformation across North Adelaide, Antunes’ latest acquisition reinforces confidence in South Australia’s retail investment market, and underscores the continued appeal of strategically located neighbourhood centres.
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