Adelaide’s local community icon Southgate Square Shopping Centre sold for $91 million18 December 2023
Recognised as the local shopping destination of choice for Adelaide’s South West trade area, the 15,835sqm Southgate Square Centre sold for $91 million on 12 December 2023.
Colliers Head of Investment Services South Australia Jordan Schmidt negotiated the deal on behalf of Charter Hall Retail REIT (CQR).
“Completely refurbished in 2016, the sale of Southgate Square is indicative of investor appetite for quality centres with high-performing non-discretionary tenancy mixes, over those requiring capital expenditure.” Mr. Schmidt said.
“Anchored by well-known brands Coles, ALDI, Target, Australia Post and Bakers Delight, to name a few, Southgate Square is well-poised to take advantage of rental growth.
“Sub Regional Centres across Adelaide experienced +0.8% rental growth over Q3 2023.
“The success of these Adelaide centres reflects a trend we’re witnessing across the shopping centre market landscape nationally, whereby centres anchored by supermarkets reap higher spend per trade or catchment area.”
The sale of Southgate Square to a private investor is due to reach settlement in February 2024.