Iconic Inner Adelaide Neighbourhood Shopping Centre with Significant Future Development Potential Comes to Market

Qualitas Convenience Retail Fund No. 1 and Greenpool Capital have listed North Adelaide Village for sale in a move tipped to generate significant interest from retail investors as well as mixed-use developers. 

Situated just 2.6 kilometres from the CBD, North Adelaide Village is in one of Adelaide’s most affluent and tightly held catchments, in close vicinity to the redeveloped Adelaide Oval and revitalised Riverbank Precinct. 

CBRE’s Simon Rooney, James Douglas and James Sherley have been appointed to steer the Expressions of Interest campaign for the North Adelaide asset. 

The 9,352sqm centre occupies a high-profile and prominent corner site of 11,439sqm within the heart of the premier O’Connell Street retail precinct. 

With a diverse tenancy mix and a focus on convenience, lifestyle, service and fresh food, the centre is anchored by a Romeo’s Foodland on a long-term lease until 2033 with a further 25-year option, alongside a Goodlife Gym, 32 specialty shops and kiosks, seven office tenancies and one car wash pad site. 

Mr Douglas noted the existing centre was well-positioned to benefit from projected growth in retail spending in the main trade area, which was forecast to increase from $896.5 million to $1.86 billion by 2046, representing robust average annual growth of 3.5%. 

In addition, the centre also benefits from a significant worker market of 10,559 as well as a thriving tourist market (22.6 million visitor nights and 4.7 million domestic day trips) with 64.1% of centre visitation coming from outside the main trade area. 

“Underpinned by a secure underlying cash flow of Romeo’s Foodland, North Adelaide Village provides prospective purchasers optionality to consider various value-add initiatives including a number of exciting repositioning strategies and the future redevelopment of the site with all leases featuring redevelopment clauses,” Mr Douglas added. 

The corner site also offers future mixed-use development potential of up to six-storeys – subject to the relevant planning approvals – with the pending completion of the adjacent 88 O’Connell Street development showcasing the potential sale and demand for high density development. 

Mr Sherley noted the asset benefits from an affluent and high-spending demographic, with primary trade area per capita income levels 34.4% above the benchmark. Population growth within the main trade area is projected to increase from 43,763 to 55,543 by 2046, representing robust average annual growth of 1.14%. 

“North Adelaide is experiencing significant capital investment, including the near completion of the 88 O’Connell mixed-use residential development and redevelopment of the North Adelaide Golf Course, Adelaide Oval, Market Square, Keystone Tower and Festival Tower highlighting capital interest in the region and inflows into the state,” Mr Sherley added.  

The Expressions of Interest close Thursday, 25 September 2025.