Newton Centre in SA sold to Revelop1 April 2020
The Markis Group have sold a long held asset in Newton South Australia for $35m.
The Newton Village Shopping Centre sits on a 20,000sqm site and comprises a Coles and Woolworths supermarket with approx 25 speciality tenants forming 9,964sqm of NLA.
The Makris Group, acquired the Centre in 1982, and reportedly spent $30m upgrading it in 2007. The Group considered selling the asset in 2016, appointing CBRE's Justin Dowers however the Centre did not sell.
The latest deal was managed by Leiba Commercial and Savills.
The purchaser, Sydney based Revelop, are predominantly mid sized residential developers. The group already owns South Australia's Renmark Square shopping centre, which they bought from Charter Hall Retail REIT in 2017 for about $25 million.