Land-rich neighbourhood shopping centre opposite Westfield Tea Tree Plaza sells more than 10 per cent above expectations following strong national investor demand
Pelican Plaza Shopping Centre has sold for $17.38 million to a South Australia-based family office following a highly competitive national sales campaign managed jointly by Colliers and LJ Hooker Commercial Adelaide.
The campaign was managed by Colliers agents Alistair Mackie and Jordan Schmidt, together with LJ Hooker Commercial Adelaide agents Mario Bonomi and Mark Tettis.
The fully leased neighbourhood shopping centre at 1007 North East Road, Ridgehaven attracted more than 200 enquiries and 22 competitive offers with the final sale price exceeding vendor expectations by more than 10 per cent.
The result reflects sustained investor demand for high-quality convenience retail assets, particularly those offering secure income, substantial underlying land value and long-term development potential.
“Buyer competition was exceptionally strong from the outset with significant interest from local and interstate investors, syndicators and private groups. The strength of the result reflects the appeal of a tightly held convenience retail asset offering a strong yield in one of Adelaide’s fastest-growing metropolitan corridors,” said Alistair Mackie, National Director, South Australia | Investment Services.
Pelican Plaza comprises a fully leased convenience shopping centre anchored by national and essential service tenants including Chemist Warehouse, Hungry Jack’s, Beyond Bank and LJ Hooker. Occupying a prominent 12,119 square metre site directly opposite Westfield Tea Tree Plaza, the property also benefits from flexible Urban Activity Centre zoning, providing long-term strategic value.
“Campaigns like this demonstrate that investors continue to place a premium on well-located neighbourhood shopping centres with diversified income and genuine long-term upside. Pelican Plaza presented a rare opportunity to acquire a large- scale retail asset in one of Adelaide’s most established commercial precincts and the market responded accordingly,” added Jordan Schmidt, Head of Office Capital Markets & Investment Services | South Australia.
The transaction further reinforces the depth of demand for quality retail investments across South Australia with convenience-based shopping centres continuing to attract strong competition from a broad range of domestic buyers.
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