Greenpool Capital & Qualitas acquire North Adelaide Village for $50 million

Perth based Greenpool Capital and Melbourne financier and investment manager Qualitas have acquired North Adelaide Village for $50 million.

Situated just 3km from the CBD, North Adelaide Village is in one of Adelaide’s most affluent and tightly held catchments, in close vicinity to the $535 million redeveloped Adelaide Oval and revitalised Riverbank Precinct.

The centre benefits from a diverse tenancy mix and a focus on convenience, lifestyle, service and fresh food. It is anchored by a strong-performing Romeo’s Foodland on a long-term lease until 2033 with a further 25-year option, alongside a Goodlife Gym, 34 specialty tenancies and four office tenancies.

The corner site also offers future mixed-use development potential of up to six-storeys – subject to the relevant council planning approvals.

CBRE Director Simon Rooney noted that the existing centre was well-positioned to benefit from projected growth in retail spending in the main trade areas, which was forecast to increase from $530.5 million to $1.07 billion by 2036, representing robust average annual growth of 4.2%.

The asset also benefits from an affluent and high-spending demographic, with primary trade area household income levels 61.9% above the benchmark. Population growth within the main trade area is projected to increase from 32,270 to 41,320 by 2036, representing robust average annual growth of 1.4%, close to double the metropolitan average over the same period.

“Neighbourhood convenience / non-discretionary anchored retail assets such as North Adelaide Village provide income certainty and security for incoming buyers, with non-discretionary retail representing 86% of the centre’s moving annual turnover and 79% of the total gross income,” Rooney said.

*The above is an extract from the original article first featured on Shopping Centre News on 1 February 2021, titled “Makris Group divests $110m retail portfolio in Adelaide”.