Hollywood Plaza, Hallett Cove centre sold for more than $150m
Two of Adelaide’s biggest shopping centres, including one previously owned by billionaire Con Makris, have sold for more than $150m.
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Two of Adelaide’s biggest suburban shopping centres have been sold in deals worth a total of more than $150m.
ASX-listed asset manager MA Financial Group, formerly Moelis Australia, has offloaded Hollywood Plaza in Salisbury Downs, hot on the heels of rich lister Con Makris’ sale of the Hallett Cove Shopping Centre to local investor Richard Antunes for $71m.
A sale price for Hollywood Plaza has not been disclosed, but it is understood the property fetched close to $85m from an interstate buyer. MA Financial declined to comment on the sale.
The sub-regional centre is anchored by Coles, Woolworths and a Target store, while a new medical centre, mini majors including Best & Less, The Reject Shop and Priceline, and 60 specialty stores also operate from the 22,747sq m complex.
The Hallett Cove centre also stretches across more than 20,000sq m, and features Woolworths, Aldi and Drakes supermarkets, as well as a Big W store and more than 50 specialty shops.
Its sale is the latest in a string of South Australian properties to be sold off by Mr Makris, who earlier this year pocketed $110m from the sales of the City Cross centre in the CBD and North Adelaide Village.
He still owns the Marina Pier precinct in Glenelg and the Gilles Plains Shopping Centre, which was listed for sale early last year. However Mr Makris said he now planned to retain both properties.
“We’re keeping both of them but our focus now is on the Gold Coast,” he said.
“Gold Coast is fantastic - it’s very well known in the industry that Gold Coast is in the number one performing state, and our shops are doing very well.”
Mr Antunes owns several shopping centres across Adelaide, including the Port Mall and Coles Prospect centres. He transformed Henley Square with development of the H20 and Baju Apartments and retail complex a decade ago.
He takes over at Hallett Cove four years after Mr Makris relocated his head office from Adelaide to the Gold Coast.
The billionaire investor has since redirected investment to the Sunshine State.
He is planning a major revamp of his flagship Marina Mirage shopping centre and marina complex at the northern end of the Gold Coast, and also owns The Oracle Boulevard in Broadbeach.
His $60m sale of City Cross to Western Sydney property group Revelop represented a passing yield of around 6.25 per cent, while Perth’s Greenpool Capital, backed by ASX-listed investment firm Qualitas, acquired the North Adelaide centre for $50m at a 6.75 per cent passing yield.
Mr Antunes and the selling agents for Hollywood Plaza and Hallett Cove Shopping Centre did not return calls.
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