Makris Group to sell City Cross shopping centre and 32 Grenfell St
THE Makris Group is selling a prime city shopping centre and adjacent office building in what is expected to be one of 2016’s costliest deals.
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THE multi-million dollar transformation of the Adelaide CBD is set to continue as a major redevelopment opportunity comes onto the sales market.
The Makris Group is to sell its City Cross shopping centre and adjacent company HQ at 32 Grenfell St in what is expected to be one of 2016’s costliest deals.
Global property group JLL has been appointed to oversee the sale of the 10524sqm core retail and commercial floor space set on a landmark site of 6779sqm.
JLL’s national head of retail investments, Simon Rooney, said retail investment activity in SA reached a record last year at $708 million courtesy of the Myer Centre ($288 million) and Rundle Place ($400 million) sales.
“The Adelaide CBD retail market continues to perform strongly,” he said. “Developers will be attracted to City Cross due to its location with frontages to four key streets, its substantial holding income and the ability to unlock significant future value by creating a major mixed-use development subject to Development Assessment Commission (DAC) approval.
“Undertaking major redevelopment will also allow developers to create investment product in a market where opportunities to acquire existing assets are becoming more limited and where competition remains strong,” said Mr Rooney.
Subject to DAC approval, the development could comprise the existing retail, a 22,490 square metre commercial office tower, 316 residential apartments and a 56-bed student accommodation tower he said.
City Cross is a mixed use shopping and office complex, comprising Harvey Norman, A-Mart Sports, two mini majors, 55 specialties and kiosks and four office tenancies with a holding income of approximately $6,448,000.
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