A billionaire associated with one of Adelaide’s most controversial sites is continuing to sell his local assets
A prominent property developer is cutting further ties with SA, as his focus on Queensland intensifies.
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Billionaire property developer Con Makris is seeking offers of around $200m for two Adelaide properties as he continues his exit from the local real estate market.
The City Cross shopping centre in the Adelaide CBD and the North Adelaide Village shopping complex on O’Connell Street have been put on the market following attempts by Mr Makris to sell several Adelaide properties in recent years.
North Adelaide Village is located opposite the controversial Le Cornu site, which Mr Makris sold to the Adelaide City Council for $34m in 2017.
City Cross is the larger of the two offerings, providing a gross lettable area of 10,512sq m.
Mr Makris declined to comment on whether the property sales reflected his intention to fully depart from the Adelaide property market.
“My office is now in Brisbane and I have properties here and we’re doing developments here,” he said.
“We’ve put it on the market - I’m not sure if we’ll sell both of them or one of them.”
Earlier this year Mr Makris sold the Newton Village shopping centre for $35m to Western Sydney’s Revelop, and was seeking around $60m for the Gilles Plains shopping complex, but a buyer could not be found.
International property group CBRE has been appointed to sell the two properties which are being offered individually or in one line.
CBRE’s Simon Rooney said the properties offered future development potential.
“Investors will be attracted to the location of City Cross within Adelaide’s tightly held CBD, and the affluent locale of North Adelaide Village,” he said.
“Investors who have been priced out of the east coast markets or have struggled to find high quality product have turned to Adelaide for better yielding opportunities, and both properties offer strong underlying cashflows with a history of robust trading performance.
“There has been significant interest in Adelaide in recent years from domestic and offshore investors, who have acquired circa $700m of retail assets.”