Regent Arcade in Adelaide CBD sold to Chinese investors
One of Adelaide’s grandest and most historic arcades has been sold to an investment consortium understood to be called “Lucky Dragon”.
SA Business
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One of the most recognisable and historic buildings in the Adelaide CBD has been sold to a group of Chinese investors for just under $50 million.
Regent Arcade, which dates back to 1928, has been sold by the Ginos Group – which has redeveloped much of Leigh St and Peel St – to an Adelaide-based consortium understood to be called Lucky Dragon.
Ginos Group head Zis Ginos, who bought the shopping arcade off Rundle Mall for about $20 million in 2006, confirmed the deal happened after he was approached by the buyers to see if he might consider a sale.
“I don’t know much about them. We thought it was appropriate to sell (but) we did think we would develop the site,” he said.
The sale was settled before new rules requiring all overseas commercial property investments to be approved by the Federal Government came into force on March 29.
Mr Ginos confirmed that the planned TRYP by Wyndham hotel on Pulteney St will be developed by the Ginos Group.
The arcade sale had no bearing on the hotel, he said.
“It would have gone ahead irrespective.”