For sale: 1 Adelaide shopping centre with 23 stores, including Coles and Woolworths, and 550 carparks
AN Adelaide shopping centre that has been owned by one of South Australia’s most influential property developers for more than three decades is for sale.
NEWTON Village Shopping Centre has hit the real estate market.
The Makris Group, which bought the centre in 1982, is selling the Montacute Rd shopping centre.
The 20,000sq m site — upgraded in a $30 million revamp in 2007 — has 23 stores, including a Coles and Woolworths, and more than 550 carparks.
Australian Commercial Real Estate agent Justin Dowers, who is selling the site for the Makris Group, would not comment on the sale.
When contacted by the East Torrens Messenger, seven businesses in the centre were unaware of plans to sell the site — and did not wish to comment on the news of the sale.
Meanwhile there are plans in the pipeline for a $60 million upgrade of a nearby shopping centre, Newton Central.
That retail outlet is owned by Frank Salandra and his grand plan includes building a cinema.
Mr Salandra’s 10-year vision for the Gorge Rd centre also includes a multi-storey building on the existing carpark, tripling the number of shops, adding new restaurants and a gym.
Mr Salandra has said the planned revamp aims to encourage nearby residents, especially young people, to shop locally, rather than at Tea Tree Plaza or the city.
“The revamp will mean we will be able to offer a wider range and more excellent facilities for the community to enjoy,’” he has told the East Torrens Messenger previously.
“Hopefully it will fulfil their requirements and keep them here in the northeast rather than going into the city.”
What you’ll be buying
Some of the stores listed on Newton Village Shopping Centre’s website are:
Black Pepper
Newton Fresh Produce
Curry & Kabab House
DEH Remedial Massage
Jin’s Kitchen
Newton Pharmacy
The Reject Shop
EyeQ Optometrist
Maxmix Home & Gifts
Queenies Nail & Beauty