Suburban shopping centre that’s been in same family for more than 50 years is up for sale

THE man who took over this suburban shopping centre — in his family for more than 50 years — says he simply can’t make it work, despite his initial optimism. The strip in Adelaide’s east is now for sale.

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HIGHGATE Shopping Centre is up for sale, just seven months after a new manager launched a revitalisation plan for the struggling mall.

Owner Enrico Morena, who took over the running of the Fullarton Rd centre earlier this year, said finances and time constraints had forced the decision to sell.

“The next stage of the development would require a reasonable capital injection,” Mr Morena said.

“The rebranding we’ve undertaken with the shopping centre we think has been successful.

“That was stage one however, and it needs a stage two that we cannot commit to.”

In April, Mr Morena was handed the management of the centre by his father, Antonio.

He lowered rent prices to attract new businesses and renamed the centre Highgate Central ­— Creative and Retail Hub.

Mr Morena said it was an emotional decision to sell the business which had been in his family for 52 years.

“We’re taking the broader community view that it needs to be moved on to someone with time and passion,” he said.

“I’m a touring musician, my father is 83 and my brother is busy elsewhere.

“It should be sold to someone who has the community’s best interest at heart and can fulfil our vision.

“We’re very happy with what we’ve achieved this year, but the centre needs someone else to take it to the next stage of redevelopment.”

Highgate Village Traders Association chairwoman Susan Straschko said despite the sale, fellow shop owners were “very hopeful and optimistic” it would be a success.

“We have an older demographic in place but we also have a young and vibrant client base, too,” Ms Straschko said.

“I’m hopeful that someone with some vision will purchase the property with a view to developing and improving the mall.”

Ms Straschko also understood why Mr Morena decided to sell.

“This was his dad’s business and he no longer has the time to devote to it,” she said.

“I think he is doing the right thing.”

Last December, the IGA went into voluntary administration and was replaced by a Friendly Grocer supermarket in February.

During Mr Morena’s tenure, the Flying Pan was the only business to move in.