Another week, another shopping centre for sale: Makris Group puts second retail hub on market
IN the market for a shopping centre? A week after reporting a major Adelaide retail hub is up for sale, we’ve learnt another, owned by the same property group, is also on the market.
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LESS than two years after undertaking a $30 million redevelopment of the Gilles Plains Shopping Centre, the owners have put the site on the market.
The Makris Group have listed the 38,000 sq m precinct, which includes a Woolworths, Aldi, Dan Murphys and 40 specialty shops for sale.
However, businesses in the centre have not been told about the listing.
iTech Repair owner Adam, who did not wish to provide his last name, said he was concerned.
“Of course I’m concerned if it’s up for sale,” Adam said.
“If they are selling it, there’s something going on.
“I already spent more than $100,000 (to set-up the business).”
Another business owner, who did not wish to be named, said they had found out about the sale by seeing advertisements.
Australian Commercial Real Estate agent Justin Dowers, who is selling the site for the Makris Group, would not comment on the sale.
A Makris Group spokesman said the company was looking to cash-in on a strong retail sector.
“Makris Group is an astute property investor and we’re looking to realise the value of this significant asset at a time when the centre is performing very well and when the retail property market has never been stronger,” the spokesman said.
The shopping centre redevelopment began in 2014 and was completed in September.
The works doubled the number of specialty stores in the centre and introduced a Dan Murphy’s liquor merchants and Aldi supermarket.
The Makris Group is also selling the Newton Village Shopping Centre following a $30 million revamp in 2007.
The group bought the centre in 1982 and advertised the 20,000sq m.
When contacted by the City North 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.