adelaide property market wrap 15052023 harbour for sale
The listing of Adelaide’s Harbour Town is part of the latest wrap for South Australia. Image: Supplied.
  • Harbour Town comes to market
  • Vacant industrial property sold to local investor for $4M
  • Liquor store and hotel acquired for new fund

The latest South Australian and Adelaide real estate market transactions and listings include a wide range of sectors, from retail and hospitality to industrial and property funds.

New fund seeded with SA asset

Westbridge Funds Management has acquired the Hampstead Hotel and an adjacent First Choice Liquor store in South Australia for $15.1 million to seed their new property fund – the Westbridge Total Return Fund.

The asset, which was sold by Coles Group and occupies a prominent 1.09-hectare corner landholding at 143 North East Road in Collinswood, is tenanted by Queensland Venue Co. – a joint venture between Australian Venue Co. and Coles Group.

Marletson industrial property sold for $4M

Located at 1-5 Bruce Avenue, the vacant property in Adelaide’s inner west has sold via a private treaty, negotiated by Knight Frank.

The property includes 1,584 square metres of value-adding improvements on 2,819 square metres of land.

It had served as the long-time HQ for industrial equipment supplier Blast One who have moved to a larger property in the Osbourne ship building precinct, according to Knight Frank.

“The property was purchased by a local private who plans to undertake a refurbishment on part of the site and a full redevelopment on a further portion of the site,” said David Ludlow.

Marco Onorato said the property is located in a sought-after infill location.

“It’s in close proximity to the Adelaide Airport and just off Richmond Road, with access to plenty of amenity and transport options,” he said.

“This location, in particular, is a ‘hotspot’ with a significant number of businesses relocating due to the North South Connector major upgrade works currently underway.

“In addition, the overall demand for infill locations is still proving popular amongst owner occupiers and developers.”

Adelaide’s Harbour Town to hit the market

The city’s only purpose-built outlet shopping centre is being offered for sale for the first time.

CBRE’s Pacific Head of Retail Capital Markets Simon Rooney has been appointed to manage the sale of the highly regarded centre, one of Adelaide’s best performing retail assets.

Located on the western boundary of Adelaide Airport, at 727 Tapleys Hill Road, the open-air centre occupies a significant 97,500 square metre land holding.

“Harbour Town Adelaide is one of just 17 outlet centres across the country, with only 11 major, comparable transactions having occurred in the past decade,” said Rooney.

Adelaide’s Harbour Town Premium Outlets were developed by Lewis Land Group in 2004, and are home to 118 outlet stores, including the largest Nike Unite and Tommy Hilfiger outlets in Australia.

Other retailers in the 28,544 square metre centre include Polo Ralph Lauren, Coach and Calvin Klein.

“The attractive tenant profile is underpinned by strong trading specialty tenants, reporting outstanding specialty productivity of $10,014/sqm on highly sustainable rents, providing a platform for attractive rental growth,” said Rooney.

“Outlet centres serve a much broader trade area than traditional retail centres and, in the case of Harbour Town Adelaide, the existing trade area population of 1.3 million residents as at June 2022, is forecast to grow by 1.1% per annum to reach 1.4 million residents by 2032. Over the same period, retail expenditure in the area is forecast to grow from $19.4 billion to $28.2 billion, representing annual growth of 3.8%.”

Lewis Land Group CEO Matthew McCarron said: “As a leading Australian property developer and owner, our portfolio of assets is always evolving. Our priority as a family-owned business is to continuously explore opportunities for growth over the long-term.

“Given the quality of our assets, we often receive enquiries from prospective purchasers. Harbour Town Adelaide is no exception, and we can confirm the centre – which is Adelaide’s only purpose-built outlet – is being offered for sale.

“Transactions that make economic sense are always worth considering, and we will keep our stakeholders informed as we explore commercial options for the property.”

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