_Large-scale retail and convenience centre in Adelaide up for sale
A newly constructed large-scale retail and convenience centre home to PETstock and a Mobil X-Convenience service station in Adelaide’s Panorama, less than 10 kilometres south of the CBD, is up for sale.
The property has a total net lettable area of 1,735sq m, plus canopy space, on a 5,291sq m site at 621 Goodwood Road.
PETstock, a partially owned subsidiary of Woolworths Group, occupies 1,085sq m of the building and has a seven-year lease starting in 2023 with two further seven year options.
Mobil X-Convenience, with associated car wash brand Pitstop Carwash’ occupies 650sq m and has a 15 year lease in place starting in 2023, with two further 10-year options.
The property has an estimated net income of $755,528 per annum plus GST, with a WALE by income of approximately 11 years.
It is being taken to the market via an Expressions of Interest campaign run by Knight Frank agents Oliver Totani and Jack Dyson in conjunction with Jamie Perlinger and Rick Jacobson of Burgess Rawson on behalf of local developer Landmark Homes & Properties.
Mr Totani said the quality of the investment was generating strong investor interest during the sales campaign.
“We anticipate strong competition from the national investor marketplace given the dual income and tenant covenant,” he said.
“Rarely do land-rich investments, underpinned by a national tenancy profile, so close to the CBD get released to the open market.
“This stamp duty free investment also has the added attraction of significant depreciation benefits.
“In this market we are seeing investors drawn to quality investments with secure income, with the potential for growth in the future, and this Panorama property ticks all the boxes.”
Mr Dyson said the property was well located in Adelaide’s southern suburbs, situated just 6.5 kilometres from the CBD.
“There is significant gentrification nearby, including the $140 million REPAT health precinct, the $35 million Panorama Hotel and a 56-lot residential subdivision,” he said.
“The property has frontage of more than 60 metres to Goodwood Road, providing exposure to 43,000 daily passing vehicles.
“Goodwood Road connects the southern suburbs and foothill suburbs directly to the Adelaide CBD via the Southern Expressway. Importantly, the property from a fuel and convenience perspective is the last stop before hitting the Expressway.”
The Expressions of Interest campaign for the property will close at 4pm (ACDT) on Thursday, December 7.
For further details, please contact:
Oliver Totani
Partner, Head of Capital Markets, SA
Oliver.Totani@au.knightfrank.com
Jack Dyson
Associate Director, Investment Sales, SA