The Martin family is looking to offload the Pelican Plaza shopping centre at Ridgehaven after 20 years of ownership.
Offers of around $15.5m are expected for the fully leased neighbourhood centre – located on North East Rd opposite Tea Tree Plaza – which is home to Chemist Warehouse, Hungry Jack’s, Beyond Bank, LJ Hooker and a number of other retailers and service providers.
It generates a passing net annual income of $943,920.
The 3000sq m centre occupies a 12,119sq m corner site with 153 at-grade car parks.
Colliers national director Alistair Mackie said the property offered “strong income security and long-term upside”.
“Pelican Plaza represents a rare chance to acquire a 100 per cent leased neighbourhood shopping centre on a significant, flexible site in one of Adelaide’s most established and well-connected growth corridors,” he said.
“The centre delivers secure income underpinned by essential retail, while the Urban Activity Centre zoning and generous landholding provide long-term redevelopment and value-add potential that is increasingly difficult to find in metropolitan Adelaide.”
Private investors, syndicators and institutional groups are expected to compete for the property, which was acquired by the Martin family, led by Adelaide property investor Ron Martin, in 2005.
The current zoning supports a range of potential developments including retail, office, commercial, community and civic uses, as well as medium- to high-density residential development.
The sale is being jointly managed by Colliers and LJ Hooker Commercial Adelaide. Expressions of interest close on March 12.