Adelaide’s richest man, Con Makris, has listed two shopping centres in Adelaide worth a combined price tag of $200 million.
The property tycoon is divesting the City Cross shopping centre which runs off Grenfell Street in the Adelaide CBD, while also offloading the North Adelaide Village neighbourhood shopping complex.
Mr Makris had an estimated personal fortune of $1.31 billion in the 2019 Financial Review Rich List.
CBRE’s Simon Rooney and James Douglas have been appointed to steer the sale campaign on behalf of the Makris Group, South Australia’s largest privately-owned retail property group.
The City Cross shopping centre includes anchor tenants Harvey Norman, Rebel Sport and Australia Post. There is also a large food court and the complex has 57 specialty tenancies overall. It also includes an adjacent office complex.
The North Adelaide Village Shopping Centre on O’Connell Street in North Adelaide, is about 3km from the heart of the CBD. It is in a wealthy catchment area and close to the iconic Adelaide Oval and St Peter’s Cathedral.
Mr Rooney expects robust demand even in a tough economy.
“Adelaide’s retail yield spread relative to Sydney and Melbourne, with added tax efficiencies, make it an attractive state in which to invest,” Mr Rooney said.
“There has been significant interest in Adelaide in recent years from domestic and offshore investors, who have acquired circa $700 million of retail assets.”
Mr Makris late last year sold the Newton Village Shopping Centre in Adelaide’s north-western suburbs in an off-market deal worth $35 million.
The Newton Village Shopping Centre was bought by Sydney-based property group Revelop.
Mr Makris arrived in Adelaide as a teenager in 1964 from Greece before building up a vast property development and shopping centre empire after starting off with a chicken shop.
He stepped back from the day-to-day operations of the Makris Group several years ago and put in place an independent advisory board to guide expansion, which has been focused on Queensland.