Add CategoryA neighbourhood shopping centre approximately 11km from the Adelaide CBD is being offered for sale with price expectations in the mid-$60 million range.
Gilles Plains Shopping Centre is anchored by a Woolworths supermarket, an Aldi supermarket and a Dan Murphy’s, as well as one mini-major, 40 specialty retailers and five kiosks; there are also two freestanding sites filled by a McDonald’s and a Caltex petrol station.
The single-level centre underwent a $30 million redevelopment and expansion in 2016, and offers a GLAR of approximately 11,958sqm on a 35,090sqm site with five street frontages and parking for 464 cars.
The centre is exclusively for sale through Rino Carpinelli, Ryan Mills and Steven Lerche of Savills Australia, who said the centre has a weighted average lease expiry (by income) of 9.09 years for the entire centre and 13.32 years for the majors.
The centre services a large catchment area, with population growth primarily driven by the completion of the Lightsview project, which has 103ha of residential, in addition to the proposed 100ha Renewal SA urban infill development which is expected to deliver an additional 1500 homes into the area.
Savills says Gilles Plains Shopping Centre offers a fully leased net income of $4,651,407 per annum.
Myer to lease smaller head office
Myer will halve the size of its head office in a further bid to cut costs and reduce wasted space across the business.
The new head office at 1000 La Trobe Street in Docklands in Melbourne, will be completed in the fourth quarter of 2021 and will have a total space of 12,500sqm. The building is to be the first major tenant in the Digital Harbour precinct.
Myer will be leasing levels six through 10 in the 24-storey Poly Australia Tower.
“The decision to move our [store support office] is in line with our customer-first plan to ensure we are operating in the most efficient and productive way, and that we have an office environment that allows us to support our store team members in the best possible way,” said CEO John King.
The announcement comes after the business cut 35 roles in its head office in January, largely from management, business support and administrative roles, to improve management structure and remove duplicate roles. For Poly, acquiring Myer as an anchor tenant vindicates its decision to build the tower on spec.