Stonebridge is pleased to announce the off-market sale of Churchill Centre South, Adelaide for a purchase price of $22.35 million to a Melbourne based high net worth private syndicate.
The Churchill Centre South is located approximately 8 kms north of the Adelaide CBD and comprises a modern and high quality facility adjoining a dominant Bunnings Warehouse. The centre includes 9 large format retail tenancies over a total lettable area of 7,416 sqm, with approximately 95% of the gross income secured to national tenants, including Autobarn, Beacon Lighting, Petbarn and Hungry Jacks. Convenient, and ample at-grade parking is provided for customers on-site.
Stonebridge Director, Carl Molony said:
“Quality large format retail centres continue to attract significant interest across a wide spectrum of buyers, particularly as the market for all retail sub-sectors continues to demonstrate depth. The Vendor, Axiom Properties, had invested considerable time and expertise developing a well-credentialed retail facility to complement the existing Bunnings Warehouse adjoining the centre to create a destination of diversity of offer and scale. For Stonebridge, this is the third off-market retail asset placement in as many months following the recent sales of Marketown Newcastle, NSW ($160m+) and Brickworks Centre, QLD ($135m+) respectively. This is testament to the strength and quality of our relationships and understanding of genuine acquisition mandates.”