Popular regional shopping centre tipped to generate investor contest

A retail asset anchored by Target, Cheap as Chips and a Subway has hit the market, presenting buyers with an opportunity to secure a showcase complex in one of Adelaide’s major regional and tourist towns.

Savills Australia’s Peter Isaksson and Rino Carpinelli have been appointed to sell the complex located at 205-227 Main North Road, Clare and said they are expecting interest from a wide buying pool.

“The expressions-of-interest campaign will generate attention from both local and interstate investors with expected offers to be circa $8.5 million to $9 million,” Mr Isaksson said.

The single level complex comprises three buildings developed in 2005 with Target, Cheap as Chips and Subway as principle tenants, and Skin Therapy and Clare’s Cutting Edge Hairdresser as specialty shops.

“The centre boasts a solid cash flow of of approximately $663,523 per annum with income secured by two blue-chip tenants that have seven year lease terms.” Mr Isaksson said.

With a population of approximately 3,728 in the primary catchment, Clare serves as the administrative centre of the Gilbert Valley Council area with the nearest major centres being Port Pirie and Gawler.

The property has extensive frontage of 103.49 metres to Main North Road and secondary frontage to Old North Road, and Mr Carpinelli said the location will be the ultimate drawcard for the buyer.

“Situated along the main street of Clare, this retail investment is set to thrive in a township that is agriculturally based for both cropping and grazing and situated within one of Australia’s finest wine regions,” he said.

Expressions of interest close 4pm Thursday 18 October 2018.

Learn more about Savills Retail Investments.