Fully-leased Hollywood Plaza retail centre listed in Adelaide

A fully-leased Hollywood Plaza large format retail centre in Adelaide has been listed for sale.

Moelis Australia Asset Management Ltd are marketing the 8080 sqm (GLA) centre which is being offered for sale by expressions of interest closing August 22.

The centre returns an annual net income of $980,000 from six separate tenancies including national tenants Cheap as Chips, Supercheap Auto, Salvation Army and Anytime Fitness, with a WALE of 5.8 years.  

According to agents - CBRE’s Australian Retail Investments team of Justin Dowers, Mark Wizel, Michael Fenton, and Kevin Tong - the 37,000 sqm site also presents investors with value-add or expansion opportunities including mixed-use development due to the low, 22 per cent, site coverage. 

The centre, located at Salisbury Downs within the City of Salisbury, about 20 km north of Adelaide’s CBD, is positioned along a main street frontage and opposite the Hollywood Plaza shopping centre, home to Woolworths, Coles, Target and 64 specialty stores. 

Mr Fenton said the centre’s full occupancy underscored the demand from retailers for exposure to this type of asset