Savills sell Woolworths anchored Playford shopping complex to local SA investor

A Woolworths-anchored shopping complex in South Australia's Playford has sold for $21.81 million to a local private investor.

The deal on the convenience-based shopping centre at 297 Peachey Road, Munno Para, in Adelaide’s north, was brokered by Savills Australia’s Rino Carpinelli and Steven Lerche.

They anticipated strong interest from investors after limited neighbourhood retail opportunities came to market last year.

Mr Carpinelli said, “occupying 2.032 hectares and generating about $1,613,400 per annum, the successful buyer recognised the ongoing value of this asset.” 

“The centre offers significant depreciation benefits backed by a secure income stream and long weighted average lease expiry of 9.12 years by area.”

The centre presents a gross lettable area of 6,390 sqm comprising the full-line Woolworths supermarket and associated BWS liquor store, which are operating under a new 12-year lease.

There is also a mix of 17 speciality tenants, including a Smokemart, newsagency, café, medical centre and Terry White Pharmacy.

Mr Lerche said shopping centres like Woolworths Playford were rarely traded in South Australia.

Woolworths Playford is part of the $1billion urban development project, Playford Alive, which is being jointly managed by the City of Playford council and state government.