Savills South Australia sells Athelstone Shopping Centre

The Athelstone Shopping Centre in Adelaide’s north-east suburbs has been sold for a $12 million reflecting a 7.9% yield.

The property, prominently located on a 1.328 hectare land holding at 312-328 Gorge Road at Athelstone, was sold by Peter Isaksson and Rino Carpinelli of Savills South Australia,

It was sold to a private Adelaide-based investor with a total retail floor space of 4,611 square metres, anchored by Romeo’s Foodland Supermarket.

It also includes 200 car park spaces.

Romeo’s Foodland Supermarket, comprises 42.8% of the centre’s total income and is secured on a long-term lease until 2022.

Savills recorded $460 million worth of retail property transactions in South Australia in the year to December 2014, up from $209 million in the previous year, and up on the five year average of $323 million.

In the year to December 2014, Savills recorded 51 retail property sales in South Australia, up from the previous year of 31, and up on the five year average of 43.