Retails investment opportunity springs up in Adelaide's Rundle Mall: Savills

A shopfront in Adelaide’s Rundle Mall occupied by clothing retailer Connor has been listed with expectations of between $9 million and $10 million.

The property at 109 Rundle Mall has long been occupied by Connor Clothing Pty Ltd, which has signed a lease term until January 2022, plus renewal options.

The store earns an income of more than $550,000 per annum.

The property is being marketed by Savills Australia’s Peter Isaksson and Rino Carpinelli through an expressions of interest campaign which closes on November 30.

Isaksson said enquiry was expected from local as well as offshore buyers, particularly from Singapore and Malaysia.

“Very few of the mall’s assets have traded in the past 10 years so the sale of 109 Rundle Mall presents a rare opportunity to secure a piece of Adelaide’s history and its future,” Isaksson said.

“As a landmark asset unmatched in its location, prominence and character, and surrounded by city-defining developments, the Connor retail space generates a solid cash flow and is anticipated to continue outperforming like assets in the CBD and beyond.”

“Rundle Mall is arguably one of Australia’s busiest and most successful pedestrian retail malls, with more than 400,000 customers per week,” added Carpinelli.

“It is home to several South Australian flagship stores of many renowned Australian retailers.”

Established in 2007, Connor has grown to encompass more than 140 stores across Australia and forms part of the country’s largest menswear retail specialist, Retail Apparel Group, alongside Tarocash, Yd, Rockworth and Johnny Big.