A 50 per cent stake of Westfield Tea Tree Plaza will be put up for sale on behalf of the AMP Capital Shopping Centre Fund (ASCF) amid increasing demand for high-quality ‘fortress malls’.
Managed and jointly owned by Scentre Group, Westfield Tea Tree Plaza covers an area of 20.7ha in Adelaide’s growing north-eastern suburbs, providing for significant future expansion potential in the coming years.
The shopping centre has a lettable area of 99,873sqm and is anchored by Myer, Big W, Kmart, and Target alongside a triple supermarket offering in Coles, Woolworths, and Aldi and approximately 240 specialty stores.
A $40 million upgrade project is expected to be completed by September, which will bring about more benefits.
The centre boasts robust annual retail sales of $532 million and welcomes about 9.7 million customers a year.
“A fortress mall of this quality is always tightly held and we expect significant interest from both domestic and offshore groups, underpinned by the centre’s robust investment fundamentals, Adelaide’s attractive retail yield spread relative to Sydney and Melbourne, and South Australia’s stamp duty exemption on commercial transactions,” said CBRE’s head of retail capital markets – Pacific, Simon Rooney, who will lead the sale campaign.
