LARGEST SHOPPING MALL
IN ADELAIDE’S CBD
Myer Centre Adelaide was acquired
in May 2015, boosting Starhill
Global REIT’s presence in Australia.
A prominent landmark in the heart of
Adelaide CBD, the 503,000 sq ft retail
centre is anchored by the popular
Myer department store and 84 other
specialty tenants, including Lush,
Max Mara, Nine West, Sunglass Hut and
the first Move store in South Australia.
Located along the city’s premier retail
area along Rundle Mall – the city’s
only retail pedestrian street which
attracts 24 million shoppers annually
– Myer Centre Adelaide is the largest
shopping mall in the central business
district, and is popular with locals and
tourists. Myer Centre Adelaide is also
within walking distance to the newly
refurbished Riverbank Entertainment
Precinct, which includes the convention
centre, Festival Centre and multisports
stadium, the Adelaide Oval. It is within
the vicinity of universities and hostels,
as well as the city’s art galleries,
museums and casino.
Completed in 1991, the property last
went through a major A$35 million
asset enhancement in 2013 and 2014
which included the refurbishment
of the five-storey Myer department
store. A 600-seat foodcourt is located
at the basement of the retail centre
and is the biggest in the Adelaide
CBD. Myer Centre Adelaide comprises
an eight-storey retail centre with four
basement levels of car park space, and
an office component which includes
a six-storey office tower which sits
atop the retail centre and two heritage
buildings. The Myer department store
occupies 324,000 sq ft and its lease
which expires in 2032 provides for an
annual rent review. Most leases at the
property also incorporate an annual
upward-only review.
Myer Centre Adelaide’s office
component includes Terrace Towers,
a six-storey 81,000 sq ft office tower
which sits atop the retail centre
and two heritage buildings (Shell
House and Goldsbrough House).
The University of Adelaide and Law
Society of South Australia are among
its tenants. Panoramic views of the
Riverbank Entertainment Precinct
and the city’s cultural precinct can be
enjoyed from the office suites. As at
30 June 2015, Myer Centre Adelaide
(Retail) was 96.7% occupied and Myer
Centre Adelaide (Office) enjoyed
91.6% occupancy.
Australia Properties
Adelaide
Myer Centre Adelaide is the largest CBD shopping mall in the central
business district, and is popular with locals and tourists. It is located on the
premier retail stretch of Rundle Mall – the city’s only retail pedestrian street
– which attracts 24 million shoppers annually.
Myer Centre
Adelaide retail
centre along
Rundle Mall.
MYER
CENTRE
ADELAIDE
14-38 Rundle Mall, Adelaide
SA 5000, Australia
An
eight-storey retail centre with four
basement levels
, and office component
which includes a six-storey office tower
and two heritage buildings
S$
303.1m
(1)
PURCHASE PRICE
S$
297.3m
MARKET
VALUATION
(as at 30 Jun 2015)
NLA (SQ FT)
(as at 30 Jun 2015)
Retail
503,000
Office
98,000
Total
601,000
(2)
Notes:
(1)
The property was acquired from Novion RE Limited on 18 May 2015 at A$288 million. The purchase price is equal to the independent
valuation done as at 26 March 2015 which was derived using the income capitalisation and discounted cashflow methods.
(2)
Excludes 113,000 sq ft vacant area in the highest two floors of the retail centre.
(3)
Includes income from storage space, sundry and carpark.
TENURE
Freehold
114
NUMBER
OF TENANTS
(including one
anchor tenant)
as at 30 Jun 2015
RETAIL & OFFICE MIX
by gross revenue (FY 2014/15)
Retail
89.6%
(3)
Office
10.4%
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