Pelican Plaza Shopping Centre at 1007 North East Rd in Ridgehaven has sold.
A neighbourhood shopping centre in Adelaide’s northeast has been snapped up in a whopping eight-figure deal, marking the end of a 20-year era for its owners.
Ridgehaven’s Pelican Plaza Shopping Centre at 1007 North East Rd, which is opposite Westfield Tea Tree Plaza, was hotly contested before it sold for the first time in two decades.
LJ Hooker Commercial Adelaide principal Mario Bonomi, who sold the property with fellow agent Mark Tettis and Colliers Adelaide agents Jordan Schmidt and Alistair Mackie, wouldn’t reveal the sale price but said it had a $16m to $17m guide.
The neighbourhood shopping centre attracted 22 offers.
“It sold beyond our guide price,” Mr Bonomi said.
“There would have been close to 100, or more, inquiries on the property and there were 22 offers submitted.
“I don’t remember seeing that amount of interest generated with any other property, certainly not in the past five to 10 years.”
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Mr Bonomi said a local SA investor secured the property, which was acquired by the Martin family, led by Adelaide property investor Ron Martin, in 2005.
“The people who were inquiring about it, all of them understood the opportunity that the shopping centre offers,” he said.
The fully-leased site includes a range of commercial tenants.
The 1.21ha corner site with 153 at-grade car parks has 21 fully-leased tenancies – some of which include Hungry Jacks, Chemist Warehouse, Beyond Bank and LJ Hooker – and generates a passing net annual income of $943,920.
“The property was zoned urban activity centre – development up to five stories is allowed,” Mr Bonomi said.
The combination of its development opportunity, low average rents and quality tenants made it particularly appealing to prospective buyers, he said.
It is directly across from Westfield Tea Tree Plaza.