A neighbourhood shopping centre in Adelaide’s northeastern suburbs has changed hands in an almost $40m deal.
The Stables Shopping Centre in Golden Grove was bought by a South Australia-based private investor for a whopping $37.7m.
The centre is anchored by a Woolworths supermarket and BWS, 10 specialty tenants and two kiosks and sits on a 20610sqm freehold landholding with parking for 260 vehicles.
The property was sold by KM Property Funds, following a highly competitive expressions of interest campaign jointly managed by Savills Australia and New Zealand’s Matt Holland and Steven Lerche, together with Stonebridge Property Group’s Justion Towers and Philip Gartland.
The Stables Shopping Centre in Golden Grove. Supplied
It is one of only two neighbourhood shopping centres to have sold for more than $20 million in SA since 2022.
The complex, 22km northeast of the CBD, was built in 2015 and is situated in one of the state’s growth areas, where population is set to grow from 28,557 in 2025 to 31,847 by 2046, due in part to 900-odd new homes set to add to the region’s housing stock as part of the northeast’s Master Planned Neighbourhood Zone.
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Savills Australia and New Zealand SA state managing director Matt Holland said the centre’s sale reflected the depth of demand for high-quality neighbourhood centres in South Australia. “This asset is exactly what investors are looking for, anchored by a leading national supermarket, supported by a strong mix of everyday essentials, and located in one of Adelaide’s most established and affluent catchments,” he said.
Home to Woolworths, it is a community hub. Supplied
“South Australia continues to attract investors from across the country, particularly given the state’s competitive transaction environment, most notably the absence of commercial stamp duty and foreign investor surcharges.
“In this case, a local private investor recognised the rare opportunity to secure a modern metropolitan neighbourhood centre with exceptional underlying fundamentals.”
Stonebridge National Partner Justin Dowers said transaction volumes of neighbourhood centres was up 28 per cent over the past year.
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“What we are seeing nationally is a widening gap between demand and available stock, as these assets are increasingly difficult to bring out of the ground in today’s construction and planning environment,” he said.
“This dynamic is driving stronger competition for existing centres like The Stables Shopping Centre.
“We expect this imbalance between supply and demand to persist, continuing to place upward pressure on values for high-quality neighbourhood assets.”
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