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News release


Adelaide’s largest CBD shopping centre is on the market

Myer Centre Adelaide is offered for sale; South Australia is experiencing a notable increase in institutional retail investment demand

​AUSTRALIA, 29 JANUARY 2015 – JLL’s Simon Rooney has been exclusively appointed to conduct the sale of Adelaide’s largest CBD shopping centre, Myer Centre Adelaide, owned by Novion Retail Partnership (NRP). Located within one of South Australia’s most established and visited retail precincts, Rundle Mall. Myer Centre Adelaide comprises 60,109 sqm of retail accommodation and 9,558 sqm of quality office accommodation.

Myer Centre Adelaide is anchored by a newly refurbished, flagship Myer store and a quality offering of mini-major tenants and retail specialty stores, including Rebel Sport and Lincraft. The centre has recently undergone a $35 million upgrade including a complete refurbishment of Myer’s 30,000 sqm tenancy. The 601-seat food court is the largest food court in the Adelaide CBD, aided by close proximity to train, tram and bus services and is a major attraction to office workers, students and tourists.

According to JLL’s Head of Retail Investments for Australia, Simon Rooney, “The sale of Myer Centre Adelaide presents a highly sought-after opportunity to secure an iconic retail and office asset. This is an excellent long-term investment opportunity with a range of prospects to generate future income and capital growth.” 

Mr Rooney said CBD retail markets around the country have been refreshed with supply since the GFC. “New developments and refurbishments have driven resurgence in CBD retailing, and the presence of new international retailers is cementing CBD markets as strong retail destinations. Apple opened its first Adelaide store in Rundle Mall in May 2014, followed by Tiffany & Co along North Terrace, opposite Myer Centre Adelaide, in late 2014.”

“Adelaide has been a prime example of this refreshed supply, with the refurbishment of Myer Centre Adelaide in 2013, the new Rundle Place development in 2013 and the refurbishment of Adelaide Central Plaza in 2014.” 

Mr Rooney said there is a notable increase in the volume of transactions in South Australia, indicating strong levels of interest and demand in the region. “Shopping centre transactions in South Australia have risen to $454.1 million in 2014, from $167.1 million in 2013, heavily boosted by the sales of; Arndale Central to Armada Funds Management ($152 million), Golden Grove Village to Challenger ($129.1 million) and Brickworks Marketplace to Charter Hall (for circa $75 million).”

Adelaide itself has been undergoing a transformation in recent years including:
The $1.8 billion redevelopment and relocation of the Royal Adelaide Hospital
The $535 million redevelopment of Adelaide Oval
The $350 million Adelaide Convention Centre redevelopment

In addition, Adelaide City Council has invested $30 million as part of the Rundle Mall Masterplan to deliver new lighting, high-quality paving, landscaping and infrastructure (source: Adelaide City Council,

Myer Centre Adelaide features eight mini-major tenants, 88 specialty tenancies, 11 kiosks, six ATMs and 467 basement car parking spaces. The office accommodation within the centre features across 31 tenancies and is accessed via North Terrace.
According to Mr Rooney, “The office component of Myer Centre Adelaide has an established track record of high occupancy and is sought-after by tenants for its large floor plates, expansive parkland and CBD views.”

Myer Centre Adelaide is for sale via an Expressions of Interest (EOI) campaign, commencing on Monday, 9 February 2015 and closing on Thursday, 12 March 2015.