South Australian-based private investor Taplin Group has acquired Adelaide’s Kurralta Village shopping centre via an off-market deal for $75.2 million.
Located in Kurralta Park, about 4km west of the Adelaide CBD, the mall boasts 10,669sqm of gross lettable area and a 100 per cent occupancy rate. It is anchored by Coles and Kmart alongside 12 specialty stores, with an annual net passing income of around $3.5 million.
The centre has operated since 1969, servicing a large portion of the inner southwest of Adelaide. Coles Group bought the property in 2023 for $74.25 million.
The deal with Taplin was negotiated by Ryan Mills, Max Frohlich and Campbell Aitken of real estate consultancy Knight Frank.
“Following the sale, Taplin Group will expand the Kurralta Village Shopping Centre, with Coles to grow its footprint to have a full-line supermarket,” said Mills.
“There are also options for a future potential residential apartment development on part of the site, which currently consists of a vacant allotment and residential flats, with projects of up to eight storeys prescribed under its zoning.”
Frohlich said the sale of Kurralta Village underscores the strength of the retail market in SA.
“Shopping centres are undoubtedly the most sought-after asset class in the Adelaide market, often transacting at yields firmer than the eastern states and below debt costs,” he added.
Earlier this month, Iris Capital bought St Ives Shopping Village in NSW for $450 million from EK Nominees.
