Fortius arrives with Irongate at Rundle Place in $210m deal
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ASX-listed Irongate has partnered with property platform Fortius to take out Rundle Place, a prime shopping destination in the heart of Adelaide’s CBD, for about $210 million, in one of the biggest single retail deals since the pandemic disruption.
On the sell side is deep-pocketed private equity giant Blackstone, which acquired both the shopping centre on Rundle Mall and an office tower above it in a $400 million transaction five years ago. The office component was sold three years ago to Centuria, in partnership with Rich Lister Paul Lederer, for $185 million.
New office build celebrated in Adelaide as CBD vacancies increase to highest level since 2017
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An artistic impression of the 20-storey office block being constructed on Pirie Street.
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There s a certain irony to commencing construction of a 20-storey office building while surrounded by commercial vacancy signs, but according to the South Australian government, it s good for jobs and investment.
Key points:
Adelaide s office vacancy rate has soared to 16 per cent due to new builds and COVID-19
A large South Australian government department will move into a new 20-storey office block once it is built
Despite the building s contribution to the office glut, stakeholders believe the investment is worth it
Greek Australian property mogul, Con Makris has just divested two shopping centres in Adelaide for a combined value of $110 million.
The rich lister, put the two malls on the market last July to wind back his retail real-estate footprint in South Australia.
Sydney property group Revelop acquired the landmark City Cross Shopping Centre in Adelaide’s Rundle Mall for $60 million.
The City Cross Shopping Centre transaction was the latest deal between the Makris Group and Revelop, after the Sydney group bought Newton Village Shopping Centre in Adelaide’s north-west for $35 million two years ago.
Meanwhile, investment firm Greenpool Capital, with backing from Qualitas, has bought North Adelaide Village, along with an adjoining site on O’Connell Street in a deal valued at $50 million.
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Outstanding warrant offender charged over aggravated break-in at Parkes
A man wanted on four outstanding warrants has been charged following an aggravated break and enter in the state’s Central West.
Between 9.15pm and 11.30pm yesterday (Sunday 17 January 2021), officers attached to Central West Police District received reports of three aggravated break, enter and steal offences in Parkes.
The offences are alleged to have occurred at homes on Grenfell Street, Close Street and Captain Wilson Drive.
Following inquiries, officers attached to Central West Police District attended a service station on the Newell Highway where they arrested a 35-year-old man, about 1.30am today (Monday 18 January 2021).