Adelaide sees 10,400sqm of new retail completions in Q1 | Real Estate Asia

Adelaide sees 10,400sqm of new retail completions in Q1

The largest project was the 4,400-sqm Aston Hills Shopping Centre.

New store openings in Adelaide have slowed over the last six months, according to a JLL report. This comes after a period of strong expansion activity through most of 2021 and 2022. 

The majority of retailer expansion activity in Q1 2023 has come in the take-home grocery space with Coles, Woolworths, Aldi, Foodland and IGA supermarkets all committing to new stores on the back of green fields and higher density residential development. 

Here’s more from JLL:

There were three project completions recorded in Q1 2023, totalling 10,400 sqm. The largest project to complete over the quarter was the Aston Hills Shopping Centre (4,400 sqm). The neighbourhood centre is anchored by a Drakes supermarket and will provide retail amenity to the Aston Hills residential development that will eventually comprise 2,200 homes. 

Average rents were broadly unchanged across all subsectors in Q1 2023. On an annual basis, the strongest rental growth was recorded in the neighbourhood subsector, increasing 1.4% to AUD 577 per sqm p.a. 

There was only one major transaction recorded in Q1 2023. A large format retail asset in Hectorville in Adelaide's eastern suburbs was purchased for AUD 9.5 million. The recently completed asset is leased to Baby Bunting.


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