Family-Owned Shopping Centre Listed for $15.5M Sale
The Pelican Plaza shopping centre in Ridgehaven is up for sale, with an asking price of $15.5 million. This property has been under the ownership of the Martin family for the past 20 years and is fully leased, attracting significant interest in the market.
Property Details
- Location: North East Road, opposite Tea Tree Plaza
- Size: 3,000 square meters
- Land Site: 12,119 square meters
- Parking: 153 at-grade car parks
- Current Income: $943,920 net annual income
Notable Tenants
Pelican Plaza is home to a variety of retailers and service providers, including:
- Chemist Warehouse
- Hungry Jack’s
- Beyond Bank
- LJ Hooker
Investment Potential
The property presents a strong income security profile and long-term potential for growth. Alistair Mackie, a national director at Colliers, highlighted Pelican Plaza’s appeal, noting that it represents a unique opportunity to acquire a fully leased neighbourhood shopping centre in a well-established area of Adelaide.
Zoning and Development Opportunities
The current zoning for Pelican Plaza allows for various potential developments, which include:
- Retail
- Office and commercial space
- Community and civic uses
- Medium to high-density residential development
This flexibility in zoning marks the property as a valuable investment in one of Adelaide’s key growth corridors. The sale is jointly managed by Colliers and LJ Hooker Commercial Adelaide, with expressions of interest closing on March 12.
As private investors, syndicators, and institutional groups vie for the property, the Martin family’s decision to sell reflects an evolving investment landscape in metropolitan Adelaide. The interest surrounding Pelican Plaza illustrates its potential for future development and ongoing profitability within the retail sector.
