DEVELOPER Con Makris has offloaded the Newton Village shopping centre for about $35 million.
Western Sydney group Re-velop has bought the complex on Montacute Rd, and unveiled plans to breathe new life into it through a $10 million upgrade. The property is Revelop’s third acquisition in South Australia, adding to its $25 million purchase of the Renmark Square centre in 2017 and the Gawler Park homemaker centre, also for $25 million, in 2018.
Newton Village comprises 10,000sq m of retail space, and is anchored by Coles and Woolworths supermarkets. Revelop director Anthony El-Hazouri said a full-time centre manager from Colliers real estate company had already been appointed, while negotiations were ongoing with current and potential tenants.
“We looked at this place and it’s got its issues. It’s an old centre attached to a new one and, unfortunately, the cohesion wasn’t always there and nor was the mix,” he said.
“But, fundamentally, it’s got two supermarkets, it’s got parking, of which a large portion’s undercover, it’s in a key location with a really good demographic, and it’s growing — the metrics were there for a centre like this to work.”
As part of planned improvements to the centre, Revelop will upgrade lighting and common areas and introduce a children’s play area. There are also plans to incorporate a childcare centre, potentially on the rooftop car park
“We think that’s important because, one, the demand’s huge and there’s not a lot of supply, and, secondly, having that sort of facility within a complex like this provides parents with a lot of convenience,” Mr El-Hazouri said.
“We’re looking to spend about $10 million in the place, and that’s over probably 12 to 18 months.
‘Where we add value is where we can see that an area has growth potential, but the shopping centre may be lacking — that’s our area of expertise.