Billionaire Con Makris puts $200m of shopping centres up for sale

CBRE’s Simon Rooney and James Douglas have been hired to sell the assets on behalf of Makris Group.

The City Cross shopping centre includes anchor tenants Harvey Norman, Rebel Sport and Australia Post. There is also a large food court and the complex has 57 specialty tenancies overall. It also includes an adjacent office complex.

The other asset being sold is the North Adelaide Village Shopping Centre on O’Connell Street in North Adelaide, and an adjoining site. It is about 3km from the heart of the CBD. It is in a wealthy catchment area and close to the iconic Adelaide Oval and St Peter’s Cathedral.

Mr Rooney expects robust demand even in a tough economy.

“Investors will be attracted to the location of City Cross within Adelaide’s tightly held CBD, and the affluent locale of North Adelaide Village,” Mr Rooney said.

“Investors who have been priced out of the east coast markets or have struggled to find high-quality product have turned to Adelaide for better yielding opportunities, and both properties offer strong underlying cashflows with a history of robust trading performance,” he said.

The City Cross shopping centre and office complex is the largest of the two offerings, with a gross lettable area of 10,512 square metres.

Mr Makris late last year sold the Newton Village Shopping Centre in Adelaide’s north-western suburbs in an off-market deal worth $35 million.

The Newton Village Shopping Centre was bought by Sydney-based property group Revelop.

Mr Makris arrived in Adelaide as a teenager in 1964 from Greece before building up a vast property development and shopping centre empire after starting off with a chicken shop.