Adelaide’s Harbour Town Premium Outlets centre has been put up for sale by private property developer, Lewis Land Group.
Developed in 2003, the centre is Adelaide’s only purpose-built outlet shopping centre. It features 118 outlet stores and parking for 1480 vehicles and recently underwent a $12 million upgrade.
Lewis Land Group CEO, Matthew McCarron, said the business is continuously exploring opportunities for growth over the long term.
“Given the quality of our assets, we often receive enquiries from prospective purchasers. Harbour Town Adelaide is no exception, and we can confirm the centre – which is Adelaide’s only purpose-built outlet – is being offered for sale.”
Simon Rooney, head of retail capital markets for CBRE’s Pacific, who is managing the sale, described the centre as one of “Adelaide’s best-performing retail assets”.
“The sale provides an opportunity for investors to gain immediate scale in the highly sought after but rarely traded outlet shopping sub-sector, which benefits from greater trading resilience during downturns and continues to demonstrate outperformance given its discount-based offering.”
He added that Adelaide’s retail investment sector has received “considerable interest” from domestic and offshore investors due to South Australia’s stamp duty exemption on commercial transactions.
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