With a total Gross Lettable Area Retail (GLAR) of over 9,000 sqm, Stage 1 at Parafield and Munno Para is already home to retailers including Repco, Petbarn, Toymate, Revo Fitness and RSEA Safety. Other key tenants include Sydney Tools, BCF and Zambrero.
Bedford, LeytonProperty commercial property development Adelaide and Leyton Funds are creating a state-of-the-art advanced manufacturing hub in Adelaide’s north, expected to be worth over $45 million once completed.
Parafield & Munno Para
Located within the new City of Playford suburbs of Parafield and Munno Para, the retail hubs are Leyton Property’s first foray into Large Format Retail (LFR) which has experienced record-low vacancy rates nationally. This tightening market has been fueled by retailers’ demand to expand their presence in the fast-growing area. The development partners have partnered with construction companies Bella Build for the Parafield site and Sagle Constructions for the Munno Parasite. Both projects are due for completion later this year, with several high-profile tenants already secured, including RSEA Safety, BCF, Petbarn, Toymate, and Revo Fitness.
The Parafield and Munno Para sites will feature a GLAR of more than 17,000 sqm. The team behind the project is looking to add further value through a comprehensive leasing strategy that includes the attraction of specialty retailers and food and beverage operators, with a focus on local needs.
The northern Adelaide suburbs of Charles Sturt are among the most rapidly growing parts of the state, boosted by strong transport links and proximity to Adelaide CBD, universities and critical jobs nodes. Unsurprisingly, property research firm Smart Property Investment considers them a hot spot. Its general manager Tim Graham says the region’s reputation as one of the southern hemisphere’s leading healthcare and life sciences precincts will impact the suburbs’ real estate.
With $1.6 billion worth of urban renewal projects, including the new Adelaide BioMed City, these suburbs are set for further growth. The City of Charles Sturt also offers a range of amenities that make it a desirable destination for young professionals and families, including schools, hospitals, parks and community facilities.
Unlike many regional cities, Adelaide’s LeytonProperty commercial property development Adelaide market has remained resilient during the past two years, despite falling national prices and weakening global economic prospects. According to a new report from property research company Hotspotting, Adelaide’s consistency of performance has made it “one of the nation’s strongest and most stable markets”.
Parafield Retail Hub
A joint venture between Bedford, Leyton Property and Leyton Funds will see the construction of a state-of-the-art advanced manufacturing hub in Adelaide’s north, expected to be worth more than $45 million. The project will be located on one of South Australia’s largest commercial greenfield development sites and will focus on the advanced manufacture of furniture. The project will also provide employment opportunities for people of all abilities.
Located within the Airport Business District, Parafield Retail Hub will connect people and businesses locally, nationally and internationally. The hub will encourage industry clusters and support the growth of emerging industries across South Australia. In addition, it will include a high-tech training centre and will feature a mix of office and industrial space.
The $50M District Outlet Centre significantly boosts the north of Adelaide’s commercial precinct. When it opens next year, the 15,000sq m shopping centre will be home to 45 big-name brands, including Puma and Sketchers. In addition, a well-equipped food court will satisfy shoppers when they’ve worked up an appetite.
It’s been an exciting month for Knight Frank in the property sector, with the appointment of Max Frohlich as Head of Institutional Sales. After a three-year hiatus, he returns to the agency, having started his career with Knight Frank in Adelaide as a commercial valuer. He has since held roles in capital transactions and property development in South Australia and nationally.
Despite the recent shaky global economy, a strong pipeline of new retail and commercial office developments is helping to keep market confidence high. This is particularly the case in Adelaide, which has some of the most robust office yields in the country and continues to offer a substantial spread over eastern states. The city is also one of the few areas that offer stamp duty exemption on residential investment properties, providing an added incentive to buyers.
The development has secured several high-profile tenants, including Repco, Petbarn, Toymate and RSEA Safety. These tenants are responsible for nearly $30m in annual rent. With the completion of Stage 2, which is scheduled to start later this year, the retail hub will be home to a different 5,000sq m of space.
Springwood Place
The Australian Property Journal is Australia’s leading commercial real estate publication and the country’s most comprehensive source of property investment news. The magazine covers all aspects of LeytonProperty commercial property development Adelaide, from retail and office to industrial and specialised sectors. It also features the latest property research and market insights. It is an essential resource for anyone serious about commercial property investment.