[COM] Armada Arndale (Redevelopment) | $200m

[Columbo]

The centre is now on the market.

https://www.commo.com.au/properties/202 ... 1722224664

[rev]

Its been sold to a local.
Notice the bit about the centre only occupying 37% of the site and he notes there's room for further development.

Arndale Shopping Centre sold to Adelaide rich lister Nick DiMauro

Rich lister Nick DiMauro has added another mall to his growing retail portfolio, paying $128m for one of Adelaide’s largest suburban shopping centres.

Giuseppe Tauriello
@gtauriello
2 min read
October 22, 2024 - 9:46AM
The Australian Business Network

Adelaide rich lister Nick DiMauro has added another mall to his growing retail portfolio, paying $128m for the Arndale Shopping Centre in his home city.

The deal follows a series of big ticket deals in the Adelaide market this year, with Scentre Group recently partnering up with investment bank Barrenjoey to pick up 50 per cent stakes in two Westfield centres – at West Lakes and Tea Tree Plaza.

Investment group MA Financial was seeking offers of more than $130m for the Arndale centre when it listed the property for sale through Colliers’ Lachlan MacGillivray and Matthew Lane from Dulwich Lane in July.

Mr DiMauro, who recently spent $82.5m on the Channel Court shopping centre in Hobart, said the tenancy mix and sizeable landholding at Arndale – in Adelaide’s northwestern suburbs – were compelling reasons for his latest acquisition.

“It’s been an icon centre for about five decades now,” he said.
“So it’s a very established centre and it’s got all the names that we need to ensure it’s a good centre.

“It’s very close to town, you’re only 7.5km, and it’s an enormous piece of real estate there. It ticked quite a few boxes.”

Set across a single level, the sub-regional centre is anchored by Woolworths, Aldi and Romeo’s Foodland supermarkets, as well as Big W and Harris Scarfe stores and a Hoyts Cinemas complex.

A mix of specialty tenants includes a post office, pharmacies, banking services, community services, bakeries and coffee shops, as well as a range of discretionary retailers and car parking for more than 1900 vehicles.

With the complex covering just 37 per cent of the 10.7ha site, Mr DiMauro said there was “plenty of potential for growth” through further development of surplus land.

Mr DiMauro has amassed a $1.3bn fortune through investment in more than 20 shopping centres, office buildings and development sites across South Australia, Queensland, Western Australia, NSW, Tasmania and New Zealand.

According to The Australian’s latest Richest 250 list, he now ranks as the third wealthiest South Australian, and comes in at 125 on the national list of Australia’s wealthiest people.

Shopping centres have emerged as the surprise packet of commercial real estate this year with several big malls changing hands as investors jump back into the market following the Covid-19 crisis which crunched values and rental levels.

While the cost of living crunch has continued to weigh on discretionary spending, DiMauro said his centres continued to trade well and he remained bullish about the longer term prospects.

“Interest rates have gone probably as high as they probably need to go in this cycle, so I think things are going to eventually come up a little bit,” he said.

MA Financial picked up the Arndale centre as part of its acquisition of Armada Funds Management in 2017. Armada acquired the property in 2014 for $152m.

https://www.adelaidenow.com.au/subscrib ... nt-1-SCORE

[Mpol02]

SA has billionaires wow

[Mpol02]

SA has billionaires wow

[baytram366]

I wonder if the new owner intends on building on the vacant land at the back? Would be good to see it developed as shops on the ground floor and apartments above (not tiny townhouses that all look the same).

[rev]

I wonder if the new owner intends on building on the vacant land at the back? Would be good to see it developed as shops on the ground floor and apartments above (not tiny townhouses that all look the same).

I think that land where the new car park is at the back was sold off not long ago.

What they could do is go up.
Re open the second level above Harris Scarfe, and extend it out over the car park. Would create under cover parking obviously which is a bonus for shoppers.
Perhaps link a second level with the cinema, and create a larger food court on the second level.

Inside doesn't look bad these days, its the exterior that they should focus on as well, perhaps as part of any redevelopment/expansion, if an expansion is viable.

[Eurostar]

I wonder if the new owner intends on building on the vacant land at the back? Would be good to see it developed as shops on the ground floor and apartments above (not tiny townhouses that all look the same).

I think that land where the new car park is at the back was sold off not long ago.

What they could do is go up.
Re open the second level above Harris Scarfe, and extend it out over the car park. Would create under cover parking obviously which is a bonus for shoppers.
Perhaps link a second level with the cinema, and create a larger food court on the second level.

Inside doesn't look bad these days, its the exterior that they should focus on as well, perhaps as part of any redevelopment/expansion, if an expansion is viable.

All well and good to say expand but is it structurally ok or is best to bulldoze and start over again.

[ChillyPhilly]

Ideally Arndale can expand to the south and east. I know tenants of the centre have always wanted the cinema to be linked with the main building.

[rev]

I wonder if the new owner intends on building on the vacant land at the back? Would be good to see it developed as shops on the ground floor and apartments above (not tiny townhouses that all look the same).

I think that land where the new car park is at the back was sold off not long ago.

What they could do is go up.
Re open the second level above Harris Scarfe, and extend it out over the car park. Would create under cover parking obviously which is a bonus for shoppers.
Perhaps link a second level with the cinema, and create a larger food court on the second level.

Inside doesn't look bad these days, its the exterior that they should focus on as well, perhaps as part of any redevelopment/expansion, if an expansion is viable.

All well and good to say expand but is it structurally ok or is best to bulldoze and start over again.

The second level already exists above Harris Scarfe. Back when it was John Martins both levels were open.
If it wasn't structurally sound I doubt Harris Scarfe would be open on the ground level.
Re-opening it, and expanding it over the car park area is what I'm suggesting as a possibility, and building a food court on that 2nd level that links with the cinema. A dining experience and cinema complex should go hand in hand imho.
Of course they'd have to be able to attract retailers for that.

[Howie]

I think that land where the new car park is at the back was sold off not long ago.

What they could do is go up.
Re open the second level above Harris Scarfe, and extend it out over the car park. Would create under cover parking obviously which is a bonus for shoppers.
Perhaps link a second level with the cinema, and create a larger food court on the second level.

Inside doesn't look bad these days, its the exterior that they should focus on as well, perhaps as part of any redevelopment/expansion, if an expansion is viable.

All well and good to say expand but is it structurally ok or is best to bulldoze and start over again.

The second level already exists above Harris Scarfe. Back when it was John Martins both levels were open.
If it wasn't structurally sound I doubt Harris Scarfe would be open on the ground level.
Re-opening it, and expanding it over the car park area is what I'm suggesting as a possibility, and building a food court on that 2nd level that links with the cinema. A dining experience and cinema complex should go hand in hand imho.
Of course they'd have to be able to attract retailers for that.

I used to have plans somewhere for a third stage development, the idea was to build a food court connecting to the cinemas and the plot of land to the north east corner (which has been demolished) would be another wing to the mall. Centro went under just after they signed contracts for phase 3.

[rev]

All well and good to say expand but is it structurally ok or is best to bulldoze and start over again.

The second level already exists above Harris Scarfe. Back when it was John Martins both levels were open.
If it wasn't structurally sound I doubt Harris Scarfe would be open on the ground level.
Re-opening it, and expanding it over the car park area is what I'm suggesting as a possibility, and building a food court on that 2nd level that links with the cinema. A dining experience and cinema complex should go hand in hand imho.
Of course they'd have to be able to attract retailers for that.

I used to have plans somewhere for a third stage development, the idea was to build a food court connecting to the cinemas and the plot of land to the north east corner (which has been demolished) would be another wing to the mall. Centro went under just after they signed contracts for phase 3.

Haha so I'm not crazy after all, back of my mind I had a feeling I had seen or heard something before about that.
Shame it never came to fruition, but hopefully with new ownership who recognize the potential for further redevelopment/expansion we might see something one day soon.

[Columbo]

I wonder if the new owner intends on building on the vacant land at the back? Would be good to see it developed as shops on the ground floor and apartments above (not tiny townhouses that all look the same).

I think that land where the new car park is at the back was sold off not long ago.

What they could do is go up.
Re open the second level above Harris Scarfe, and extend it out over the car park. Would create under cover parking obviously which is a bonus for shoppers.
Perhaps link a second level with the cinema, and create a larger food court on the second level.

Inside doesn't look bad these days, its the exterior that they should focus on as well, perhaps as part of any redevelopment/expansion, if an expansion is viable.

At least one of the sale signs is still up out the back on the middle of the 3 blocks, so would be interesting to know if any of them did end up selling.

Of late that area around the bus interchange and carpark next to the Salvos isn't a place that feels all that safe or inviting due to large groups of people gathering there for a good part of the day.

[rev]

I wonder if the new owner intends on building on the vacant land at the back? Would be good to see it developed as shops on the ground floor and apartments above (not tiny townhouses that all look the same).

I think that land where the new car park is at the back was sold off not long ago.

What they could do is go up.
Re open the second level above Harris Scarfe, and extend it out over the car park. Would create under cover parking obviously which is a bonus for shoppers.
Perhaps link a second level with the cinema, and create a larger food court on the second level.

Inside doesn't look bad these days, its the exterior that they should focus on as well, perhaps as part of any redevelopment/expansion, if an expansion is viable.

At least one of the sale signs is still up out the back on the middle of the 3 blocks, so would be interesting to know if any of them did end up selling.

Of late that area around the bus interchange and carpark next to the Salvos isn't a place that feels all that safe or inviting due to large groups of people gathering there for a good part of the day.

Arndale has improved quite a bit in recent years but there's still too many undesirables hanging about particularly as you mentioned around the bus interchange.
I've said before the Salvos and Services Australia need to be moved out of the area. They alone attract a high number of undesirables, from the donation bin raiders to the life long dole bludgers and junkies who visit Services Australia.