Myer Centre Adelaide
Myer Centre Adelaide is a prominent landmark and the largest shopping centre located in the heart of Adelaide’s city centre. Popular with locals and tourists, the centre is located along the city’s prime retail precinct, Rundle Mall. Myer Centre Adelaide is within walking distance to the Riverbank Entertainment Precinct, which includes the Adelaide Festival Centre and the Adelaide Oval multi-sports stadium, and also in close proximity to universities, hostels, art galleries, museums and a casino. The property is surrounded by offices in the city centre.
Anchored by the largest Myer department store in South Australia, the retail centre houses approximately 70 other retail tenants. An all-encompassing retail experience, the retail centre is home to international retailers including Daiso, LUSH, Jamaica Blue and Sunglass Hut, as well as national labels such as W Cosmetics, Kaisercraft. Uniqlo is also set to open its first store in South Australia at Myer Centre Adelaide in 2022.
Complementing the retail experience, Myer Centre Adelaide provides a wide range of dining options with cafes and a lower ground food court – the largest in Adelaide’s city centre – serving fast food and international cuisines.
The property comprises an eight-storey retail centre with four basement levels of car parking space, and an office component which includes a six-storey office tower above the retail centre and two heritage buildings.
Completed in 1991, the property went through a major A$35 million asset enhancement in 2013 and 2014 which included the refurbishment of the five-storey Myer department store.
Property Profile
| Address | 14-38 Rundle Mall, Adelaide, Australia |
|---|---|
| Description | Myer Centre Adelaide comprises a retail centre, three office buildings and four basement levels of carpark. The retail centre is spread across eight floors and anchored by the popular Myer department store and specialty tenancies. The office component includes a six-storey office tower which sits atop the retail centre and two heritage buildings. |
| Positioning | Targets the mid income segment |
| Actual Occupancy(1) | 93.6%(1) (Retail), 93.1%(1) (Office) |
| Net lettable area | 624,263 sq ft(1)(3) (Retail – 526,304 sq ft; Office – 87,959 sq ft)(1) |
| Number of tenants | 81(1) |
| Title | Freehold |
| Selected brands of tenants(1) |
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| Valuation | S$243.5 million(2) |
- Based on commenced leases as at 31 March 2022.
- As at 30 June 2021.
- Excludes approximately 90,000 sq ft vacant area on the highest floor of the retail centre.