Kurralta Village Sells for $75.2 Million in Major Adelaide Deal
South Australia’s retail market stays hot as Taplin Group acquires the fully-leased centre, with expansion plans in place.
< 1 min
Kurralta Village, a dominant sub-regional shopping centre in inner Adelaide, has changed hands in a $75.2 million off-market deal.
South Australian-based Taplin Group purchased the property, and Knight Frank negotiated the sale.
Located at 153 Anzac Highway in Kurralta Park—just over 4 kilometres from Adelaide’s CBD—the centre offers 10,669 square metres of gross lettable area across a 32,570 square metre site and includes 542 car parks.
Fully leased and anchored by Coles and Kmart alongside 12 speciality stores, the centre generates around $3.5 million in annual net income and has a weighted average lease expiry (WALE) of six years.
Knight Frank’s Ryan Mills noted that Coles Group had acquired the centre in 2023 for $74.25 million, with the property now selling at a premium due to the security of the major retailer’s lease.
“Following the sale, Taplin Group will expand the Kurralta Village Shopping Centre, with Coles to grow its footprint to have a full-line supermarket,” he said.
Mr Mills added that the site also holds potential for residential development, with zoning allowing projects of up to eight storeys.
“In addition to anticipated significant development upside, the asset is underpinned by a secure, highly-defensive income stream with more than 80% generated from strongly-performing national tenants Coles and Kmart,” he said.
Knight Frank’s Max Frohlich said the sale highlights strong investor confidence in South Australia’s retail sector.
“Shopping centres are undoubtedly the most sought-after asset class in the Adelaide market, often transacting at yields firmer than the eastern states and below debt costs,” he said.
Australian shares fell on Thursday as Wall Street weakness, rising oil and persistent rate concerns weighed on most of the market. The S&P/ASX 200 declined 0.72 per cent to 8,702. The All Ordinaries lost 0.66 per cent to finish at 8,897. Mining stocks were hit particularly hard, while real estate also dragged on the index. …
Continue reading “ASX falls 0.7 per cent as miners and property stocks retreat”
Borrowers cannot control the Reserve Bank, but they can control how exposed their household budget is to its next decision. The RBA meets on 29 September with inflation concerns still elevated and major-bank economists increasingly bringing forward their rate-rise calls. Fixed mortgage rates have also been moving, reducing the value of waiting for perfect certainty. …
Continue reading “What mortgage holders should do before the next RBA decision”
A five-bedroom Palo Alto home designed by Steven Ehrlich is listed for $44 million, making it the city’s most expensive listing. Built around a dramatic concrete spine, the home features four courtyards and a pool.
3 min
For years, tech entrepreneur Asher Waldfogel and his wife, Helyn MacLean, dreamed of building a modern house in Palo Alto, Calif.
The couple, however, worried about clashing with the Mediterranean-style architecture typically associated with their neighborhood of Old Palo Alto.
So they tapped architect Steven Ehrlich to create a design that paid homage to its surroundings with stucco, mahogany and titanium zinc cladding. They spent $20 million over several years building the house, completed in 2005.
Now looking to be closer to their adult daughter on the East Coast, they are putting the five-bedroom home on the market for $44 million—the most expensive listing in Palo Alto.
Waldfogel is an angel investor who co-founded Redback Networks, a telecommunications-equipment company. MacLean previously had a career in fundraising.
The couple purchased the roughly 0.4-acre site for $7.1 million in 2000 and demolished a circa-1930s Spanish Colonial home. The house they built pinwheels around a central staircase. It has 7,900 square feet of livable space, with four distinct courtyards and a pool.
A key feature of the home is a cast-in-place concrete wall, or spine, that is two stories high and about 80 feet long. “There’s a little bit of controlled chaos in what comes out of the form,” unlike a perfectly uniform surface, Waldfogel said. “If you want that, you do it in plastic.”
Waldfogel said he and his wife are thinking about the next phase of life now that their daughter is grown, although they have not decided where they will move. They also have a home in Sun Valley, Idaho.
“Right now we’re just trying to emotionally let go and decide what to do next,” he said.
Palo Alto, an epicenter of venture capital and tech startups in Silicon Valley, is home to some of the country’s biggest tech titans. Sales volume and prices are rising, with a median sale price of $3.5 million for the three months ending in August, up 5.8% year-over-year, according to real-estate brokerage Redfin.
Arthur Sharif of Sotheby’s International Realty—San Francisco Brokerage has the listing.
New research suggests that bonuses make employees feel more like a mere cog in a wheel.
Limited to 630 units, Lamborghini’s latest Urus Capsule pushes personalisation further than ever, blending hybrid performance with over 70 bespoke design combinations.
