A prime retail investment in the heart of Noarlunga Centre, this fully leased property spans approximately 10,120 sqm of land, offering a gross lettable area of 4,127 sqm. The site benefits from high exposure, with approximately 18,300 passing vehicles daily and excellent accessibility via three street frontages and rear loading.<br><br>The property comprises two key buildings with a strong tenancy mix and ample on-site parking, providing approximately 110 spaces (ratio of 2.27 per 100 sqm). The development is well-maintained and positioned for long-term value, with high visibility and convenient access.<br><br>Generating a net annual income of approximately $882,687 (from 1/3/25), the asset delivers a solid return of 6.3%. The property benefits from a stable cash flow, and there is <b>no commercial stamp duty applicable in South Australia</b> – representing an approximate <b>upfront saving of circa $700,000.</b><br><br>Anchored by ASX-listed retailer The Good Guys, the tenancy mix includes Carpet Court, Forty Winks, Wallspan Kitchens, Choices Flooring, and Distinctive Blinds. The leases are structured to provide reliable income, <b>underpinned by well-established national and local operators.</b> It is understood the centre is performing well, evidenced by continuous occupation, plus a busy car park based on observations from contacts on the ground. <br><br>Positioned in the City of Onkaparinga, approximately 30 km south of Adelaide CBD, the property is surrounded by major national retailers, including Anaconda, Spotlight, and Harvey Norman. The site is just 350m from Colonnades Shopping Centre, a key retail hub for the region. The Noarlunga Centre benefits from strong residential catchment growth, with significant nearby housing developments and excellent connectivity via the Southern Expressway, train, and bus services.<br><br><b><u>Upside</u></b><br>Various forms of built in capital growth upside exist on this asset. One of the tenants, Forty Winks, appears to be under rented by an estimated $40/m2. This could equate to a rental uplift of around $36,000 per year, at the market review in June 2027. There may be an opportunity to work with Rethink Renewables on a ‘Solar Upside’ strategy, due to a significant amount of roof area. Also, there are two tenants with upcoming rental increases on 1st July 2025 – which edge the 6.3% net yield up to circa 6.36%.<br>