A major retail complex in Adelaide’s CBD has been put up for sale, with expectations it will fetch more than $220 million as investor appetite for high-quality shopping assets strengthens.

Rundle Place, owned by Growthpoint Properties Australia and Irongate, is being offered to the market five years after it was acquired for $155 million. Since then, the owners have undertaken a repositioning strategy aimed at improving tenant mix and revitalising the centre’s appeal.

The listing is likely to attract attention from both local and international buyers, particularly as interest in retail property begins to recover. The sale also comes at a time when Growthpoint is pursuing further expansion, with its funds division in discussions to acquire Melbourne’s Greensborough Plaza for around $350 million from Blackstone.

Photo by Rundle Place

Located in the centre of Adelaide’s main shopping district, the property benefits from direct frontage to Rundle Mall, widely regarded as the busiest pedestrian retail strip in the country. The centre features a mix of major drawcards, including the state’s only Apple store and a Coles supermarket, alongside well-known brands such as Lululemon and R.M. Williams, as well as dining and entertainment offerings.

The campaign will be handled by agents from CBRE and JLL, who say opportunities of this scale are rarely brought to market. Large retail assets in prime locations are typically held long term by institutional investors or private groups, limiting availability for new buyers.

The site underwent a transformation following the closure of Harris Scarfe’s flagship store after the retailer entered administration. The subsequent redevelopment introduced a broader range of tenants and experiences, including leisure venues such as bowling and interactive attractions, helping to increase foot traffic and diversify the centre’s offering.

Market sentiment towards retail assets has improved in recent months, with stronger leasing demand and rental growth encouraging renewed interest from global investors. Adelaide, in particular, is being viewed as an attractive destination due to favourable investment conditions, including tax settings that appeal to offshore capital.

Agents involved in the sale say there is a clear shift among investors towards premium assets, with limited supply adding to competition. Rundle Place is expected to appeal as a core holding with potential for further enhancement, supported by its central location and established tenant base.