Property billionaire Con Makris sold off an Adelaide neighbourhood shopping centre in a private deal worth $35 million.
The 20,200-sq-metre Newton Village Shopping Centre was bought off Mr Makris by Sydney-based property group Revelop, which has owned South Australia’s Renmark Square shopping centre since 2017.
Marc Leiba of Leiba Commercial was involved in the sale, and said that the transaction took place before the Covid-19 pandemic however added that there are still active buyers interested in investing in real estate despite Covid-19.
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“Despite the uncertainty in the economic environment, there is still strong demand for well-established supermarket-anchored shopping centres, particularly in the inner metro areas of major cities,” Mr Leiba told Commercial Real Estate.
Mr Makris, who arrived in Adelaide from Greece as a teenager in 1964, has built up an estimated personal fortune worth $1.31 billion and ranked 69th in the 2019’s Financial Review rich list. He started his empire with a chicken shop.
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