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New shops and restaurants in $45m transformation
PORT Adelaide Plaza shopping centre has secured another dozen retail and food outlets, which will open in November as part of an ongoing $45m redevelopment.
Among the stores moving in are The Reject Shop, SportsPower, Lonestar Rib House, St Georges Bakehouse and Soonta.
Their arrival will mark the completion of the second stage of the plaza’s revamp by owner Precision Group, with 95 per cent of the new retail spots taken up.
Another 30 retail leases will be made available ahead of the mid-2021 completion of the redevelopment.
The centre is already home to Kmart, Coles, Aldi, Liquorland, The Original Pancake Kitchen, as well as Paisley Park Early Learning Centre, among other outlets.
Australian rich-lister Shaun Bonett’s Precision Group has been banking on Port Adelaide’s transformation for a number of years.
The rejuvenation is due to an expected increase in housing and infrastructure spending linked to $90bn of shipbuilding projects to come to the Osborne shipyard – and the jobs boom it is likely to create.
Recent news that the Naval Group would set up its headquarters in the old TAFE SA building in Port Adelaide has been welcomed by other local business owners.
Work on the $35bn future frigates build is likely to start next year, with the construction of the $50bn Future Submarines project set to start in 2022-23.
“Whilst the current retail environment is challenging, we are continuing to receive a record number of inquiries to be part of Adelaide’s newest shopping centre,” Mr Bonett said.
“Retailers can see that the area is desperately in need of a centre of Port Adelaide Plaza’s calibre, given the scale of population growth.”
Mr Bonett started his now-$1.2bn retail portfolio in 1998, buying the site, previously the Port Canal Shopping Centre, and the adjacent Customs House office building, for $36m.
Precision also owns the Adelaide Central Plaza shopping centre in Rundle Mall.
This article was first publish in The Advertiser