NEW LOOK ADELAIDE MALL ATTRACTS NATIONAL PLAYERS
Written on the 1 December 2016
A NEW look Citi Centre Arcade in Adelaide has snared a number of high profile lease deals, including McDonald's and Westpac.
The facelift features a glass entrance to the arcade's Rundle Mall entry, a canopy upgrade and new public facilities.
Two tenancies have been combined to create a new 177sqm site which has been leased to Westpac in a seven-year deal with a seven-year option.
The bank is expected to open later this month and trade as a Westpac branch, while its other new site at 11 Rundle Mall will operate as Bank SA.
Construction has also included reconfiguring the McDonald's tenancy to offer them wider mall frontage, prompting the fast food restaurant to sign a new seven-year lease with a seven-year option.
CBRE associate director Julia Pottenger negotiated both deals and says it strengthens the centre's tenancy profile.
"Citi Centre Arcade boasts one of the lowest vacancy rates in the CBD with only one small retail tenancy available for lease," Pottenger says.
"We are particularly excited about Westpac opening a flagship store at the entrance to the centre.
"It has been a real team effort to bring this all together, working with the bank's leasing and development teams and alongside CBRE's Project Management team to conclude the works within a tight timeframe."
Citi Centre is located at the eastern end of Rundle Mall on the corner of Pulteney Street and Hindmarsh Square. Retailers represented in the centre include Telstra, Aussie Disposals, Terry White and Nike.
"The eastern end of Rundle Mall has seen far more activity over the past six months which is a really positive sign," Pottenger says.
"With Westpac opening in November, McDonald's trading out of bigger space and Bailey Nelson having opened a couple of months ago, this part of the mall is certainly turning around with another two retailers due to open in the coming months."