For sale: Half share in one of Adelaide’s largest shopping centres
One of Adelaide’s most popular suburban shopping centres that draws more than 12 million customers a year is on the market. The deal worth hundreds of millions is expected to be one of the “most significant” transactions of the year in South Australia.
Singapore-based private investment group Cuscaden Peak is selling its 50 per cent stake for upwards of $650 million in Westfield Marion – the largest shopping centre in Adelaide that draws millions of shoppers across the state each year.
Brokers JLL and CBRE think the deal will be “one of the most significant retail transactions of 2026”, amidst an uptick in regional shopping centre transactions across the nation.
Westfield Marion stretches across a massive 22.8-hectares bordered by Sturt, Diagonal and Morphett roads and is jointly owned and managed by Scentre Group. It also has one of the largest cinema complexes in the southern hemisphere with 26 screens.
The shopping centre has headline stores ranging from David Jones, Myer, Woolworths, Coles and Aldi with annual retail sales of more than $970 million.
CBRE’s Simon Rooney said “fortress assets” like Westfield Marion remain highly sought-after.
According to the brokers, Westfield Marion draws 12.5 million customers annually and would cater for a growing population forecast to reach 591,000 by 2046.
“Throughout 2025 we have seen significant re-engagement from both domestic and offshore institutional capital groups on major retail assets, willing to transact at competitive pricing levels for premium retail opportunities,” Rooney said.
He claimed Westfield Marion was a unique opportunity for buyers saying it had “exceptional centre performance, the ability to partner with Scentre Group, Adelaide’s compelling yield spread relative to Sydney and Melbourne and South Australia’s favourable commercial stamp duty exemptions”.
The Westfield is Adelaide’s only ‘Super Regional’ shopping centre – an asset class that’s one of Australia’s most exclusive clubs, JLL’s Nick Willis said.
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He said it was rare to have a ““Super Regional” shopping centre on the market and that there were only 20 of these centres nationwide controlled by 12 owner-managers.
There was currently a “significant resurgence” of global real estate assets, with investors facing constrained access to institutional-grade assets, Willis said.
“Westfield Marion offers an exceptional opportunity enhanced by South Australia’s favourable tax structure, delivering superior risk-adjusted returns in what remains one of the most sought-after and guarded asset classes.”
CBRE recently brokered the sale of Erina Fair in New South Wales for $895 million. The site is smaller than Westfield Marion, but that transaction generated “substantial” interest from both overseas and local buyers.
Westfield Marion recently welcomed major beauty retailer Adore Beauty as a new tenant late last year, as well as other popular brands like Kitten D’Amour, Shouz, Stylerunner and Nude Lucy.
