News & Research

Commercial Market Update - Adelaide Cityscope January 2022

The latest research from Adelaide Cityscope shows that commercial property in sales value has decreased in the past three months.

Sales recorded in the quarter ending January 2022 totalled $140.5 million from 33 sales, a decrease compared to the $285.8 million from 23 sales in the three months ending October 2021 and $312.6 million from 24 sales in the three months ending July 2021.

This data brings the twelve-month total to $931.1 million from 99 sales, an increase from the previous twelve-month total of $539.9 million from 56 sales.

The table below shows sales recorded for the past eight updates of Adelaide Cityscope:

Notable sales recorded in the January 2022 update of Adelaide Cityscope include:

  • William Grenfell Centre at 80 King William Street, 12 storeys, partly built over Imperial Place. There is a banking chamber and a showroom on the ground floor and onsite parking for 19 cars, with a net lettable area of 8,473 sqm and typical floor area of 760 sqm, which was bought for $25.5 million;
  • 44 Waymouth Street a13-level office building completed in 1988. The western section of the building is a pedestrian way, partly built over by the main building from the second floor up, with a net lettable area of 7,220 sqm, which was bought for $22.4 million and
  • 70 Light Square a six-level office building, including a 31-space basement car park. Net lettable area is 3,496 sqm with typical floor area of 724 sqm, which was bought for $18.25 million.

Properties listed as for sale in the January 2022 update of Adelaide City scope include:

  • Unit 11 at 117-119 King William Street, 358 sqm office space on level 4 of an 11-storey office building with shops on the ground floor, which is for sale with an asking price of $825,000 through CBRE and
  • Bible House at 133 Rundle Mall, a 6-storey brick building with shops on the ground floor, a basement level and 2 levels of offices and 2 levels of student accommodations, built 1964 with a building area of 809 sqm, which is for sale with an asking price of above $9 million through Colliers International.

Leasing opportunities listed in the January 2022 update of Adelaide Cityscope include:

  • Trust Centre at 44 Pirie Street, a 6-storey office building with a net lettable area of 5,896 sqm and typical floor area of 1,073 sqm. The building was refurbished with a new foyer and facade in 1999 and further refurbishment in 2002 and 2010, which has office space of 1,084 sqm on levels 3 and 4 and 780 sqm on level 5 available for lease through JLL Adelaide;
  • Chesser House at 91-97 Grenfell Street, a 12-storey office building built in 1990, has a lettable area of 11,377 sqm, comprising 10,633 sqm of office space and 740 sqm of retails space, which has office space of 211 sqm on ground, 372 sqm on level 4, 500 sqm on level 5, 348 sqm on level 8 and 947 sqm on levels 7, 9, 10 and 11 available for lease through Colliers International and JLL Adelaide and
  • King William House at 25-27 King William Street, an older style 5-level building, originally built to two storeys, three storeys were added in 1927 – 1928, which has retail space of 656 sqm over three levels available for lease through Mastracorp Real Estate.

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