The latest research from Adelaide Cityscope shows that commercial property sales in Adelaide have increased in terms of both sales value and volume for the quarter ending July 2021. The latest quarter shows total sales value of $312.6 million from 24 sales, compared to the $192.2 million from 19 sales in the quarter ending April 2021 and the $66.4 million from 15 sales in the quarter ending January 2021.
The year to July 2021 shows total sales of $880.8 million from 69 sales, an increase from the previous year, which had $772.4 million from 66 sales.
The table below shows sales recorded for the past eight updates of Adelaide Cityscope.
Notable sales in the July 2021 update of Adelaide Cityscope include:
- Rundle Place at 77-91 Rundle Mall, the site comprises of a four-storey retail building and a 12-storey office building. The retail building including 83 specialty stores with a total of 23,265 sqm of retail space over 4 levels which was bought for about $210 million. The sale represented a passing yield of about 5.5%;
- Grenfell Car Park at 90-100 Grenfell Street, a 506-space car park of 7 levels including a basement which was bought for $55 million. Grenfell Car Park, a 506-space car park of 7 levels including a basement and
- 299-309 Pirie Street, comprises of two linked buildings of 3 storeys to Pirie Street and 2 storeys to the rear. There is parking space on paved vacant land and under sections of the buildings' first level for 36 cars. The property with a building area of 3,760 sqm with a roof platform and deck constructed in October 2001, which was bought for a total of $10 million.
Properties for sale in the July 2021 update of Adelaide Cityscope include:
- State Association House at 73-75 Wakefield Street, a brick office building of 2 levels plus basement with a net lettable area of 923 sqm. Renovated 1976 and refurbished again in late 2011, which is available for through Knight Frank,
- 74-80 Light Square, an 8-storey office building including retail space on the ground level, completed late 2012, which is available for sale through CBRE and
- Unit 1, known as 82 Franklin Street; unit 2, known as 84 Franklin Street and unit 3, known as 86 Franklin Street, each comprises of two storeys office plus a basement and three car spaces to the rear in an older 2-level stone office building with three separate entrances on the ground floor, once three houses and strata subdivided in 1988, which are available for sale through LJ Hooker Commercial.
Leasing opportunities in the July 2021 update of Adelaide Cityscope include:
- Iron Road House at 24-36 Currie Street, an 11-level office building, completed 1992 with a gross floor area of 12,000 sqm, net lettable area of 9,210 sqm and typical floor plates of 872 sqm, which has office space ranging from 325 to 4,500 sqm available for lease through Knight Frank;
- William Grenfell Centre at 80 King William Street, a 12 storeys, partly built over Imperial Place, with a banking chamber and a showroom on the ground floor and onsite parking for 19 cars. Net lettable area is 8,472 sqm with typical floor area of 760 sqm, which has office space ranging from 83 to 3,000 sqm available for lease through Spencer Property Group and
- 50 Flinders Street, a 15-level office building including two levels of basement car parking for 78 cars, two cafe/restaurant tenancies and a childcare facility on ground level, with a net lettable area of 21,750 sqm, completed in late 2015 at $140 million, which has office space of 1,775 sqm on level 8 available for lease through CBRE Adelaide and JLL – Adelaide.
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