News & Research

Commercial Market Update - Adelaide Cityscope May 2021

The latest research from Adelaide Cityscope shows that commercial property sales in Adelaide have increased significantly in terms of sales value for the quarter ending April 2021. The latest quarter shows total sales value of $192.2 million from 19 sales, compared to the $66.4 million from 15 sales in the quarter ending January 2021 but a decrease from the $309.6 million from 11 sales in the quarter ending October 2020.

The year to April 2021 shows total sales of $581.3 million from 53 sales, a decrease from the previous year, which had $1.202 billion from 89 sales.

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

Notable sales in the April 2021 update of Adelaide Cityscope include:

  • City Cross Shopping Centre across four frontages, at 33-39 Rundle Mall, 38-46 Grenfell Street, 59-65 Gawler Place and at 22-24 James Place, an arcade over several integrated buildings comprising ground floor retail tenancies with a gross building area of 8,600 sqm plus 28 undercover car spaces and Manpower House at 32-36 Grenfell Street, a building of 10 storeys to the front and one storey to the rear, plus basement parking reached via a ramp, extensively altered in 2005 and became an extension of the City Cross Shopping Centre which created an additional of 5 shops on the ground level and have a building area of 3,036 sqm, which were bought together for $60 million on an initial yield of 6.25% through CBRE and JLL;
  • 60 King William Street (60 KW) development at 52-68 King William Street, a $450 million project for construction of a PCA A-Grade 15-storey mixed-use office building, to feature 40,000 sqm of office space over 14-levels and 3,600 sqm of retail space, which was bought for a total of $44.2 million by a Charter Hall partnership and
  • Lifeplan House at 111 Gawler Place, 11 storeys, opened in 1989 and developed at a cost of $17 million for Manchester Unity. The property has a building area of 5,693 sqm and parking for two cars on a 664 sqm block, which was bought for $18 million.

Properties for sale in the April 2021 update of Adelaide Cityscope include:

  • 100 North Terrace, a building of 3 levels including mezzanine, refurbished in 2008 with a building area of 1,655 sqm on a 674 sqm site, which is for sale as a development site through Savills Adelaide;
  • Peppers Waymouth Hotel at 55 Waymouth Street, a 19-level building. Originally developed by Niel Allen in 1971 and refurbished in 1983. The building was completely gutted and redeveloped into a five-star hotel with 202 suites at a cost of $50 million and completed in June 2002. The hotel which is on a 838 sqm site, is for sale by expressions of interest through HTL Property and
  • 238-240 Angas Street a 3-storey office building completed in mid-2014 with building area of 843 sqm on a 717 sqm block, which is for sale by expressions of interest through Colliers International.

Leasing opportunities in the April 2021 update of Adelaide Cityscope include:

  • Wakefield 102 at 102-120 Wakefield Street, a 14-storey mixed-use building with state-of the-art features and office space ranging from 690 sqm to 2,370 sqm fronting Wakefield Street, completed third quarter 2020. The building with a net lettable area of 14,880 sqm, has office space of up to 12,000 sqm across whole floors available for lease through Savills Adelaide and Upstream Property Solutions;
  • Uniting Church House at 212 Pirie Street, three levels plus a 66-bay basement car park built in 1988 and level two was refurbished in 2000. Built as part of Stage Two of the Citicom development, the building has a net lettable area of 3,850 sqm and has office space of 1,180 sqm on ground and 1,282 sqm on level 1 for lease through McGees Property and
  • Hender Consulting House at 81-99 Finders Street, an office building built in 1990 with 9,921 sqm lettable area over 12 levels plus basement parking for 42 cars and shops on the ground floor. The entrance and ground floor were refurbished in late 2011 and currently has office space ranging from 300 to 1,600 sqm and retail space ranging from 100 to 400 sqm on ground level for lease through LJ Hooker Commercial Adelaide.


CoreLogic Australia

CoreLogic Australia

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