In the smaller commercial market of Adelaide a building has changed hands for $148.3 million. 

The sale of the CBD building at 55 Currie Street was arranged by JLL Adelaide and Colliers International. The purchase follows earlier large sales including two hotels at 219-223 Wakefield Street and 45 King William Street for $99 million in April, and the former SA Water House at 77 Grenfell Street for $103.5 million in December 2018.

The vendor was Arc Equity Partners, which is owned equally by South Australian locals, Christopher Redmond and David Schultz. The purchaser, Suntec Real Estate Investment Trust, was listed on the Singapore Securities Exchange in 2004 and its portfolio comprises office and retail properties, including buildings in Singapore, Sydney and Melbourne.

According to Adelaide Cityscope, 55 Currie Street is a 9-and-12-level office building with a large foyer, a full height atrium and a cafe on the first floor. It was completed in 1988 at a cost of $55 million and includes an underground car park with 96 spaces. Across a net lettable area of 25,000 sqm its major tenants include Independent Commissioner Against Corruption, Department of Foreign Affairs, Ombudsman SA and, with naming rights, Allianz Australian Insurance Ltd.

The property last traded at $81 million in 2011. That sale represented an initial yield of 9.28% on passing income of $7,516,800.