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Adelaide CBD yields continue to show value as interstate and offshore buyers flock to City of Churches

Jessica Freeman • 03/05/2022

As the City of Churches powers ahead in its post-pandemic recovery, Adelaide has become the focus of strong interest from local, national and offshore investors.

With Adelaide’s prime CBD yields tracking at 150-200 basis points higher than the Melbourne and Sydney markets, the relative value on offer has attracted unprecedented capital to the state from both interstate and offshore sources.

According to Jed Harley of Cushman & Wakefield, “Buyer depth is as strong as we’ve seen it in the CBD, with several key assets trading in the past few months on metrics that have set new records. As a result of this continued yield compression, there are more purchasers seeking quality value-add and Core-plus opportunities.”

One such opportunity is 77 Grenfell Street, the best A-grade repositioning opportunity Adelaide has seen for many years.

Located on Adelaide’s major east-west boulevard, 77 Grenfell Street provides an exceptional opportunity to acquire an A-Grade office tower, almost fully leased to State Government, with a net lettable area of 15,887sqm and 596sqm of ground floor retail space.

Earlier this year, the building’s waste management initiatives earned a 6 Star NABERS Base Building Waste Rating — a first for SA, and one of only three buildings nationally. The building achieved a recycling rate of 94%, the highest for any commercial building in Australia.

“77 Grenfell offers a diverse opportunity to re-invigorate and reposition the building with a range of development options from refurbishing the existing asset, to repositioning as a 21st Century sustainable, mixed-use destination” said Leigh Melbourne of Cushman & Wakefield.

A commanding presence on the city skyline towering 91m, and 20 storeys above ground, 77 Grenfell Street boasts fantastic views from all sides, particularly to the north over Rundle Mall and beyond.

With four street frontages to laneways and bustling Grenfell Street, this asset offers the abundant amenity of its core position, short stroll to premier shopping precinct Rundle Mall, and everything in between.

A 100% freehold interest in 77 Grenfell Street, Adelaide is offered for sale through Leigh Melbourne, Jed Harley and Josh Cullen of Cushman & Wakefield via an International Expression of Interest campaign closing 25 May 2022 at 3pm ACST.

-ENDS-

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