{"id":71538,"date":"2026-08-14T00:55:11","date_gmt":"2026-08-14T00:55:11","guid":{"rendered":"https:\/\/www.europesays.com\/australia\/71538\/"},"modified":"2026-08-14T00:55:11","modified_gmt":"2026-08-14T00:55:11","slug":"office-tower-multi-deck-car-park-for-sale-on-adelaides-main-drag","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/australia\/71538\/","title":{"rendered":"Office Tower, Multi-Deck Car Park for Sale on Adelaide\u2019s Main Drag"},"content":{"rendered":"<p>A 14-storey office tower on the main street of Adelaide\u2019s CBD with a controlling interest in a multi-deck car park next door is up for sale.\u00a0<\/p>\n<p>Colliers\u2019 Jordan Schmidt, one of several agents calling for expressions of interest in the tower, said tenant retention there had been \u201cexceptionally strong\u201d.<\/p>\n<p>\u201cThe asset also benefits from a highly flexible 845sqm floorplate that can be efficiently subdivided into four tenancies, with natural light and views available from all corners of the building, making it ideally suited to growing demand for smaller suites and future leasing flexibility,\u201d he said.<\/p>\n<p>The 1696.7sq m office tower at 431 King William Street (the CBD\u2019s main north-south thoroughfare) has a basement carpark for 25 cars and a majority interest with 176 bays in an adjoining multi-deck car park.<\/p>\n<p>On the corner of King William Street and South Terrace (the CBD\u2019s southern-most boulevard), the building is owned by real estate manager Quintessential and 91.9 per cent leased.<\/p>\n<p>Lessees include Adelaide law firm Norman Waterhouse, the name of which in on the top of the building.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.europesays.com\/australia\/wp-content\/uploads\/2026\/08\/adelaide_mid_1.jpg\" alt=\"A photo of the tower from across King William Street.\"\/>\u25b2 The 14-storey tower is on the corner of two of the Adelaide CBD\u2019s five main defining boulevards.<\/p>\n<p>Quintessential chief executive Justin Mills said his firm had spent more than $10 million upgrading the building since acquiring it in December 2018.<\/p>\n<p>The work included new ground and on-floor lobbies, upgraded bathrooms, end-of-trip facilities, fa\u00e7ade works, modernised lifts, new LED lighting and upgrades to the building\u2019s boilers, cooling systems, air-conditioning and building management systems.<\/p>\n<p>\u201cThis is a well-positioned, income-secure asset with genuine rental growth potential for the new owners amid continued demand for high quality office accommodation in Adelaide,\u201d he said.<\/p>\n<p>The building has a 4.5-Star NABERS Energy rating, end-of-trip facilities and views across Adelaide\u2019s southern park lands, the CBD and Adelaide Hills.<\/p>\n<p>Adelaide\u2019s CBD office market is continuing to recover, with JLL recording a 14.6 per cent vacancy rate in the first quarter of 2026, down over the quarter. Net absorption reached 24,800sq m, despite softer leasing activity, while Knight Frank said the market had recorded two years of positive net absorption.<\/p>\n<p>Demand is strongest for higher-quality space, with limited new supply supporting rental growth. Knight Frank reported prime gross face rents rose 7.3 per cent annually to $723 per sq m, while JLL said the supply pipeline remains limited. CBRE recorded prime gross rents of $654 per sq m in January.<\/p>\n<p><a data-mce-href=\"https:\/\/events.theurbandeveloper.com\/ula\/\" href=\"https:\/\/events.theurbandeveloper.com\/ula\/\" target=\"_blank\" rel=\"noopener nofollow\"><img decoding=\"async\" src=\"https:\/\/www.europesays.com\/australia\/wp-content\/uploads\/2026\/08\/1786668911_865_ULA__1_.jpg\" alt=\"ULA 26 urban leader awards editorial pointer https:\/\/events.theurbandeveloper.com\/ula\/\"\/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"A 14-storey office tower on the main street of Adelaide\u2019s CBD with a controlling interest in a multi-deck&hellip;\n","protected":false},"author":2,"featured_media":71539,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[395,3766,23,7065,7898,3767,7873,7900,1408,3035,121],"class_list":["post-71538","post","type-post","status-publish","format-standard","has-post-thumbnail","category-adelaide","tag-adelaide","tag-asset-sale","tag-australia","tag-cbd","tag-commercial","tag-deal","tag-energy-efficiency","tag-office","tag-parking","tag-real-estate","tag-south-australia"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts\/71538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/comments?post=71538"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts\/71538\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/media\/71539"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/media?parent=71538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/categories?post=71538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/tags?post=71538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}