21,000sq m tower on Franklin St<\/a>.<\/p>\nGrenfell Car Park generates $3.8m in annual net income under a long-term lease to Secure Parking, a subsidiary of Tokyo-listed Park24 Co.<\/p>\n
But the 2416sq m site is also considered a long-term development opportunity given its location in the core of Adelaide\u2019s office district and its proximity to Rundle Mall.<\/p>\n
Mr Mills said the car park was regarded as one of the CBD\u2019s strongest-performing car parking facilities, attracting a range of customers including office workers, shoppers and other visitors to the city.<\/p>\n
\u201cGrenfell Car Park represented a rare opportunity to acquire a high-performing CBD asset underpinned by a lease to a global operator and highly defensive cash-flow characteristics,\u201d he said.<\/p>\n
\u201cThe campaign generated strong interest from a broad range of private investors, syndicators and high net worth buyers seeking stable income and long-term capital preservation.\u201d <\/p>\n
Grenfell Car Park and the Rundle Place complex were acquired by fund managers Fortius and Irongate in 2021. Growthpoint later assumed an ownership stake following its acquisition of the Fortius platform in 2022. <\/p>\n","protected":false},"excerpt":{"rendered":"Adelaide property developer Theo Samaras has snapped up one of the city\u2019s largest multi-deck car parks. Known as…\n","protected":false},"author":2,"featured_media":89812,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[154011,154029,154023,153995,154046,154027,154042,154008,38951,32730,153989,118012,154032,154007,120548,97160,154015,154009,123949,154000,48469,39612,153987,48195,41812,36768,153999,395,31375,154039,59809,154019,154035,154026,154025,19443,154034,153997,154001,154045,154031,55726,108645,38383,154013,34957,15096,154006,97525,154041,154048,153996,154003,154038,53679,154028,153992,154014,153993,153990,153994,154047,5957,154021,48158,51442,90745,69911,153991,154033,15730,154020,109916,154004,3667,95852,154005,154012,22269,136933,154024,15263,153998,154017,154016,154049,52746,45785,46872,36676,66385,154036,154010,154044,154043,37640,40795,154030,154002,154022,50986,153988,69926,154037,154018,154040],"class_list":["post-89811","post","type-post","status-publish","format-standard","has-post-thumbnail","category-adelaide","tag-s-largest-multi-deck-car-parks","tag-s-largest-office-building-projects","tag-s-most-prolific","tag-s-office-district","tag-s-ryan-mills","tag-s-strongest-performing-car-parking-facilities","tag-3-8m","tag-000sq-m-tower","tag-38951","tag-32730","tag-500-bay-complex","tag-a-rare-opportunity","tag-a-slight-premium","tag-a-21","tag-a-broad-range","tag-a-fund","tag-a-global-operator","tag-a-high-performing-cbd-asset","tag-a-lease","tag-a-long-term-development-opportunity","tag-a-long-term-lease","tag-a-range","tag-a-sale-price","tag-a-site","tag-a-string","tag-a-subsidiary","tag-a-successful-sale-outcome","tag-adelaide","tag-adelaide-cbd","tag-adelaide-property-developer-theo-samaras","tag-an-outcome","tag-an-ownership-stake","tag-annual-net-income","tag-another-high-rise","tag-book-value","tag-buyers","tag-car-park-deal","tag-cbre-and-jll","tag-cbre-selling-agents","tag-city-car-park","tag-city-office-towers","tag-conjunction","tag-continued-demand","tag-customers","tag-defensive-assets","tag-developer","tag-developers","tag-earlier-this-year-the","tag-exit","tag-fortius-and-irongate","tag-franklin-st-grenfell-car-park","tag-fund-managers","tag-future-development","tag-grenfell-car-park","tag-grenfell-st","tag-growthpoint","tag-growthpoint-funds-management-executive-director-sam-sproats","tag-growthpoint-properties","tag-high-net-worth-buyers","tag-highly-defensive-cash-flow-characteristics","tag-his-kyren-group-development-business-mr-samaras","tag-ian-thomas-and-alistair-laycock","tag-investors","tag-its-acquisition","tag-its-location","tag-its-proximity","tag-knight-frank","tag-liquidity","tag-long-term-capital-preservation","tag-max-frohlich","tag-office-workers","tag-other-visitors","tag-our-expectations","tag-price-or-purchaser","tag-private-investors","tag-property-records","tag-resilient-cash-flows","tag-rundle-mall-mr-mills","tag-sale","tag-secure-income-streams","tag-secure-parking","tag-shoppers","tag-stable-income","tag-strong-interest","tag-syndicators","tag-the-2416sq-m-site","tag-the-campaign","tag-the-car-park","tag-the-cbd","tag-the-city","tag-the-core","tag-the-fortius-platform","tag-the-grenfell-car-park","tag-the-investment-period","tag-the-largest-multi-deck-car-parks","tag-the-man","tag-the-result","tag-the-rundle-place-complex","tag-the-rundle-place-shopping-and-entertainment-complex","tag-the-rundle-place-shopping-centre","tag-the-sale","tag-the-seven-level","tag-the-transaction","tag-theo-samaras","tag-tokyo-listed-park24","tag-well-leased-assets"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts\/89811","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=89811"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts\/89811\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/media\/89812"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/media?parent=89811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/categories?post=89811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/tags?post=89811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}