CommercialChris ThomsonFri 14 Aug 26
Office Tower, Multi-Deck Car Park For Sale on Adelaide’s Main Drag
A 14-storey office tower on the main street of Adelaide’s CBD with a controlling interest in a multi-deck car park next door is up for sale.
Colliers’ Jordan Schmidt, one of several agents calling for expressions of interest in the tower, said tenant retention there had been “exceptionally strong”.
“The 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,” he said.
The 1696.7sq m office tower at 431 King William Street (the CBD’s 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.
On the corner of King William Street and South Terrace (the CBD’s southern-most boulevard), the building is owned by real estate manager Quintessential and 91.9 per cent leased.
Lessees include Adelaide law firm Norman Waterhouse, the name of which in on the top of the building.
Quintessential chief executive Justin Mills said his firm had spent more than $10 million upgrading the building since acquiring it in December 2018.
The work included new ground and on-floor lobbies, upgraded bathrooms, end-of-trip facilities, façade works, modernised lifts, new LED lighting and upgrades to the building’s boilers, cooling systems, air-conditioning and building management systems.
“This 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,” he said.
The building has a 4.5-Star NABERS Energy rating, end-of-trip facilities and views across Adelaide’s southern park lands, the CBD and Adelaide Hills.
Adelaide’s 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.
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.
