Landmark Adelaide CBD office tower Chesser House up for sale

Adelaide, Australia - Chesser House, a prominent A-Grade office tower in the heart of Adelaide's CBD at 95 Grenfell Street, is up for sale, offering investors an opportunity to acquire a high-quality office asset in one of the city's most tightly held commercial precincts.

The 11-storey building comprises more than 11,200sq m of net lettable area (NLA) and occupies a prime 1,857sq m CBD site on Grenfell Street, within easy reach of Adelaide's premier retail, dining and transport amenities.

The asset’s income is underpinned by a diverse mix of government and blue-chip tenants, with South Australian Government occupiers accounting for approximately 43% of NLA and 46% of gross passing income. The property is being sold with a WALE of 3.5 years by income and has a fully leased net income of $5.36 million.

Chesser House has benefited from significant capital investment in recent years, including the delivery of a new end-of-trip facility, upgrades to the ground floor lobby, refurbished lift lobbies, and the installation of a 93kW solar system, while retaining its heritage façade. The building currently holds a 5 Star NABERS Energy rating.

The asset is being offered for sale through an International Expressions of Interest campaign managed by Knight Frank's Max Frohlich and Ryan Mills, in conjunction with CBRE’s Ian Thomas and Alistair Laycock on behalf of Cromwell Direct Property Trust.

Mr Frohlich said Chesser House represented a rare opportunity to acquire a high-quality CBD office asset with strong income characteristics and further upside potential.

"Chesser House is one of Adelaide's most recognisable office buildings, and offers investors secure cash flow, with approximately 94% of gross passing income leased to government or national and multinational corporates, fixed annual reviews averaging 3.18% and significant recent capital expenditure," he said.

"The asset has undergone a comprehensive program of upgrades, ensuring it remains highly competitive within the Adelaide office market and well positioned to meet evolving tenant requirements.

"Its location in the core CBD office precinct, immediate connectivity to Rundle Mall and major public transport routes, and strong sustainability credentials combine to create an attractive investment proposition.

 As a 5 Star NABERS asset, Chesser House competes in the tightest segment of the market, with vacant 5 Star-plus NABERS space equating to just 1.4% of total Adelaide CBD stock.

"The building also offers investors the opportunity to capitalise on continued tenant demand for highquality, amenity-rich office accommodation in the Adelaide CBD through rental reversion and leasing approximately 1,908sq m of contiguous space across Levels 9 and 10, which provides a direct path to extend the WALE and enhance value."

Mr Thomas said the asset's central location and extensive amenity offering would be key drawcards for prospective purchasers.

"Properties of this scale and quality in Adelaide's CBD rarely come to market," he said.

"Chesser House benefits from a strategic position on Grenfell Street, one of the city's primary commercial thoroughfares, while also being just moments from Rundle Mall, Adelaide Arcade and the growing hospitality precinct surrounding Pirie Street.

"The building's modern end-of-trip facilities, sustainability initiatives and recent refurbishment works align strongly with occupier expectations and will continue to support leasing demand into the future.

“We expect competitive buyer interest during the campaign, with the A-grade freehold office asset being within the sub-$100 million segment, which is the deepest and most competitive part of the Adelaide investment market.”

The Expressions of Interest campaign for 95 Grenfell Street, Adelaide, will close at 3pm (ACDT) on Wednesday 21 October 2026.

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For further information, please contact:
Vanessa De Groot – Marketing & Communications, Knight Frank
Vanessa.degroot@au.knightfrank.com +61 410 460211

Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, the Knight Frank network has 600+ offices across more than 50 territories and more than 20,000 people. The Group advises clients ranging from individual owners and buyers to major developers, investors, and corporate tenants. For further information about the Firm, please visit www.knightfrank.com.