Leading Adelaide CBD car park up for sale

Adelaide, Australia – A prime 500-bay multi-deck car park in the heart of the Adelaide CBD at 90-100 Grenfell Street is up for sale, offering investors one of the city’s most defensive income opportunities.

Known as Grenfell Car Park, the asset occupies a 2,416 sqm CBD site and is strategically positioned adjacent to Rundle Mall, one of the busiest shopping precincts in the Southern Hemisphere, attracting 55 million visitors annually1.

The asset is being sold by an unlisted property trust managed by Growthpoint Properties Australia (Growthpoint), at the end of the Trust’s fixed investment period.

Growthpoint Executive Director, Funds Management, Sam Sproats, said: “Grenfell Car Park is one of Adelaide CBD’s strongest performing car parks that has consistently high utilisation, benefiting from office workers, retail visitors and a growing CBD residential population.

“With limited new car parks, and no development height restrictions for the site, we believe this blue-chip asset provides a rare and attractive investment opportunity for potential buyers.”

The seven-level facility is 100% leased to Secure Parking until September 2031 and currently generating annual net income of $3.8 million with fixed annual increases.

It is being offered for sale via an International Expressions of Interest campaign managed by Knight Frank’s Max Frohlich and Ryan Mills together with CBRE’s Ian Thomas and Alistair Laycock on behalf of the vendor, Growthpoint.

Mr Frohlich said the opportunity stands out as an institutional quality income asset with compelling defensive qualities and long-term upside.
“Grenfell Car Park represents a rare chance to secure a CBD asset with highly predictable and growing income,” he said.

“The site is leased to an investment grade global operator, with fixed annual rental growth and a lease structure including turnover provisions, allowing ownership to participate in performance upside.

“Car parks operate on a fundamentally different model to other commercial property sectors with limited incentives and modest capex requirements, in a generally supply constrained market.

“The result is an effective yield that compares favourably with every major commercial asset class, and we expect this to attract a wide range of interested buyers.

1 Adelaide Economic Development Agency.

“With no height restrictions under current planning controls, the site also offers interesting development optionality over the longer term, which will be another drawcard for investors (STCA).”

Mr Thomas said the asset’s location and supply dynamics created a strong structural advantage. “This is an irreplaceable position within Adelaide’s CBD, sitting directly alongside Rundle Mall and surrounded by the city’s key office, hotel, university, cultural and tourism precincts, ensuring consistent diversified demand throughout the week,” he said.

“New competing parking supply is constrained due to the lack of developable sites, and the increasing cost of construction, which underpins long-term demand and pricing resilience. “Combined with South Australia’s favourable tax environment, including no stamp duty or foreign owner surcharge, the asset is expected to strongly appeal to both domestic and offshore investors.”

The Expressions of Interest campaign for 90-100 Grenfell Street, Adelaide will close at 3.00pm (AEST) on Wednesday 3 June 2026.

-Ends-
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.