Grenfell Car Park in Adelaide CBD sells

Adelaide, Australia – Grenfell Car Park, a 500-bay multi-deck car park in the heart of the Adelaide CBD, has sold.  

The seven-level facility at 90-100 Grenfell Street occupies a prominent 2,416sq m CBD site adjacent to Rundle Mall.

The asset is 100% leased to Secure Parking, a wholly owned subsidiary of Tokyo Stock Exchange listed PARK24 Co. Ltd, one of the world's largest parking operators, with the lease providing secure long-term income. 

The property was purchased by an Adelaide-based investor from a fund managed by Growthpoint Properties Australia in a deal negotiated by Ryan Mills and Max Frohlich of Knight Frank in conjunction with Ian Thomas and Alistair Laycock of CBRE.

Grenfell Car Park is widely regarded as one of Adelaide CBD's strongest-performing parking assets, consistently achieving high utilisation and benefiting from demand generated by office workers, retail visitors and the city's growing residential population.

The property was acquired in 2021 by the Fortius Grenfell Car Park Trust, a single-asset syndicate fund managed by Growthpoint and has delivered stable income distributions averaging approximately 6% per annum with modest capital growth over the investment period.

Growthpoint Executive Director, Funds Management, Sam Sproats, said the sale marked a successful conclusion to the Fund's investment strategy.

"Grenfell Car Park delivered stable income throughout the investment period and a successful sale outcome on exit. The transaction provides liquidity for investors and represents an outcome consistent with our expectations."

The sale was completed at a premium to book value following a competitive sale campaign that attracted strong interest from investors seeking defensive assets with secure income streams.

Mr Sproats added: "The result demonstrated continued demand for well-leased assets underpinned by resilient cashflows.

"This outcome reflects Growthpoint's disciplined approach to funds management and our focus on delivering value and certainty for investors across the investment lifecycle."

Mr Mills said the result demonstrated the depth of investor demand for secure income-producing assets in Adelaide's tightly held CBD market."Grenfell Car Park represented a rare opportunity to acquire a high-performing CBD asset underpinned by a lease to a global operator and highly defensive cashflow characteristics," he said.

"The 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.

The competitive process ultimately resulted in a sale at a premium to book value, reflecting the quality of the asset and the strength of the Adelaide investment market."

Mr Thomas said the transaction reinforced the attractiveness of Adelaide's commercial property market and the ongoing appeal of alternative real estate sectors.

"Investors continue to recognise the relative value available in Adelaide compared with larger eastern seaboard markets, particularly for assets offering secure income and limited operational risk," he said.

"Grenfell Car Park benefits from an irreplaceable CBD location adjacent to Rundle Mall, with constrained future supply and diverse demand drivers supporting long-term performance.

The result highlights the continued appetite for defensive investments across South Australia."

-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.

CBRE 
Contact: 
Kathryn House  
+61 402 465440 
Kathryn.house@cbre.com.au  

About CBRE Group, Inc. 
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services. The company has more than 155,000 employees serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property 
management, flex space & experience, critical infrastructure); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.