Kent Town Office Investment Hits Market

1-5 Wakefield Street, Kent Town

One of Adelaide’s best suburban office investment listings for 2026 has hit the market.

McGees Property agents Tom Rowe, Simon Lambert and Phillip Joncheff are marketing 1-5 Wakefield Street, Kent Town on behalf of a private owner.

The fully-leased asset is being offered with an asking price of $9 million, reflecting a circa 6.3% return.

Previously forming part of a larger site including next door that has been subdivided, the property is now offered as a standalone facility comprising a two-level office with 1,440sqm of net lettable area.

The accommodation provides impressive natural light and is configured as multiple tenancies over two levels with shared amenities. The ground floor entry leads to an open foyer with access to the ground floor offices, together with bathroom and kitchen facilities to the rear. Staircase access from the lobby provides access to the first floor accommodation.

There is convenient and valuable undercroft parking for 52 vehicles.

Fully leased to eight tenants plus car parks, the property returns an estimated net annual income of $566,714 per annum.

“This property provides an outstanding investment opportunity for an astute buyer, providing a secured and diversified income stream with longer-term repositioning options,” Rowe said.

“This inner eastern location, close to the fantastic, in-demand lifestyle amenity of the CBD, Norwood and parklands, offers limited alternative competition – underpinning the future performance of the asset.”

Lambert said, “With a price guide reflecting a healthy return from acquisition, and a scarcely-traded location, we anticipate a strong level of interest from a range of buyer groups, including private investors and syndicates, as well as future part- and full-owner occupiers who can generate a strong income from the property while assessing their options for the property.”

Joncheff noted that employees are placing more emphasis on highly-accessible locations close to quality lifestyle and hospitality options when it comes to the workplace.

“This site is near to the amenities of Kent Town and Norwood and Adelaide’s famous East End hospitality offering, as well as cafés and eateries, and the greenery of the city’s parklands,” he said.

“The site also offers excellent road and public transport connectivity, positioned just off the Dequetteville Terrace and also close to Fullarton Road, with public transport options in the immediate locale.”