Rare Opportunity to Purchase a Landmark Heritage Building in the Heart of Adelaide’s Premier Retail Precinct, Rundle Mall

Knight Frank is excited to advise of a rare opportunity to purchase an 1860s heritage-listed building on Adelaide’s premier shopping strip, Rundle Mall.

It’s an extraordinarily rare offering, with the property becoming available for the first time in 79 years, and with only seven opportunities to buy on Rundle Mall occurring in the last ten years.

The property at 150 Rundle Mall is a three-level building with a total of approximately 813sq m of gross floor area – consisting of three three-level adjoining shops and a basement on an approximately 478sq m site. It also has rear lane access and four off-street car parking spaces.

150 Rundle Mall is being taken to the market via an Expressions of Interest campaign run by Knight Frank agents Max Frohlich, Ryan Mills and Chet Al.

Mr Frohlich said the building offered a blank canvas with endless possibilities in Adelaide’s most sought after retail and commercial destination.

“This trophy asset stands at the epicentre of a thriving shopping, dining and cultural hub,” he said.

“It offers the incoming purchaser a generational buying opportunity and the ability to reinvigorate an iconic Adelaide landmark enriched in history.

“With no tenure restrictions, an incoming buyer has the ability to unlock inherent development upside and capitalise on the property’s prestigious location.

“The zoning has no prescribed height limit, so not only is there the potential for ground (or multi-floor) retail activation value enhancement initiatives, but there is also significant flexibility to deliver a mixed- use development of scale above.”

As Rundle Mall approaches its 50th year anniversary next year, the retail precinct currently has the lowest vacancy rate of any of Australia’s pedestrianised malls at circa 3.4 per cent.

It benefits from 55 million visitors each year, making it the busiest shopping precinct in Australia by foot traffic. Those visitors spent $1.43 billion annually, which accounts for 57 per cent of all spending that occurs in Adelaide city.

Rundle Mall has more than 1000 stores, including three major department stores – Myer, David Jones and Kmart – and global brands including UNIQLO, H&M, Tiffany & Co. and RM Williams. It also has 300 services encompassing dining, entertainment, and professional services, 15 arcades and centres and more than 5,000 car parking spaces.

Mr Mills said it was expected buyer interest for the asset would be strong, with opportunities to purchase freehold assets on Adelaide’s Rundle Mall extremely rare.

“We are seeing growing investor interest in Adelaide, with the city having emerged as a competitive business hub, with a wide range of industries underpinning its economy,” he said.

“The zero stamp duty payable on commercial transactions in South Australia also continues to be a drawcard for buyers.

“150 Rundle Mall is a compelling opportunity for those looking to get a foothold in the Adelaide market.

“With its premium irreplaceable location, high foot traffic and proximity to key attractions, it offers a rare chance to secure a piece of prime real estate in South Australia’s busiest and most tightly held commercial precincts, and one of the most concentrated retail precincts in the southern hemisphere.

“It is also in close proximity to key infrastructure and amenity including Adelaide Oval, Adelaide University and cultural venues, including South Australian Museum and the Art Gallery of South Australia.”

Adelaide’s skyline has undergone a dramatic transformation over the past decade, with expansions of Adelaide University, high-end hotels, residential developments, and office assets, and billions in major projects currently underway.

In December 2024, South Australia secured the title of Best State to do Business for the second consecutive year. This recognition stems from its business-friendly regulatory environment, featuring lower taxes, streamlined licensing, and the nation’s most efficient planning system.

The Expressions of Interest campaign for the property will close at 4pm (ACST) on Thursday, June 26.