Park that! Insane amount city park makes in a year
One of Adelaide’s largest car parks could be driving off with one of the biggest commercial sales to be recorded for the city this year.
Considered one of South Australia’s largest and most strategically located carparking assets, Adelaide Central Car Park at 215–225 North Tce is being offered for sale for the first time in years, with industry sources estimating the property’s value at $75m.
Constructed in 1963 and spanning eight levels, the investment comprises 1206 carparking bays and is the only car park in the city to feature dedicated traffic lights with six lanes of ingress and egress.
The property also is fully leased to long term occupiers Wilson Parking Australia, delivering a passing net income of approximately $4.92m annually, with a recently renewed three-year lease term.
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Adelaide Central Car Park has been listed for sale and could attract offers of around $75m.
The investment property comprises 1206 carparking bays.
The asset is 100 per cent occupied and also receives minor income from on-site signage.
JLL Managing Director and Head of Capital Markets SA, Ben Parkinson said the offering presents an exceptional opportunity to secure a landmark investment underpinned by long-term income from a blue-chip operator.
“This is a generational asset in a premier location. Its scale, prominence, and strategic importance within the city’s transport and commercial infrastructure make it a standout in the national investment landscape,” he said.
“Adelaide Central Carpark’s proximity to major retail, tourism, education, and medical precincts — including Rundle Mall, Adelaide University, the Art Gallery of South Australia, and the Royal Adelaide Hospital — ensures consistent demand and strong ongoing relevance as the city continues to grow and evolve.”
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Fully leased, the site has an annual gross return of almost $5m.
The site is fully leased to Wilson Parking Australia, who manages the site.
Luke Billiau, Head of Capital Markets for JLL Asia Pacific, noted the asset’s appeal to both domestic and offshore investors.
“With a stable income profile, prime CBD positioning, and growing urban density, this asset aligns with global investor demand for resilient, long-term real estate assets,” he said.
Car parks have long proven to be lucrative investments across Australia.
A multi-level car park just a stone’s throw away from Melbourne’s popular Queen Victoria Market sold for $115m last year, according to the Financial Review, while a 706-bay commercial car park at 28 La Trobe St, Melbourne sold for more than $20m in early 2024.
Meanwhile in Sydney, a single car space made headline just over a year ago after the space was purchased for a staggering $500,000.
Expressions of Interest for Adelaide Central Car Park close May 8 at 4pm.
