The long-term home of prominent South Australian legal firm Tindall Gask Bentley (TGB) 76 Light Square for sale amid strong ongoing demand for well leased Adelaide office assets for sale CBRE Alistair Laycock and Ian Thomas on behalf of a private investor.

TGB has occupied the 76 Light Square site for nearly 50 years – tenanting the original premises on the site before the current eight-level office building was constructed in 2012.

The firm’s long-term tenancy coupled with the building’s attractive WALE and high-profile location is expected to underpin significant buyer interest in the sale campaign, which is being steered by CBRE’s Alistair Laycock and Ian Thomas on behalf of a private investor.

“It’s rare to offer a site which has been occupied by the same tenant for half a century,” Mr Laycock said.

“TGB occupy nearly 80% of the building on a lease until May 2027. The metrics of a long-term lease, a lengthy occupancy history, modern improvements and a prominent Light Square location make this an ideal CBD office investment in the current environment.”

Situated at the corner of Light Square and Waymouth Street, in Adelaide’s thriving western CBD precinct, the building comprises a net lettable area of circa 2,304 square metres.

TGB occupy most of the upper office levels on a 15-year lease until May 2027 (plus two 5-year options) and currently provide over 93% of the building’s gross income.

The overall building WALE is 4.75 years, including a ground floor retail lease to My Way Café.

“We anticipate 76 Light Square will attract interest from local and interstate syndicators as well as high-net worth investors,” CBREs Mr Thomas said.

“Adelaide’s zero stamp duty continues to assist with providing a yield arbitrage to Australia’s eastern seaboard CBD’s and we expect this offering to be very well received by a market starved of high-calibre office investments in this price bracket.”

Expressions of Interest close Wednesday 25 August at 4pm

To request a copy of the Information Memorandum please contact one of the marketing agents via the contact details below. 

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