Developer buys Rundle Place car park
Developer Theo Samaras has bought the seven-level Rundle Place car park from Growthpoint and Irongate.
The Grenfell Car Park, as it is also known, at 90-100 Grenfell Street, cost the executive’s Kyren Group $60.25 million.
With 500 bays, it collects $3.8m annual net rent.
Tokyo Stock Exchange-listed Park24 Co Ltd, via subsidiary Secure Parking, is on a lease expiring in August, 2031.
The 2416 square metre site, beside Rundle Mall, was also marketed as a potential long-term development opportunity.
Central CBD site
The sale comes as Growthpoint and Irongate seek a buyer for the neighbouring Rundle Place at 77-91 Rundle Mall (continues below).
That four-storey complex, including South Australia’s only Apple store and a Coles supermarket, carries a $220m-plus guide.
Fortius Funds Management and Irongate, via the Fortius Grenfell Car Park Trust, acquired Rundle Place and the adjoining Grenfell St car park from Blackstone for about $210m in 2021.
Acquisition documents from late 2020 put the car park value at $55m, funded through $29.5m of equity and $25.6m debt.
Growthpoint acquired Fortius Funds Management in September 2022.
CBRE’s Ian Thomas and Alistair Laycock with Knight Frank’s Ryan Mills and Max Frohlich marketed 90-100 Grenfell St.
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