76 Light Square, Adelaide. Image – Supplied.
  • Site well tenanted, with major lease to expire in 2027
  • Property has WALE of 4.75 years
  • Tindall Gask Bentley occupies most of the building

Something old, something new, something blue, as the old song goes.

Something old? The site, on which the 76 Light Square building resides, has a major tenant that has been there for 50 years. New? The current building was constructed in 2012. Blue? Perhaps Adelaide skies.

76 Light Square, an office property in Adelaide’s CBD, recently hit the market. South Australian law firm Tindall Gask Bentley (TGB), who currently occupy 80% of the building, is the tenant that has been on that site for fifty years, has a lease through to 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.”

Alistair Laycock, CBRE

76 Light Square Adelaide
Image – Supplied.

With the lease expiring, the company has two 5-year options as well, and provides 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.

In the Property Council’s office occupancy figures, Adelaide has been doing reasonably well compared to the rest of the country, on par with Perth, and behind Hobart and Darwin.

Office Occupancy, compared to pre-Covid levels  

Jan-21 Feb-21 Mar-21 Apr-21 May-21
Melbourne 34% 27% 39% 45% 45%
Sydney 50% 54% 56% 65% 68%
Brisbane 70% 72% 69% 70% 71%
Canberra 76% 72% 72% 70% 71%
Perth 74% 72% 79% 78% 77%
Adelaide 77% 77% 79% 78% 78%
Hobart 89% 84% 89% 91% 93%
Darwin 89% 89% 93% 93% 93%

Source – Property Council of Australia.

Expressions of Interest close Wednesday 25 August at 4pm.

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