Owned by former federal senator and current South Australian politician Cory Bernardi, the prominent Wellington Centre occupies a substantial 7,259sqm inner metropolitan landholding and is expected to attract strong interest from developers, investors and owner-occupiers alike.
Strategically positioned with dual access from Payneham Road and Henry Street, the property offers 3,954sqm of lettable area, 154 on-site car parks and exposure to more than 50,900 vehicles daily along one of Adelaide’s busiest arterial roads.
The asset currently generates a net income of approximately $802,103 per annum plus GST, with occupancy above 90 per cent and a diverse tenant mix including Hyundai, Fresenius Medical Care, Auctus Training Institute and Amandus Lutheran.
Mr Einarson said opportunities of this scale and profile within Adelaide’s inner eastern suburbs were exceptionally rare.
“Finding a site of this size in the inner eastern suburbs of Adelaide is very rare and, as you can expect, we are anticipating a strong response from the market,” Mr Einarson said.
“Developers will love the flexibility the site’s exposure offers, whilst investors and owner-occupiers will see the value in buying below replacement cost and underpinned by 154 on-site car parks.”
The property is zoned Housing Diversity Neighbourhood, creating significant future upside potential in one of Adelaide’s most in-demand residential catchments.
Mr Totani said the combination of holding income, development flexibility and location fundamentals would appeal to a broad range of buyers nationally.
“Payneham is one of Adelaide’s premier inner eastern suburbs and continues to experience strong residential demand, supported by excellent retail amenity, transport infrastructure and ongoing urban infill growth,” Mr Totani said.
“Whether purchasers are seeking a long-term investment or a future redevelopment opportunity, this asset provides a rare chance to secure a significant foothold in a tightly held metropolitan market.”
Mr Dyson said South Australia’s commercial property market continued to outperform expectations as interstate capital increasingly flowed into Adelaide.
“South Australia continues to outperform interstate rivals as a destination for capital,” Mr Dyson said.
“We offer a very stable market and this has seen a strong flow of investment coming through.”
The Wellington Centre has long been regarded as a strategic commercial hub within Adelaide’s eastern suburbs due to its accessibility, strong surrounding demographics and proximity to the Adelaide CBD.
The campaign is expected to generate significant attention given both the scale of the offering and the profile of vendor Cory Bernardi, who served as a federal senator for South Australia from 2006 to 2020 before returning to state politics in 2026.
