Analysis undertaken by international property firm Knight Frank reveals local families remain the dominant ownership group in the CBD, having amassed 44 per cent of the city centre’s office space across dozens of towers.

Family groups led by property developers Theo Samaras and Zis Ginos, the Crotti family behind the San Remo pasta brand, and rich lister Nick DiMauro are among the prominent owners of city office buildings, each holding multiple CBD properties in their portfolios.

Large institutional investors such as Charter Hall, Centuria and Cbus collectively hold around 34 per cent of the market, while foreign investment has fallen away in recent years, and now makes up less than 10 per cent.

Knight Frank head of capital markets Max Frohlich said Adelaide’s office ownership mix had “evolved significantly over the past five to 10 years”, due in part to policy reforms such as the abolition of stamp duty on commercial property transactions in 2018.

“This reform lowered transaction costs, boosted deal volumes and attracted institutional and offshore capital, which typically operates on shorter investment horizons, unlike generational private investors whose mantra is often ‘buy well, don’t sell’,” Mr Frohlich said.

“Offshore investment peaked in 2017, accounting for nearly 84 per cent of major office acquisitions ... however it tapered off by the end of 2019.

“Since then, domestic groups, particularly privates and wholesale syndicators, have become more active.”

Local syndication groups including Curated Capital and Harmony, and interstate players like Melbourne-based Quintessential, have been among the more active investors in recent years, snapping up towers on King William and Pirie streets, and in Victoria Square.

Among the family groups, Mr Samaras’s Kyren Group remains the biggest investor in the city’s office market, with holdings on Wakefield and King William streets, and a new development nearing completion next to the Kyren-owned PwC building on Franklin St.

Property Council SA executive director Bruce Djite said Adelaide’s office market had “its own unique DNA”, with a much larger share of local ownership than other Australian capital cities.

“Although institutional capital is increasingly attracted to Adelaide, many of the CBD’s assets remain in the hands of local investors and families,” he said.

“International capital is more than welcome, however foreign ownership is still relatively modest, which means locals, institutions and offshore investors are all part of shaping the city.”

The office market is still recovering from the pandemic and the resulting shift to hybrid working, which has jittered many investors. Office building sales in Adelaide’s CBD typically reach more than $400m a year, but are sitting at just $62.7m so far this year.

However Mr Frohlich said early signs of a recovery were emerging.

“The outlook for Adelaide’s office market is cautiously optimistic,” he said.

“While hybrid work softened leasing demand and briefly paused transaction activity, Adelaide’s structural advantages – government occupancy, largely pre-committed supply, economic diversification, consistent rental growth and stable yields – are re-emerging as key drawcards for investors.”

Adelaide’s biggest landlords:

Charter Hall

A combination of new developments and acquisitions has made Charter Hall the dominant investor in the city’s office market.

The ASX-listed property giant is Adelaide’s largest landlord, controlling more than 10 per cent of the city’s office space across five buildings – more than double the next largest.

Its portfolio includes the newly completed 43,600sq m tower at 60 King William St, home to NAB, Telstra and government tenants, as well as the GPO Exchange tower on Franklin St, which it completed for BHP and other corporate tenants in 2019. The nearby ATO building is another property in Charter Hall’s CBD portfolio.

Kyren Group

Theo Samaras’s Kyren Group completed an $84.25m acquisition of the EY building on King William St from Charter Hall last year, adding a fourth city building to the group’s growing portfolio.

Kyren Group is nearing completion on a newly developed office tower on Franklin St, next door to its PwC office building, after securing Commonwealth Bank to another of its recent developments on Wakefield St.

Quintessential

The Melbourne-based syndicator and fund manager has been one of the more active investors in Adelaide in recent years, snapping up the former Telstra building on Pirie St and the former home of Commonwealth Bank on King William St.

With a third tower at the southern end of King William St, Quintessential is one of the largest landlords in Adelaide’s office market, having recently secured tenants including AGL, Boeing and engineering firm KBR.

Quintessential is led by executive director Shane Quinn, who established the company with Harry Rosenberg in 2010.

Walker Corporation

After opening its landmark Festival Tower office building in 2024, Walker Corporation has started work on a 38-storey office building next door, set to tower over South Australia’s Parliament House, with shops, restaurants and a revamped public plaza.

The privately-owned company was founded in 1964 by Lang Walker and his father Alec as an earthmoving and civil engineering business. Today, it is one of Australia’s largest private developers, with a $35bn-plus pipeline of projects across Australia and overseas.

Ownership remains with the Walker family following Lang Walker’s death last year.

Centuria

ASX-listed Centuria holds an ownership interest in four office buildings in Adelaide, including 50 per cent interests in the ‘Black Stump’ and Rundle Place tower on Grenfell St, and full ownership of a $40m office building on Wyatt St which it completed in 2023.

Its property interests in Adelaide extend to other markets, including industrial warehouses. It recently splashed out $216m on the Port Adelaide Distribution Centre in a record deal for South Australia’s industrial property market.

Ginos Group

The Ginos family, led by developer Zis Ginos, controls a significant property portfolio in the CBD, spanning across office towers, hotels and hospitality venues. The landmark, heritage-listed former Reserve Bank building at Victoria Square is among the family’s holdings, which was bolstered with the $30m acquisition of a pair of neighbouring Waymouth St properties in 2022.

With roots dating back to the 1970s, Ginos Group also owns most of the properties lining Leigh St in the city’s west end, which emerged as the home of Adelaide’s small bar scene following a multimillion-dollar revamp by the family.

Andrianakos PropertyGroup

The family office, established by Melbourne-based petrol king turned property magnate Nick Andrianakos, owns major commercial office buildings and shopping centres across Melbourne, Brisbane and Adelaide.

In 2020 the family consolidated its footprint in Adelaide’s CBD, acquiring the home of People First Bank on Flinders St for $175m following its earlier acquisition of the Santos headquarters next door.

Late last year the family bought a $170m half stake in the Elizabeth City Centre shopping mall, before Mr Andrianakos’s death in Greece earlier this year.

Mr Andrianakos arrived in Australia from Greece in 1966 and went on to build his fortune through the Milemaker chain of petrol stations, which he sold to Caltex in 2016 while retaining the freehold.

Harmony Property Investments

The investment arm of Adelaide-based MRS Advisory made its biggest purchase in Adelaide’s CBD in 2023, splashing out $130.5m on the GHD Building on Victoria Square.

Harmony has close to $1bn in funds under management, with investments across the retail, office and industrial markets in South Australia, Queensland, NSW, Western Australia and Victoria.

Clear Sky Properties

The Adelaide-based syndicator, led by LJ Hooker Commercial’s Mario Bonomi, retains three buildings in Adelaide’s CBD, including two on Grenfell St and a third on Flinders St.

Offers of more than $40m were being sought for Clear Sky’s office tower at 45 Grenfell St when it was listed for sale in 2023, but a buyer could not be found.

Catholic Church

The Catholic Church makes the list of Adelaide’s biggest CBD landlords for a single property holding – the SA Water building on Victoria Square. Development of the building on church land near the St Francis Xavier Cathedral on Wakefield St was completed in 2008.

The church also owns several church sites across the CBD, and recently paid $24m for a new home for its education and schooling body on Greenhill Rd.

Crotti Family

After building a business empire through its San Remo pasta brand, the Crotti family splashed out $150m on Adelaide’s CBD property market in 2016, picking up two buildings on North Tce and Flinders St for a combined $150m.

The family recently secured a long-term lease with the new Adelaide University for its Optus Centre tower on North Tce, in Adelaide’s largest office leasing transaction so far this year.

The building will be home to the university’s Vice Chancellors and hundreds of administrative staff across 9500sq m in the building.

Founded in 1936, San Remo sells its pasta throughout Australia as well as in overseas markets including New Zealand, Asia, the Middle East and Europe.

Real IS

The German fund manager is one of the few foreign investors left with a major stake in Adelaide’s CBD office market, with two properties on Waymouth and King William streets.

It was once one of the biggest landlords in Adelaide, but has sold off several properties since its first foray into the city 20 years ago.

The Munich-based company also manages investments in Sydney, Melbourne and Canberra.

Mapletree

The Singapore investment powerhouse could become the latest foreign investor to exit the Adelaide market, with its single CBD holding in the city currently being pitched to potential buyers as part of a sell off of its Australian office portfolio.

Mapletree paid $202.5m for ANZ House on Waymouth St in 2017 – representing the biggest property deal in the city that year.

Cbus

The property development and investment arm of industry super fund Cbus completed construction of its $300m tower on Pirie St in 2022 before welcoming major tenant, South Australia’s Department for Infrastructure and Transport, the following year.

The 30,000sq m office tower is Cbus’s only holding in Adelaide.

DiMauro Group

Rich lister Nick DiMauro holds most of his wealth in shopping centres across the country, but has also been a long-term owner of several office buildings in Adelaide’s CBD.

Having quietly amassed a $1.4bn fortune with properties across Australia and New Zealand, the plumber turned property magnate has become one of Australia’s wealthiest real estate investors.

According to The Australian’s latest Richest 250 list, DiMauro ranks as the third wealthiest South Australian. In his home city, he retains ownership of three buildings on Grenfell and King William streets.

Source: Ownership data for the Adelaide CBD has been collated by Knight Frank’s research team, predominantly using Real Capital Analytics (RCA) data. The top ownership list has been calculated according to NLA. For consistency, assets with part ownership have been attributed to the main owner, rather than wholesale investors with part ownership. However, in cases where ownership was clearly 50/50, the half ownerships have been attributed to each owner. Due largely to complexities in ownerships, particularly part-ownerships, this list cannot be relied upon as being 100 per cent accurate, but will give an understanding of the ownership landscape.

Disclaimer: Although high standards have been used in the preparation of the information, no responsibility or liability whatsoever can be accepted by Knight Frank Australia Pty Ltd for any loss or damage resultant from any use of, reliance on or reference to this information. As general information, this material does not necessarily represent the view of Knight Frank Australia Pty Ltd in relation to particular properties or projects.