The 350sqm second-floor office space at 201/186 Pulteney Street has been home to South Australia Casting Agency for more than 30 years under the leadership of Ann Peters.
According to Real Commercial, the agency has been responsible for finding talent for Hollywood films including “Pirates of the Caribbean” and “Mortal Kombat,” as well as locally produced films like “Wolf Creek,” “Storm Boy,” and “Shine.”
The property is being sold as a tenanted investment with a secure lease back to SA Casting.
According to selling agent Matt Lazarus of Century21 Commercial Adelaide, who holds the listing, the current lease arrangement makes it an attractive option for investors.
“The leaseback is for three years and then the tenant has the option of a further renewal for another three years,” Mr Lazarus said.
“Her business is going well and she’s got no intention to leave, it’s just her stage of life and she’s decided to sell the building, but the business is continuing.”
The office market in Adelaide is showing positive signs, with movement in both sales and leasing.
The property’s secure income stream is expected to help potential buyers with financing options, making it particularly appealing to investors looking for stability.
Mr Lazarus, who is selling the property with co-agent Ronald Ozeri, noted that the current tenancy would bring in $70,000 gross income annually for the successful buyer.
The property features strong natural light and a functional layout that has served the casting agency well for decades.
The location offers additional benefits, being close to Rundle Mall, universities, and public transport.
The online advertisement describes it as a “set-and-forget investment with a well-established, reputable operator in place.”
South Australia’s commercial property market is becoming increasingly attractive to interstate investors due to favourable conditions.
“It’s the right time to invest in South Australia because there’s no stamp duty, so I suspect we’ll see a lot of interest from the eastern states as they look to capitalise on that,” Mr Lazarus said.
Interest rates are also playing a role in market activity.
“Furthermore we’re seeing interest rates coming down, which makes these tenanted investments more attractive,” he said.
The property is being sold without a price guide through an expressions of interest campaign closing Friday, October 30 at 2pm.
The combination of a secure tenant, established business, and prime location is expected to generate significant interest from investors.
“When you’ve got a secure lease, that’s great. Plus as a commercial investor, you want to understand which business is in there, what their long-term record is and how are they performing, and I think a business that is as established and renowned as this – it’s going to attract a lot of interest,” Mr Lazarus said.
