‍Strategic Expansion into Adelaide’s Office Market

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Brisbane-based Exceed Capital has made its debut in the Adelaide commercial real estate market with a $25.5 million acquisition of a19-level office tower on Grenfell Street. This move aligns with Exceed’s countercyclical investment strategy—buying quality office buildings that have been discounted due to high interest rates and uncertainty in the hybrid work environment.

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The vendor, Shakespeare Property Group, previously acquired the asset for $39.2 million in 2016. Now, Exceed has raised $20 million from investors and secured $12.75 million in debt to fund the deal.

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“We’re seeing great opportunities in capital city office markets after recent dislocations,” said Vaughan Hayne, Managing Director at Exceed Capital.

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Why This Adelaide Asset Makes Strategic Sense

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Despite broader market concerns, Exceed Capital sees real upside in the Grenfell Street property. The tower currently has a vacancy rate of 48–49%, but Exceed plans a multi-million-dollar upgrade to reposition it for premium tenants.

Their plan includes:

• A new ground-floor foyer and façade improvement
• Refurbished trip facilities
• Fit-outs and potential leasing to Sazón, a modern Mexican restaurant
• Releasing strategies designed to attract tenants to 50%+ of the currently vacant     space

Vaughan Hayne emphasized the timeline and confidence:

“We gave ourselves 24 months to lease it up—and we got it fully leased in 12 months, so we’re not scared of that.”

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What Sets Exceed Capital Apart?

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✅Proven Track Record: Across Queensland, Exceed has repositioned underperforming assets and consistently outperformed.
✅Countercyclical Approach: Buying when others are selling, to maximize future gains.
✅Hands-On Strategy: From leasing to fit-outs, Exceed is deeply involved in unlocking value.
✅Trusted Investor Base: Raised $20M for Adelaide from existing loyal investors.

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“This is our first Adelaide acquisition, but it won’t be our last,” Hayne said. “We see a strong future in the city’s CBD market.”

Exceed Capital’s $25.5 million acquisition in Adelaide’s CBD is more than just a bold move—it’s a strategic signal of what’s to come. As other players retreat from the commercial office market, Exceed continues to lean in—armed with experience, market knowledge, and the confidence of a loyal investor base.

With Grenfell Street marking our entry into Adelaide, we’re now exploring further acquisitions across Australia’s top capital cities. We invite investors, partners, and commercial tenants alike to be part of the journey.

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