Adelaide developer Kyren Group is forging ahead with another speculative office development in the city, pushing aside concerns about rising vacancy rates and the uncertainty surrounding the future of hybrid work.

South Australia’s Kyren Group broke ground on a 14-level office tower in Adelaide’s CBD this week, with the building set to be leased by Savills Australia’s Adam Hartley and Zandra McGee.

The Kyren Group’s much anticipated $150 million Frome Central development – home to the Adelaidean and Crowne Plaza Adelaide – reached its pinnacle construction milestone ‘topping out’ as Adelaide’s tallest building today.

The Kyren Group’s much anticipated $150 million Frome Central development has reached its pinnacle construction milestone, ‘topping out’ as Adelaide’s tallest building.

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German fund manager Real I.S AG has paid $100 million for an office investment in Adelaide in what is the city’s biggest commercial deal in nearly a decade.

The building, at 400 King William Street, was developed and sold by the Kyren Group. The off-market sale was brokered by Colliers International agents Paul van Reesma, Alistair Mackie and Ian Thomas. They said it showed the city’s appeal for investment-grade assets.

Adelaide’s high-rise housing boom has not run out of steam, with developer Kyren Group pushing ahead with plans for a 36-level mixed-use tower on Frome Street in the CBD.

Kyren Group set wheels in motion with appointment of Colliers International. A new 36-level project planned for Frome Street, just off North Terrace, in the Adelaide CBD is set to become the city’s tallest residential tower.