115-123 Jetty Rd, Glenelg.
A prominent commercial property has hit the market on one of Adelaide’s most popular beachside shopping strips, which is in the final stages of a controversial revamp.
The multistorey Glenelg property at 115–123 Jetty Rd is on a 1346sqm block with dual frontage, about 500m from Moseley Square and the beach.
Generating a stable net income of $581,086 per year, it has several tenants, including Harris Real Estate, Anytime Fitness, The Salvation Army and Amplified Accounting.
It has a 34-space rooftop car park but could be further developed, with its zoning allowing for up to six levels.
The property hits the market as Holdfast Bay council’s multimillion-dollar redevelopment of Glenelg’s premier strip is due to be finished in the second half of 2026.
115-123 Jetty Rd, Glenelg.
115-123 Jetty Rd, Glenelg.
The Transforming Jetty Road Glenelg project started in August last year, closed the road to vehicle traffic and carparking until the end of the year, and shrunk its pedestrian walkways as workers laid more than 76,000 new pavers and 1726 tonnes asphalt.
While major construction work was fast tracked to align with the temporary suspension of tram services as part of the State Government’s Tram Grade Separation Project, many businesses struggled through the period, with some even closing.
Despite the issues on the strip, the commercial building is expected to be a lucrative investment as population growth and infill housing continue to drive demand for well-located retail and office space.
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Recent sales at Norwood and Goodwood highlight strong investor demand for high street properties, with both selling on yields of 3.85 per cent and 3.82 per cent respectively.
JLL SA managing director Ben Parkinson, who is selling the Glenelg property, said investor demand for high street assets was continuing to strengthen as residential density increased across Adelaide’s inner-suburban corridors.
“What we’re seeing on The Parade, and expect on Jetty Road, is the same story: high street property with the right catchment is pricing sharper than ever, whether that’s the ground-floor retail or the office space above it,” said Mr Parkinson, who is selling the property with Tom Love.
115-123 Jetty Rd, Glenelg.
115-123 Jetty Rd, Glenelg.
“As more apartment projects land on these strips, the space beneath and around them becomes harder to replace and more tightly held.”
Glenelg’s Jetty Rd is benefiting from more residents moving into surrounding areas, strong hospitality demand and increasing amenity.
Mr Love said population growth and residential densification were reshaping Adelaide’s high street investment markets.
“Population growth is always a catalyst for innovation, infrastructure and ultimately liveability,” Mr Love said.
“It creates inner-suburban density, village vibrancy, higher suburban amenity, and momentum for public transport, walking and cycling corridors, which all flow directly into demand for the retail, office and hospitality tenancies on those high streets.”
“Investors are backing high streets, across both office and retail because the population growth underpinning them is stable.”
Expressions of interest for the property close on October 1.