November 10, 2026 - National Retail Group

National Retail Group Buys Rundle Mall

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A landmark heritage building on Adelaide’s premier shopping strip has been sold to National Retail Group (NRG Property), a specialist in retail asset services, for $10.85 million.

The property, located at 150 Rundle Mall, was purchased by NRG Property from Adelaide Development Company following an Expressions of Interest campaign that attracted strong buyer interest run by Knight Frank agents Max Frohlich, Ryan Mills and Chet Al.

The heritage-listed three-level building, which was built in the 1860s, has a total of approximately 813sq m of gross floor area – consisting of three three-level adjoining shops and a basement on an approximately 478sq m freehold site. It also has rear lane access and four off-street car parking spaces.

NRG will undertake a major refurbishment, including amalgamating the whole ground floor to create a flagship retail outlet on Rundle Mall.

Michael Spektor, CEO of National Retail Group, said: “The purchase of 150 Rundle Mall is part of our long-term strategy to acquire high-value retail assets and bringing them back to life in high-quality, blue-chip locations.

“This philosophy is underpinned by the portfolio we have assembled and which has been well supported by some of Australia’s favourite brands including Woolworths, Coles and Chemist Warehouse.”

NRG Property, which was founded in 2019 by Mr Spektor, has grown to become a leading family office advisor to the medical, retail and commercial property sectors, blending global experience with local knowledge to create generational assets across Australia and New Zealand.

Mr Frohlich said 150 Rundle Mall had been hotly contested by buyers during the sales campaign with 130 enquiries resulting in six offers – five of which unconditional – demonstrating strong underbidder support.

“Recent market activity confirms strong demand for investment-grade assets in Adelaide. Limited availability of these opportunities is continuing to drive competitive outcomes, and this truly was a rare offering, with the property having been held by the vendor for almost the past eight decades,” he said.

“Rundle Mall is some of Adelaide’s most tightly held real estate, with only seven properties on the strip trading in the past 10 years.

“We had local buyers interested, as well as those from interstate, including Western Australia, Queensland, New South Wales and Victoria.”

Mr Mills said the sale of 150 Rundle Mall would see the building reinvigorated as an Adelaide landmark.

“Rundle Mall, which will celebrate its 50th anniversary next year, is the most prominent retail strip in Adelaide,” he said.

“The opportunity to purchase a landmark property in this location was a compelling opportunity for buyers looking for an investment in the Adelaide market, which has the added bonus of zero stamp duty payable on commercial transactions.”

Rundle Mall currently has the lowest vacancy rate of any of Australia’s pedestrianised malls at circa 3.4 per cent, and has more than 55 million visitors each year, making it the busiest shopping precinct in Australia by foot traffic. Those visitors spent $1.43 billion annually, which accounts for 57 per cent of all spending that occurs in Adelaide city.”

Rundle Mall has more than 1000 stores, including three major department stores – Myer, David Jones and Kmart – and global brands including UNIQLO, H&M, Tiffany & Co. and RM Williams. It also has 300 services encompassing dining, entertainment, and professional services, 15 arcades and centres and more than 5,000 car parking spaces.

It is in close proximity to key infrastructure and amenity including Adelaide Oval, Adelaide University and cultural venues, including South Australian Museum and the Art Gallery of South Australia.

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