Exceed Capital launches capital raise for prime office asset in Adelaide

BRISBANE, Australia - August 11, 2026 - Exceed Capital, a leading Australian investment manager, today announced a new opportunity for sophisticated investors to join its FS Property Trust and acquire 26 Flinders Street, an institutional-grade 16-level office tower in the heart of Adelaide's CBD. This commercial property deal was arranged together with Knight Frank Adelaide and CBRE.

Vaughan Hayne, managing director and co-founder of Exceed Capital, said the opportunity to invest in 26 Flinders Street complements the firm's first successful acquisition in South Australia of 19 Grenfell Street, demonstrating strong investment confidence in the state's core business corridor. 

"Adelaide has earned a genuine place in Exceed Capital's portfolio strategy because Adelaide continues to have a strong and diverse economy, and the market fundamentals keep presenting great opportunities. Our investors also trust us to find the best opportunities in the market, which we have in 26 Flinders Street.

"With a thorough due diligence of 26 Flinders Street now complete, we're raising funds for Exceed Capital's FS Property Trust to acquire this prime office asset for investors. We've already had a strong initial uptake," Mr Hayne said.

"When we completed our first acquisition in Adelaide's CBD in late January 2025, I said that it wouldn't be our last. Fast forward to 2026, and we're now seeing more investors looking to diversify away from residential property. They want a steady income and long-term growth that commercial property offers, and they can trust Exceed Capital to deliver based on our 10-year track record.

"What we've found with 26 Flinders Street is an annual cash return of approximately 8 per cent and an opportunity to purchase at around 50 per cent below replacement cost. The property's vendor has recently undertaken a lot of upgrades to the building, worth approximately $10.7 million, including a new lobby, end of trip facilities, lifts and air conditioning," Mr Hayne said.

"There's secure and diverse income from 24 tenants, including ASX-listed and multinational companies, a 91 per cent occupancy, and a shorter WALE, which allows us to get an uplift in rent when tenants renew their leases. We also plan to have a CapEx fund for remaining minor works and value-add opportunities, such as a courtyard plaza and future development parcel."

Exceed Capital's capital raising period is now open until September, with settlement expected in October 2026, in partnership with Knight Frank Adelaide's Max Frohslich and Ryan Mills and CBRE's Ian Thomas and Alistair Laycock.

"When complete, a second acquisition in Adelaide will add to Exceed Capital's current nationwide portfolio of 17 assets, which we've successfully accumulated over the past decade of doing business," Mr Hayne said. 

"Our investment thesis has remained unchanged: buy well, manage actively and stay aligned with our investors. Adelaide certainly aligns with this approach, particularly given it has the highest employment growth of all Australian capital cities and long-term demand for quality office space from the state's defence, technology and resources sectors."

For more information, visit exceedcapital.com.au/fs-property-trust.

-ENDS-

Editor's Note: Media assets, including images, are available for download.

Media Contact: Bernadette Smon for Exceed Capital: 0478 495 457; bernadette@smonconsulting.com.au

About Exceed Capital
Exceed Capital is an industry-leading investment manager dedicated to collectively growing wealth for its investors. Established in 2016 and privately owned in Brisbane, Queensland, Exceed Capital is a trusted and recognised fund manager across Australia founded on the core principle of alignment with investors. Exceed Capital is committed to delivering sustainable income, strategic growth and transparent communication while building lasting relationships with investors, tenants and industry partners. For more information, visit exceedcapital.com.au.

Key facts and figures: 26 Flinders Street, Adelaide CBD 

• minimum $100k investment for the FS Property Trust, a close-ended trust with a 5 year-term 
• institutional-grade 16-level tower in a core corridor CBD position 
• building rate/m2: $4,894/sqm - approximately 50% below replacement cost
• average projected cash return of 8 per cent per annum, paid monthly
• capitalisation rate (fully leased initial): 9.08 per cent (strong buying) 
• net absorption that has reached up to five times the 10-year average 
• occupancy: 91% leased with a diverse 24-tenant base, including Sealink/Kelsian, Employers Mutual, Aussie Broadband, Samsung Electronics and BlueScope Steel 
• over 50% of tenants in their second or third lease terms, reflecting a market-leading retention rate well above CBD peers 
• comprehensively refurbished with $10.7 million in recent capital improvements, including air conditioning, lifts and a new lobby 
• 10,217 sqm of high-quality office accommodation across efficient 700 sqm floorplates suited to smaller tenancy demand 
• 4-Star NABERS Energy Rating 
• 68 secure basement car spaces at 1:150 sqm - one of the strongest parking ratios in the Adelaide CBD.