9/155 Waymouth Street, Adelaide SA 5000

Light Square frontage | soaring ceilings in a 40sqm studio | heritage overlay | high-confidence rental yield This property’s strongest buying case is its position directly opposite Light Square, a rare open-space frontage in Adelaide’s CBD that commands a premium for both lifestyle and lettability. The soaring ceilings in a compact 40sqm studio create a sense of volume unusual for this size, making it more competitive against newer, box-like apartments. It serves best for an investor seeking a low-maintenance, high-yield CBD holding or a buyer wanting a lock-and-leave city base with immediate access to green space and the Adelaide High School catchment, which adds long-term demand depth. The heritage overlay introduces a specific risk: any external alterations or significant internal changes will require council approval, limiting renovation upside and potentially slowing resale to buyers who value modern finishes. The 44sqm lot and 1984 build mean depreciation benefits are largely exhausted, so tax advantages are minimal for an investor. However, the front position in a block of only 11 apartments offers a scarcity edge over larger complexes, and the rental yield range of $405–$470 per week implies a gross return near 5.5% at the lower end of the price guide-strong for Adelaide CBD. Hold this property for steady cash flow and capital preservation, not for rapid appreciation; its value lies in location and low vacancy risk, not in land content.