502/17 Penny Place, Adelaide SA 5000

2-bedroom, 2-bathroom | Penny Place complex | Woods Bagot design | high-floor indoor-outdoor flow | CBD low-maintenance living This apartment presents a rare configuration edge in Adelaide’s CBD market-two genuinely separate bedrooms each with built-in robes and the master with an ensuite, all within 118 square metres of internal space. The Woods Bagot design and Flagship Group development history signal above-average build quality for a 2021 flat, and the full-width balcony creates the indoor-outdoor connection that typically commands a premium in apartment living. This property suits a professional couple, a downsizer who values design and privacy, or an investor seeking a low-management holding in a sought-after complex. The primary risk is the $950 quarterly strata fee, which reduces net yield to approximately 3.7% at the rental estimate-below the suburb average of 5.2%. The 2021 sale history without subsequent price growth data means the buyer must verify whether current pricing reflects genuine market movement or vendor expectation. The opportunity lies in the complex’s reputation and the limited supply of well-configured two-bedroom units in this pocket of Adelaide. Hold for capital growth driven by scarcity of quality stock, or rent for steady CBD demand.