3 Penola Road, Mount Gambier, SA 5290 | Commercial for sale | OnTheHouse
 
FOR SALE
Expressions of Interest (Range: $1.2-$1.3M)

3 Penola Road
Mount Gambier SA 5290

Bedrooms: -
Bathrooms: -
Car spaces: -
Floor area: 375m2
Land area: 383m2
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Iconic Executor Trustee Building – Prime Extremely Central Commercial Investment

Jason Malseed is pleased to introduce one of Mount Gambier's most iconic and recognisable commercial properties – 3 Penola Road, situated prominently along the Riddoch Highway.
Originally constructed in 1958 by S.J. Weir in collaboration with Adelaide architects for the Executor Trustee, this remarkable building still showcases its spectacular original façade - a striking example of mid-century commercial design. Today, it proudly houses a highly successful property and legal services business, established for approximately 50 years and operating across 12 offices.
Set on a substantial allotment in the heart of Mount Gambier, the property enjoys excellent exposure to passing traffic and offers convenient off-street parking for staff and clients. Its prime location places it within easy walking distance to the city's business, retail, and professional precincts, making it an exceptional commercial opportunity.
With an asking price of $1.2 – $1.3 million, this blue-chip investment provides a rental income of approximately $80,000 + GST + outgoings, with annual 2.5% rent increases and rights of renewal in place.
Over $180,000 has been invested in upgrades to enhance presentation, functionality, and sustainability. A major $100,000–$120,000 refurbishment modernised the reception and front office areas, creating a contemporary and welcoming space. Upstairs features a brand-new $10,000 kitchen, new carpeting throughout both levels, and reconfiguration into private offices and a library at a cost of $25,000–$30,000, providing versatile workspaces for professional use.
Comfort is ensured year-round with four new reverse cycle air conditioners valued at over $10,000, while accessibility has been improved with a new roof access ladder ($6,600). Sustainability has also been prioritised through the installation of 40 solar panels ($20,000), offering environmental benefits and energy efficiency.
Currently tenanted to South Australia's largest conveyancing firm, generating approximately $79,900 + GST per annum, the iconic Executor Trustee Building represents a secure, low-risk, and high-quality investment. Its combination of classic architecture, modern upgrades, and a strong rental yield make it one of Mount Gambier's most outstanding commercial opportunities.
Particulars:
CT: Volume - 5760 / Folio - 35
Land Size: approximately 383 sqm
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Property Details for 3 Penola Rd, Mount Gambier

Building Type
Commercial
Floor Size
375m2
Land Size
383m2
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About Mount Gambier 5290

The size of Mount Gambier is approximately 26.8 square kilometres. It has 114 parks covering nearly 24.0% of total area. The population of Mount Gambier in 2016 was 25512 people. By 2021 the population was 25591 showing a population growth of 0.3% in the area during that time. The predominant age group in Mount Gambier is 50-59 years. Households in Mount Gambier are primarily childless couples and are likely to be repaying $1000 - $1399 per month on mortgage repayments. In general, people in Mount Gambier work in a community and personal service occupation.In 2021, 62.70% of the homes in Mount Gambier were owner-occupied compared with 61.30% in 2016.

Mount Gambier has 13,801 properties. Over the last 5 years, Houses in Mount Gambier have seen a 106.49% increase in median value, while Units have seen a 111.54% increase. As at 31 October 2025:

  • The median value for Houses in Mount Gambier is $529,181 while the median value for Units is $384,735.
  • Houses have a median rent of $450 while Units have a median rent of $325.
There are currently 83 properties listed for sale, and 60 properties listed for rent in Mount gambier on OnTheHouse. According to Cotality's data, 739 properties were sold in the past 12 months in Mount gambier.

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