3 Penola RoadMount Gambier SA 5290
Property Details for 3 Penola Rd, Mount Gambier
Last Listing description (March 2026)
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 faade - 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
Zoning: Urban Activity Centre - UAC
Council: City of Mount Gambier
For an Information Memorandum, contact Jason Malseed at sales@malseeds.com.au or call 0419 032 795.
Disclaimer The information contained here is gathered from a source that we believe to be reliable. However, we cannot guarantee the accuracy of this information and do not accept any responsibility for its accuracy. All interested parties should rely on their own independent searches and Legal advice.
RLA 115603
Property History for 3 Penola Rd, Mount Gambier, SA 5290
- 27 Feb 2026Sold for $1,273,064
- 14 Oct 2025Listed for Sale SOLD
- 06 Nov 2024Transferred
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0About 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 13,833 properties. Over the last 5 years, Houses in Mount Gambier have seen a 110.94% increase in median value, while Units have seen a 116.19% increase. As at 30 April 2026:
- The median value for Houses in Mount Gambier is $575,519 while the median value for Units is $425,087.
- Houses have a median rent of $470 while Units have a median rent of $355.
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