Theo Samaras lands Budget Direct as anchor tenant at Adelaide tower

Adelaide developer Theo Samaras, through his Kyren Group, has secured insurer Budget Direct as anchor tenant at 50 Franklin Street in the Adelaide CBD, The Greek Herald reported. Budget Direct, part of the Auto & General group, has taken 2,900 square metres on a seven-year lease with extension options and signage rights.

Why it matters

Budget Direct’s parent, Auto & General, chose 50 Franklin Street over other CBD stock, and tied itself in for seven years with extension options and signage rights. That is a sizeable, multi-year commitment to a single Adelaide CBD building from a national insurer, and a validation of Kyren Group’s asset over competing CBD towers chasing the same tenant pool.

Gaurav Thakkar, Auto & General’s head of property, said the building “provides the modern workplace and amenity we were looking for”. Adam Hartley, managing director of Cushman & Wakefield South Australia, who advised on the deal, said the Adelaide market offered a strong balance of quality, cost and overall value against other capital city office markets, as reported by The Greek Herald. Budget Direct is setting up a new customer service operation in the tower and weighed Sydney and Perth before picking Adelaide, where it plans to grow the local headcount to as many as 300 staff, The Greek Herald reported.

The numbers

Budget Direct’s lease covers 2,900 square metres at 50 Franklin Street, running seven years with extension options and signage rights attached. Hartley pointed to premium new-building office space in Adelaide leasing at roughly $630 to $650 per square metre annually as the broader market benchmark the deal sits within, as reported by The Greek Herald. Adelaide CBD office vacancy eased to 13.6% in the September quarter, according to JLL figures cited in that report, the backdrop against which Hartley framed the city’s value case.

What’s next

The lease is signed, not proposed, so the next milestone is Budget Direct’s fit-out and move into 50 Franklin Street, which it is expected to do in early 2027. It is the first major tenancy secured for the tower since construction finished earlier this year, and Cushman & Wakefield is continuing to negotiate with other prospective occupants, The Greek Herald reported. The deal adds to the leasing activity the Adelaide market is tracking through the back half of 2026, as the CBD’s office stock continues to compete for anchor tenants of this size.