Published: June 29, 2018

A CENTRAL location and the coming 10 gigabit city initiative is behind the sale of a spectacular heritage listed, Adelaide office building.

In an off market transaction, Elder House on Currie St has sold for $26 million to an unnamed, local private investor.

The five level building was constructed in 1937, as the head office of Australian pastoral icon Elders and has 6500sq m of modern office space to the rear.

Adjacent Westpac House, it is recognised by its sandstone facade, and is partially leased to the Australian Institute of Business said JLL director Roger Klem who led the sale alongside Jamie Guerra on behalf of Challenger Life

The property, with a two and a half star NABERS energy rating, has 12135sq m of fitted out office accommodation plus a sizeable basement.

Mr Klem confirmed the purchaser intends to partially occupy the building and secure tenants for the balance.

“This property will immediately benefit via the City of Adelaide’s 10 gig input and the new owner is well advanced with key tenant negotiation,” Mr Klem said.

“This is a strategic acquisition by a purchaser who has scoured the market looking for a character property with the opportunity to value add.”

JLL is predicting institutional and offshore capital continuing to focus on Adelaide.

Article by Richard Evans, originally appeared in The Advertiser on 26 June, 2018