ONE of Adelaide’s premier office and carpark landmarks has been listed for sale in a move property agents expect to ignite competitive interest from investors looking to capitalise on the state’s strengthening economy.
The SGIC badged 80 Flinders Street, was built 13 years ago and comprehensively refurbished in 2019 and comes with major tenants including BAE Systems, IAG and Beach Energy, providing a WALE of 4.78 years.
The 12,154sq m office building sits on a 4387sq m site and is 100 per cent leased. It has a multi-deck car park consisting of 694 spaces and which is leased to Wilson Australia.
CBRE’s Ian Thomas, Alistair Laycock, James Parry and Marc Giuffrida and Knight Frank’s Guy Bennett, Rory Dyus, Paul Roberts and Neil Brooks have been appointed to market the property for sale via an expressions of interest campaign on behalf of Lendlease’s flagship Australian Prime Property Fund Commercial.
Mr Thomas said South Australia’s burgeoning economy was providing a platform for greater investment locally.
“Investment confidence in the state continues to rise, with investors increasingly attracted to the state’s diverse and sustainable economic base, which is unlike the boom/bust market cycle experienced in other states,” Mr Thomas said.
“SA is in a growth phase, which is having a positive impact on office space demand – and subsequent investment in the sector. We’re seeing increased activity in range of sectors, including defence, resources, technology, education, and healthcare.”
Mr Bennett said the asset will command wide appeal from buyers seeking 100 per cent leased and multi-tenanted office buildings with a WALE of about five years.
“80 Flinders Street is one of the most desirable office towers in Adelaide and boasts the highest car park ratio for an office building in the CBD. The floor plates are greater than 1070sq m, which is very popular in our market. The asset also boasts two super floors of over 3200sq m each, which are the largest in Adelaide. In addition, an opportunity exists on level one where the existing carparks can be converted to office space, adding about 1000sq m.”
“Adelaide still offers a significant value proposition when compared to the eastern seaboard. The building attributes will appeal to a wide group of buyers who view Adelaide as a key location for capital given its significant economic drivers.”
Expressions of interest close on Thursday June 20.