Buyers to do battle for prime office asset
Domestic and offshore investors are set to do battle to secure a prime office asset at the heart of the Adelaide CBD’s major growth precinct.
Colliers International’s Ian Thomas, Paul Van Reesema, James Barber and Emily Fan have been appointed to sell 108 North Terrace in Adelaide in an international expressions of interest campaign on behalf of DEXUS Property Group.
“The sale of 108 North Terrace has been eagerly anticipated by purchasers,” Mr Thomas said. “We expect the calibre of the asset and the blue-chip tenancy profile to attract interest from local investors and syndicates, national groups and offshore purchasers."
The 12-level office building, with a net lettable area of 20,088sqm including ground floor retail and 127 car parks is situated on a 2,307sqm corner site, with extensive frontages to both North Terrace and Victoria Streets.
The A-grade office tower was completed in 1999 and underwent a significant refurbishment in 2014, which included initiatives to significantly enhance its energy performance. High profile, long term tenants include Hewlett Packard, Optus and the South Australian Government.
“108 North Terrace benefits from exceptional presentation having been actively managed, with the refurbishment focussing on attention to detail,” Mr Thomas said. “The high level of refurbishment is evident in the quality of space and the finishes and particularly striking are the end of trip facilities, which are among Adelaide’s best.
“With limited car parking ratios generally in Adelaide office properties, 108 North Terrace leads the CBD market, offering 127 carparks in both the basement and the adjoining sub-ground car park for tenants."
The property is positioned at the heart of Adelaide’s premier entertainment and cultural district, surrounded by popular attractions including the new Adelaide Oval, Art Gallery, Parliament House, Elder Park, the River Torrens and an array of cultural sites, shops, restaurants and bars.
Developments in the immediate vicinity include the Convention Centre, Riverside Centre, Adelaide Casino, the Intercontinental and Stamford Hotels, the Festival Theatre and a number of office towers.
“The property is extremely well located on North Terrace, one of Adelaide’s principal east-west boulevards, with access to the recently extended tram line linking the entertainment centre and the western precinct to the heart of the CBD,” Mr Van Reesema said.
“The beneficiary of over $4billion in public and private sector development and infrastructure projects in recent years, the Riverbank and North Terrace precinct stands to be the Adelaide CBD’s next major growth precinct.
“The new Royal Adelaide Hospital, due for completion later this year, is the largest infrastructure project in the history of South Australia. It will drive tenant demand for high-end accommodation in this precinct, in particular from government agencies and medical specialists.
“108 North Terrace is perfectly positioned to capitalise on the move of the medical, education and associated industries across the Adelaide CBD from the eastern end of North Terrace to the western end.”