This article is from the Australian Property Journal archive
ACCOUNTING and financial advisory firm, Addept Pty Ltd has leased a 200 sqm space within the 202 Hutt Street building in Adelaide’s CBD, recently refurbished by owners Antunes Group.
Savills Adam Hartley and Zandra McGee negotiated the five-year lease at around $450 per sqm, which Hartley said was above market.
“This is a clear example that if owners invest into their assets, the building will lease and at a much higher return,” he said.
Antunes Group recently acquired the old Commonwealth Bank of Australia building at 175 Hutt Street and intends to reinvent the property to feature a 100 sqm loft office and retail space.
The Adelaide-based company purchased the run-down building at 202 Hutt Street and undertook a refurbishment program that included upgrades to the façade and first level.
Hartley said too many owners did not invest any money into the upkeep of their buildings, resulting in an abundance of low-quality stock.
Number 202 features offices of floor-to-ceiling glass partitioning with satin black frames, drop lights and herringbone carpet.
Australian Property Journal
