This article is from the Australian Property Journal archive
A 50% leased freehold office building in the Adelaide CBD with no height restrictions and plenty of value-add potential has entered the market, with 18-20 King William Street.
18-20 King William Street comprises 2,200sqm of NLA office building across six levels on a 528sqm corner lot and direct access from Clubhouse Lane to the onsite secure car park.
The building also features new end-of-trip facilities, bike storage in the basement, plus two new lifts services all floors.
Alistair Mackie and Jordan Schmidt from Colliers have been exclusively appointed to manage the sale via an expressions of interest campaign,
“The asset will be very appealing to owner-occupiers, investors, and future developers given the unrestricted height limit attached to the Capital City Zoning,” said Schmidt, head of investment services, South Australia at Colliers.
“There is a fantastic value-add opportunity to reposition the top level, which is a bare shell into a premium residential, office, or even hospitality with a fantastic income potential and outlook over the CBD.”
The asset is 50% leased to long-standing tenants, generating significant holding income, with the vacant space providing potential buyers with immediate opportunity for whole floor occupation or re-leasing.
“This location has seen substantial investment from leading office developers, including Charter Hall with their latest commercial development at 60 King William Street and Walker Corporation’s $2 billion Festival Tower project,” said Mackie, national director of capital markets and investment services at Colliers.
“These developments have significantly enhanced the precinct’s commercial appeal, infrastructure, and activation, making it a sought-after destination for businesses.”
The building is also located near the $6 billion biomedical precinct on North Terrace, Adelaide Oval, the recently redeveloped SkyCity precinct and Rundle Mall.
The property benefits from significant exposure and foot traffic, with excellent access to key amenities and transport hubs including tram and bus services.
“The asset is exceptionally well-positioned within the Adelaide CBD and combines convenience, connectivity, and commercial appeal,” added Schmidt.
“Its proximity to key developments and amenities makes it a valuable asset for any investor or occupier looking to establish a presence in one of Australia’s most dynamic cities.”
In the Adelaide CBD, at 233 Victoria Square, the 377-guest room Hilton Adelaide recently hit the market for the first time in more than three decades.
While last week, the South Australian government announced it was looking for a development partner to deliver more than 17,000sqm of Adelaide CBD office space, which will include the headquarters of defence giant BAE Systems and space, cyber and critical technologies firms.
The expressions of interest campaign for 18-20 King William Street, Adelaide is scheduled to close on 7 November 2024.
