AGL Centre ready to spark interest

COLLIERS International and CB Richard Ellis have been appointed to sell the AGL Building on Greenhill Road, Eastwood in Adelaide.

CBRE’s Alistair Laycock and Philip Rundle will steer the sales campaign in conjunction with Colliers’ Ian Thomas, Alistair Mackie and Paul van Reesema.

The agents are expecting the property will fetch in excess of $22 million.

Thomas said this is a real trophy asset which is prominently positioned at the gateway to the city on the corner of Fullarton and Greenhill Roads intersection.

“Constructed in 2003, the award winning modern and contemporary office building is also the largest within the Greenhill and Fullarton Road precinct,” he added.

“It’s also been tightly held since its foray into the precinct seven years ago. There is nothing like it in the area and it actually rivals some of the buildings in the adjoining Frame precinct.

“With AGL secured on a long term lease within months of the building being completed back in 2003, the enviable lease profile is unquestionably a significant feature of the offering,” he continued.

Located at 226 Greenhill Road Eastwood, the building comprises a two and three level office building with a net lettable area of approximately 5,333 sqm. It also includes 224 open and under croft car parks. The building is situated on a substantial site area of 6,240 sqm.

Laycock expects the sale campaign to attract significant interest, predominantly from local investors and syndicates.

“This is the first time this iconic building has been offered for sale and opportunities such as this are extremely rare,” Laycock said.

The Eastwood building is underpinned by a blue chip tenancy register with over 90% of the income derived from ASX listed entities including AGL South Australia Pty Ltd, AV Jennings Properties Pty Ltd, BBP Servco Pty Ltd and Market Equity Pty Ltd.

The building is being offered for sale through an Expressions of Interest campaign closing at 3pm on Friday 9 July 2010.

Australian Property Journal