This article is from the Australian Property Journal archive
IN a shot in the arm to Adelaide’s office market, NAB has made a 10-year pre-commitment to take up space within Charter Hall’s $450 million premium grade tower at 60 King William Street.
The major lender will occupy about 3,700 sqm of office space across two levels for the 14-floor development, and a further 255 sqm on the ground floor to anchor the King’s Lane retail mall entrance on King William Street.
Construction on the former Southern Cross Arcade site began in March last year and the tower will deliver 39,000 sqm on completion in the middle of 2023, making it Adelaide’s largest office building by floor area. NAB’s commitment takes leasing to 94%; federal government agency Services Australia will anchor the tower, having signed up for 28,500 sqm prior to construction kicking off, and Telstra will has committed to 6,000 sqm.
NAB is a major banking partner for Charter Hall across multiple funds and sectors and also occupies several of Charter Hall’s properties around the country.
“60 King William presents a great opportunity for our people to collaborate in a flexible, state-of-the-art office with modern workspaces that are ideal for our hybrid workforce,” NAB executive enterprise operations, Quentin Boyes said.
“Our new Adelaide office will also feature premium arrival, lobby and end-of-trip facilities as well as excellent sustainability credentials, right in the heart of the CBD, providing an outstanding workplace for our people.”
Tenants will have access to touchless secure entrance, touchless bathroom amenities, a wellness centre, electric vehicle charging, a business hub and the first sky lobby in Adelaide.
Property owners of traditional offices and flexible workplaces need to leverage technology for the optimal tenant experience, as landlords and investors compete to offer spaces that will attract and retain talent, according to a recent Colliers report.
Adelaide’s office vacancies firmed slightly in the six months to July to 14.2%, according to the Property Council, as the nation saw new stock drive up vacancy rates. Also under construction in Adelaide is Walker Corporation’s 40,000 sqm One Festival Tower, where Deloitte has just confirmed it will occupy 7,000 sqm over four floors, joining Flinders University which will open a city campus in the building across 11,500 sqm.
Adelaide’s office occupancy inched downwards in October to 76%, but is second only to Perth, Property Council data shows.
60 King William is being developed under a carbon neutral framework and will be net zero in operations. With its construction partner, Built, and Cox Architecture, 60 King William is targeting a 6 star Green Star rating, a 5 star NABERS Energy Rating and WELL Platinum certification.
