This article is from the Australian Property Journal archive
KYREN Group will begin construction of its $70 million, 14-level office tower at 102-108 Wakefield Street in Adelaide’s CBD this week.
However, the 14,000 sqm prime-grade building, designed by Cheesman Architects, is yet to secure a tenant.
Savills agents Adam Hartley and Zandra McGee are leasing the building and said they are currently discussing options with prospective occupiers, and expecting the building to attract tenants from a variety of industries, such as legal, medical, engineering and technology.
The site was previously home to a 10-storey car park with 670 bays.
Last week, Cbus Property revealed plans for a $300 million, 17-level commercial development on the former Planet Nightclub site the CBD.
Cbus will wait to secure a pre-commitment before starting construction of the tower, named 83 Pirie. On the corner of Pirie Street and Freemasons Lane, the building will have around 30,000 sqm of contiguous A-grade office space across large, flexible floorplates averaging 1,750 sqm that can be merged to create vertical spaces.
Adelaide’s CBD office vacancy rate dropped for the fourth consecutive six-month period in the second half of 2018, according to the latest data from the Property Council of Australia, as premium grade vacancies hit an historic low of 2.6%.
Vacancies across the city market fell from 14.7% to 14.2% in the half.
Colliers’ national director, office leasing, James Young said high levels of enquiry seen in the final quarter of 2018 moving into 2019 and a lack of supply could see the vacancy rate fall to below 13%.
Australian Property Journal
