This article is from the Australian Property Journal archive
CON Makris has sold the 431 King William Street office tower in Adelaide’s CBD for $43.1 million to Melbourne-based Quintessential Equity.
The fund manager acquired the 11,866 sqm building at a 10.5% yield – around 30% is vacant – and will use it to seed its $112 million Master Fund. Quintessential will refurbish the building and look to improve the building’s NABERS rating from 3 stars to 4.5 stars.
In the second half of this year, Melbourne petrol tycoon Nikos Andrianakos pumped $100 million into the Santos Centre, which followed Charter Hall Long WALE REIT selling a 50% stake in Adelaide’s largest office building, the Australian Tax Office’s headquarters, for $135 million.
Peregrine Corporation put a portfolio of Adelaide CBD car parks to the market, including 215 North Terrace, 52-70 Frome Street (East End Car Park) and 28-30 Hindley Street, with expectations of around $200 million, while the South Australian government put the historic Edmund Wright House at 59 King William Street to the market.
Makris recently moved his property operations to Queensland after 45 years in Adelaide.
At the end of last year, he cut a deal with Adelaide City Council to sell the 7,535 sqm Le Cornu development site in North Adelaide for a figure believed to be around $37 million.
The site had sat dormant since 1989 despite being subject to a string a redevelopment plans, including Makris’s own scheme for a $200 million project that would have included a Sheraton Hotel, office towers, apartments and a retail and cinema complex.
In 2016, he had sought to sell the City Cross shopping centre and 32 Grenfell Street site of 6,779 sqm in Rundle Mall.
Australian Property Journal
