logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
Australia
  • Global
  • United States
  • Albania
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Bosnia & Herzegovina
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Croatia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Montenegro
  • Morocco
  • Netherlands
  • New Zealand
  • North Macedonia
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Saudi Arabia
  • Serbia
  • Singapore
  • Slovakia
  • Slovenia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Lines
      • Advisory & Transaction Services
      • Capital Markets
      • Global Workplace Solutions
      • Investment Management (CBRE Investment Management)
      • Property Management
      • Valuation & Advisory Services
    • Industries & Specialties
      • Agribusiness
      • Build-to-Rent
      • Building, Depreciation & Cost Consultancy
      • Government Real Estate Advisory & Transactions
      • Hotels
      • Industrial & Logistics
      • Office
      • Residential
      • Retail
      • Retirement & Healthcare
      • Sustainability
      • Flexible Workspace
    • Services for Investors
      • Debt and Structured Finance
      • Host
      • Institutional Investments
      • International Investments
      • Investment Accounting & Reporting Solutions
      • Structured Transactions & Advisory
      • Leasing & Advisory
      • Metropolitan Investments
      • Property Management
      • Property Sales
      • Recovery & Restructuring
      • Valuation & Advisory
    • Services for Occupiers
      • Facilities Management
      • Leasing & Advisory
      • Occupier Consulting
      • Portfolio Services
      • Project Management
      • Sale and Leaseback
      • Structured Transactions & Advisory
      • Transaction Management
      • Valuation & Advisory
      • Workplace
  • Properties
    • Agribusiness
      Hotels
      Industrial & Logistics
      Institutional Investments
      Metropolitan Investments
      Office
      Residential
      Retail
  • Research & Insight
    • Australia Research
      Asia Pacific Research
      Global Research
      Expert Opinions
      Talking Property Podcast
  • People & Offices
    • Pacific Executive Committee
  • About CBRE
    • [email protected] - LGBTQI+ Inclusion
      Careers
      Case Studies
      Client Tools
      Corporate Information
      Environmental, Social and Governance
      Investor Relations
      Media Centre
      Reconciliation
      The Place Makers

Previous

Press Release
Armadale landmark sets new benchmark with $14.5m sale

Next

Press Release
CBRE announces senior hire to target Agribusiness opportunities in WA
  • Home
  • About CBRE
  • Media Centre
  • New generation Adelaide office landmark sold for $72 million

New generation Adelaide office landmark sold for $72 million

16 December 2014
  • Email
  • Share
  • Tweet
  • Share

Adelaide, 17 December 2014 – The landmark 151 Pirie Street tower - one of the first of the “new generation” office buildings to be completed in Adelaide - has been sold to a local private investor for $72 million.

CBRE’s Alistair Laycock, Phil Rundle, Josh Cullen and Rick Butler steered the international Expressions of Interest campaign for the trophy asset on behalf of Real I.S. Australia, a subsidiary of the German fund manager Real I.S. Group.

The campaign generated significant national and offshore buyer interest as result of the blue chip tenancy profile and prime location of the building in the heart of the Adelaide CBD, overlooking Hindmarsh Square.

Constructed in 2006, the tower is fully leased to a mix of high profile private sector and state government tenants, including KPMG, Macquarie Bank, CBRE, BankWest and the South Australian Government, providing a secure, long term cash flow.

The property has been acquired by private Adelaide investor Viv Padman in a deal which reflects an initial yield of circa 7%.

CBRE’s Adelaide Managing Director Alistair Laycock said the building’s high quality tenancy covenants, long-term lease expiry profile and strong environmental credentials were key attractions for prospective purchasers.

“Opportunities to purchase new generation office assets in Adelaide, constructed post 2006, have been very limited and as a result there was a high level of interest from both private and institutional investors,” Mr Laycock said.

“Real I.S. Australia has maintained strong performance and building appeal, evidenced by foundation tenants KPMG, Macquarie Bank, BankWest, BUPA and Design Inc all extending their lease terms this year. This has resulted in the building having a strong WALE of 5.7 years, with major tenant KMPG having extended its lease term to 12 years.”

The building’s environmental credentials were another strong draw card for investors.

On completion the building was awarded South Australia’s first official 4 Star Green Star Design rating by the Green Building Council of Australia and last year, due to the proactive asset management by the owner Real I.S. Australia, the tower became the first commercial building in the state to achieve a 5.5 star NABERS Energy Base Building Rating without the need to purchase green power.

The step up to a 5.5 star rating was achieved following the implementation of a range of initiatives, including a rooftop solar installation to provide renewable energy for the base building.

Mr Rundle said the eight-storey building offered efficient and flexible floors of circa 1,500sqm, with commanding views to the north overlooking Hindmarsh Square and to the east towards the Adelaide foothills.

It also benefits from its location in the vibrant “Eastern Precinct” of the Adelaide CBD, offering convenient access supported by basement parking for 61 cars.

For Australian/international news or global stories, follow us on Twitter.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue).  The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.au.

 

 

 

 

 

 

 

Media Contacts

Kathryn House Headshot
Kathryn House
Communications Director
Pacific
+61 2 9333 3585
+61 402 465 440
  • Corporate Information
  • Corporate Responsibility
  • Media Centre
  • About CBRE
  • Careers
  • Case Studies
  • People & Offices
  • Executive Committee
  • Investor Relations
  • Contact Us
  • Australia Privacy Policy
  • Global Web Privacy and Cookie Notice
  • Whistleblower Policy
  • Sitemap
  • Terms of Use
  • LinkedIn
  • Twitter
  • Facebook
  • Instagram
  • Youtube