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
Melbourne CBD strata office yields 30% increase in just three years

Next

Press Release
Mallee cropping aggregation hits market for first time
  • Home
  • About CBRE
  • Media Centre
  • Local and international buyers tipped to circle 75 Hindmarsh Square

Local and international buyers tipped to circle 75 Hindmarsh Square

Adelaide | 4 February 2020
  • Email
  • Share
  • Tweet
  • Share

An Adelaide syndicate led by Allan Breakwell is preparing to sell the city’s prominent 75 Hindmarsh Square office building after more than 12 years of ownership.

CBRE’s Ian Thomas and Alistair Laycock have been appointed to steer the Expressions of Interest campaign, which is expected to generate significant buyer enquiry given the building’s strong tenancy covenants and highly desirable Hindmarsh Square location

Mr Thomas said the campaign also coincided with a genuine lack of opportunities at a time when Adelaide was in focus for a broad range of buyers.

“There is heightened interest in Adelaide from offshore groups, domestic institutions and private investors, given the city’s attractive relative returns and stable economic and leasing landscape,” Mr Thomas said. 

“Significant CBD office sales totaling more than $750m were completed in Adelaide in 2019, more than double the long-term average and eclipsing the record set in 2018. While this has led to significant cap rate compression, Adelaide office investments still offer compelling return premiums relative to other eastern seaboard markets.”

The five-level Hindmarsh Square building is over 96% occupied, with the vendors offering a rental guarantee over the small quantum of vacant space.

Prominently positioned overlooking Hindmarsh Square and situated on the corner of Pirie and Hyde Streets, the building has a net lettable area of 4,662ssqm, including two high profile, ground floor tenancies.

With a Weighted Average Lease Expiry of 4.57 years, the asset provides a strong cash flow underpinned by leases to top tier tenants NOVA Entertainment, Sony Interactive, the Office of the National Rail Safety Regulator and Lidums Dental.

It also offers 74 car spaces over three basements levels - providing one of the highest car parking ratios in the Adelaide CBD.

“The Adelaide leasing market is on an upward trajectory, with the defence, resources and health and medical research sectors driving occupier demand,” Mr Laycock said.

“This is underpinning interest in Adelaide as an investment destination, particularly given the removal of stamp duty on office transactions and the decrease in the top land tax rate from 1 July this year.

“We expect interest in 75 Hindmarsh Square at around the $40m mark, which will appeal to private investors, syndicates and some REITs.”

Expressions of Interest close March 12, 2020.

For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

Contact Us

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