Quintessential Brings Adelaide CBD Gateway Tower to Market

A landmark Adelaide office tower offering secure income, substantial refurbishment credentials and future rental growth potential has been listed for sale on behalf of Australian real estate asset manager Quintessential.

431 King William Street is being marketed for sale by Expressions of Interest through CBRE's Ian Thomas and Alistair Laycock, in conjunction with Colliers’ Jordan Schmidt, Alistair Mackie, James Mitchell & Adam Woodward.

Strategically positioned at the southern gateway to the Adelaide CBD, the asset occupies a prominent corner location along the city's key north-south arterial corridor, providing exceptional connectivity to the CBD and Adelaide's inner southern and eastern suburbs.

It comprises a 14-level, 11,696.7sqm office tower with basement carpark for 25 cars as well as a majority interest with 176 bays in the adjoining multi-deck parking facility. 

The tower has been substantially refurbished under Quintessential’s ownership and is 91.9% leased, supported by strong effective rent growth and tenant retention, and a diverse tenant base, including leading Adelaide law firm Norman Waterhouse.

The offering comes at a time when Adelaide continues to benefit from significant investment across the defence, infrastructure, innovation and health sectors, supporting business confidence and occupier demand throughout the CBD.

Quintessential spokesperson Justin Mills, Chief Executive Officer, said; “Since acquiring 431 King William Street in December 2018, Quintessential has invested more than $10 million in building upgrades, delivering a high-performing asset underpinned by a strong tenant mix, high tenant retention and demonstrated leasing success. This is a well-positioned, income-secure asset with genuine rental growth potential for the new owners amid continued demand for high quality office accommodation in Adelaide.”

CBRE’s Senior Director, South Australia, Ian Thomas said the offering presented investors with the opportunity to acquire a high-performing office investment in one of Australia's strongest office markets. 
“431 King William Street has been extensively repositioned by Quintessential and is now one of the city's leading CBD office assets, offering occupiers a highly accessible location, exceptional parking provision and fit-for-purpose accommodation that aligns with workplace demand,” Mr Thomas said. 

Colliers’ Head of Office Capital Markets & Investment Services, South Australia, Jordan Schmidt, noted; “Tenant retention has been exceptionally strong. The asset also benefits from a highly flexible 845sqm floorplate that can be efficiently subdivided into four tenancies, with natural light and views available from all corners of the building, making it ideally suited to growing demand for smaller suites and future leasing flexibility.”

431 King William Street is further complemented by a 4.5-Star NABERS Energy rating, premium end-of-trip facilities and commanding views across the Adelaide CBD and Adelaide Hills. 

The adjoining multi-deck car park provides a market-leading parking ratio of approximately one bay per 57sqm and presents long-term development potential in partnership with the neighbouring co-owner.