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Core Plus CBD Office tower in Adelaide ticks all the boxes

Jessica Freeman • 25/07/2022

A strategically located Core Plus office investment in the heart of Adelaide’s traditional core has come to market for the first time in over 24 years. 63 Pirie Street comprises a comprehensively repositioned office tower of 11,211 sqm over basement, ground and 10 upper levels.63-Pirie-St-Adelaide-SA

Constructed in 1986, the current owners have completed extensive upgrades since 2017 to reposition the building to an extremely high standard with a NABERS Energy rating of 4.0 stars, tracking to 4.5 stars plus when fully occupied.

Designed around an eastern side core, the floor plates offer excellent natural light with views to the north, west and south. Amenities are located at each end of the side core. Floor plates are typically 1,070 sqm through levels 1 to 10. The ground floor was transformed in 2018 incorporating a new entry lobby and complimented by Hey Darling cafe. In the basement is parking for 34 vehicles and a new end of trip facility.

In addition to the comprehensive base building upgrades, around 63% of the NLA has new tenant fit-outs with a further 20% of NLA having base building refurbishments.

Situated on a key corner site of 1,823 sqm, 63 Pirie Street, Adelaide is for sale through Jed Harley, Peter Court and Leigh Melbourne of Cushman & Wakefield, and Paul Van-Reesema, Alistair Mackie and James Mitchell of Colliers International.

Jed Harley of Cushman & Wakefield said “In addition to its very attractive existing investment metrics, 63 Pirie Street also offers significant income and WALE expansion upside through leasing the remaining 33% vacancy, with minimal CAPEX given the comprehensive and recent upgrades.

“The building has a staggered lease expiry profile, with almost half of the NLA secured by new long-term leases, and boasts a strong tenancy mix including Lockheed Martin, Macquarie Group, Telstra Business Centre, Cowell Clarke and Bentleys Accountants.

Paul Van-Reesema of Colliers International said “Under its current ownership, 63 Pirie Street has been substantially refurbished and repositioned with upgrades to the lifts, air-conditioning, building management, entry lobby, bathrooms and end of trip facilities ensuring it competes strongly in its class, and accordingly it has recently achieved exceptional leasing momentum.”

“The asset offers an enviable cash flow with passing net income of $2.52m ($4.33m fully leased) and a 3.5 year WALE” he said.

The Pirie Street precinct is in the midst of a resurgence with successful refurbishments of older stock such as 63, 74 and 89 Pirie Street, and the development of CBUS’s new 30,000 sqm office building next door at 83 Pirie Street which is nearing completion.

The precinct provides significant amenity for tenants and occupiers, with high end food and beverage offerings including Osteria Oggi, Soi 38, Pizza e Mozzarella, The Historian Hotel, and Abbots & Kinney cafe; together with an abundance of on-street and off-street car parking, and a short walk to buses and trams along King William and Grenfell Streets.

Mr Harley said 63 Pirie Street ticks all the boxes as a superior Core Plus CBD office investment which will appeal to sophisticated local, interstate and offshore investors.

A 100% interest in 63 Pirie Street is being offered For Sale by an International Expressions of Interest through Cushman & Wakefield and Colliers International closing at 4.00 pm (ACST) on Thursday 4 August 2022.

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