Strategically located in the heart of Adelaide’s traditional core office precinct, 63 Pirie Street has been substantially repositioned and represents a genuine core plus office asset, perfectly positioned to capitalise on Adelaide and South Australia’s dynamic and rapidly growing economy and CBD office market.
Under its current ownership, 63 Pirie Street has been substantially refurbished and repositioned with upgrades to the building services, entry canopy, bathrooms and end of trip facilities ensuring it competes strongly in its class and accordingly is has recently achieved exceptional leasing momentum.
The asset offers an enviable cash flow and a 3.5 year WALE underpinned by coveted leases to national and global tenants including, Telstra Business Centre, Lockheed Martin and Macquarie Group together private sector tenants including Cowell Clarke Commercial Lawyers and Bentleys Accountants.
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.
Key features:
- 11,211sqm NLA with large 1,070sqm floorplates
- Passing net income of $2.52million (fully leased net income $4.33m)
- 3.5 year WALE with significant extension upside
- 4.0-Star NABERS Energy Rating with a clear path to 4.5+stars when fully leased
- All major CAPEX completed including façade, lifts, a/c and amenities
- 34 basement carparks with EOT facilities
- Key corner 1,823 sqm site with major frontages to Pirie Street and Gawler Place
63 Pirie Street, Adelaide is proudly presented by Colliers and Cushman & Wakefield. A 100% interest in the asset is being offered For Sale by an International Expressions of Interest closing at 4.00 pm (ACST) on Thursday 4 August 2022.
For more information or to arrange an inspection please contact the agents.
RLA: 315726
- Adelaide CBD
