Adelaide office sells for $38.64m

One King William Street in the Adelaide CBD has sold for $38.64 million.

A release by marketing agencies Colliers International and 333 Real Estate, below, has more detail.

The asset traded at a 9.5 per cent yield.

Agent release:

One of Adelaide’s most high profile office towers, 1 King William Street has sold for $38.64 million. The transaction is the first major sale of an Adelaide office property greater than $20 million since mid 2009.

The sale of 1 King William Street also included an adjacent freestanding car park building at 19 Gresham Street.

The sale was managed by 333 Real Estate on behalf of Record Realty and publicly marketed by Paul Van Reesema and Ian Thomas of Colliers International

Tony O’Callaghan, Executive Director of 333 Real Estate, said the assets were sold following a comprehensive review and were no longer considered core to the Vendor’s long term strategy.

The office tower and car park building were acquired by Anvil Capital on behalf of wholesale investors. Adam Learmonth, Director at Anvil Capital, said “1 King William Street is a landmark asset and our investors are very pleased to be making this significant investment into the Adelaide market. We look forward to executing an active asset management strategy that delivers great results for our investors as well as for the City of Adelaide”

Paul van Reesema, Director of Investment Sales at Colliers International, said this is the highest value sale for 2010 and the first since mid 2009 for Adelaide. It represents a renewal of confidence as well as a renewed appetite for the major office investments.

1 King William Street is located on the corner of North Terrace and King William Street and has extensive frontage to King William Street, North Terrace, Gresham Street and Gresham Place. The landmark office tower comprises 20,567sqm. Included in the offering is a freestanding multi level car park which sits adjacent to the main site.  It complements 1 King William Street by providing 166 bay car park at 19 Gresham Street.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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