Quintessential eyes another Adelaide office
Quintessential is speculated to be eyeing another Adelaide CBD office.
The 21 level building, 11 Waymouth Street, completed in 2007, was offered mid-year by Singapore based Mapletree,
Returning $17.96 million annual rent, the asset worth be worth $200-$225m assuming an eight to nine per cent yield.
With 31,305 square metres of A-grade area, renovated in 2020, it is 82pc occupied by state and federal government tenants.
The balance is rented to corporate groups.
Also with 150 basement car parks and ground floor cafe tenancies, the weighted average lease expiry by income is 2.9 years.
The site spreads 3576 sqm.
If the deal goes ahead, Quintessential will hold the asset with three other Adelaide CBD offices: 100 and 431 King William St, and 30 Pirie – the latter bought in 2022, since renovated and relet (continues below).
Mapletree selling another office
Mapletree paid Dexus and the Canada Pension Plan Investment Board $202.7m for 11 Waymouth St, also known as ANZ House, in late 2017.
For the on sale, it appointed CBRE’s Ian Thomas and Alistair Laycock with Knight Frank’s Max Frohlich and Ryan Mills.
Any deal would come a month since we reported the asset manager was selling a St Kilda Road, Melbourne, office, to Solomon Lew.
On a double block facing Fawkner Park, that property is collecting a speculated $90m.
Mapletree paid $144.4m in 2017. Like Waymouth St, it was renovated.
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