Adelaide Office Market Strong With $41m Sale To Private Investors


 Adelaide’s sought-after 81 Flinders Street tower has been sold to a local private syndicate for approximately $41 million.

As reported in the

Australian, the 11-story tower was last bought in 1996 for $13.5 million by Singaporean company, Norelco Holdings.

The deal was handled by CBRE’s Alistair Laycock and Phil Rundle and is Adelaide’s first major office transaction this year.

Mr Laycock said the process attracted strong interest from both local and international investors.

“Investors are attracted by the fact that Adelaide yields continue to offer good value when benchmarked against other eastern seaboard investment opportunities,” Mr Laycock said.

Norelco Holdings had previously put the tower to market in 2008, however no sale was secured.

In total, the building has a net lettable area of 9,812 square meters and is 80 per cent occupied.

The tower was purpose-built in 1990 for law firm Finlaysons, which still occupies the building, along with recruitment firm Hender Consulting, gas pipelines company Investra and insolvency firm Ferrier Hodgson.

Mr Rundle said that the building was a short walk from the recently revamped Victoria Square, King William Street tramline and the retail precinct of Rundle Mall – making it a prime investment opportunity.

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