The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
JUST 13 DAYS LEFT UNTIL OUR FLAGSHIP CONFERENCE JOIN MORE THAN 550 ALREADY ATTENDING
JUST 13 DAYS TO GO UNTIL URBANITY-25 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OfficeStaff WriterWed 26 Feb 14

Speculative office play pays off at Adelaide's 70 Franklin Street

p

Despite challenging conditions, a decision to speculatively build a 19,000 square meter office building in Adelaide’s CBD is paying dividends for local developer The Kyren Group.

Top tier corporates PWC, Southern Cross Austereo and Marsh Mercer have all committed to the Cheesman Architects-designed building, located at 70 Franklin Street, Adelaide. 

Nicholas Shinnick, Colliers International National Director – Office Leasing, who negotiated the deals, said corporate tenants were attracted to the building by its green credentials and availability of high rise floors.

“The total area of the leasing transaction amounted to approximately 4500sq m and means the building is now more than 40 per cent leased,” Mr Shinnick said.

“The quality of the tenants committing is testament to the quality of the building."

Southern Cross Austereo has taken up 1,300 square meters on Level 13 and Marsh Mercer 1,136 square meters on Level 6. PWC has leased approximately 1,950 square meters over Levels 11 and 12 and has secured both signage and naming rights to the building.

In a challenging year for the Adelaide CBD office leasing market, Mr Shinnick said all three transactions were significant in the context of the marketplace.

70 Franklin Street has been designed to achieve Green Building Council of Australia 5-Star rating and a modelled NABERS 5-Star rating.

Kyren Group Managing Director, Theo Samaras said energy efficient green buildings translated to greater rental values, higher occupancy rates, and, ultimately, higher asset prices.

“Investing in 5 Star Green Star buildings is a way to stand out in the marketplace and to attract premium tenants,” Mr Samaras said.

“In the future, a 5-star build is likely to be the normal benchmark. With the right project team, these developments can deliver on the bottom-line.

70 Franklin Street is located near Victoria Square law courts precinct and is a short distance from the GPO, Central Market, Chinatown and the Grote and Gouger Street restaurant precincts.

OfficeAustraliaSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
GYG EDM
Exclusive

GYG Reveals Real Estate Tactics Behind 1000-Store Growth Plan

Clare Burnett
7 Min
Kurraba Point 93 Kurraba Road TUD PLUS
Residential

Council Over Court: How HFO Won Rare North Sydney Approval

Vanessa Croll
7 Min
Exclusive

Why Sentinel is Betting Big on Olympic City Office Sector

Phil Bartsch
5 Min
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
View All >
The entrance to 88 North Terrace Adelaide, the site of a new student tower at Holy Trinity Church
Student Housing

PBSA Highrise Greenlit for Adelaide Church Carpark

Renee McKeown
GYG EDM
Exclusive

GYG Reveals Real Estate Tactics Behind 1000-Store Growth Plan

Clare Burnett
Sponsored

Covering the Gaps: How iCreate Fixes Common Developer Marketing Traps

Marisa Wikramanayake
Avoid wasting budgets and resources with the marketing systems you need to sell off-the-plan, designed by iCreate Agency…
LATEST
The entrance to 88 North Terrace Adelaide, the site of a new student tower at Holy Trinity Church
Student Housing

PBSA Highrise Greenlit for Adelaide Church Carpark

Renee McKeown
2 Min
GYG EDM
Exclusive

GYG Reveals Real Estate Tactics Behind 1000-Store Growth Plan

Clare Burnett
7 Min
Development

Covering the Gaps: How iCreate Fixes Common Developer Marketing Traps

Marisa Wikramanayake
4 Min
Lendlease 175 Liverpool Street EDM
Real Estate

Lendlease Reveals $2.5bn Twin Tower Play for New Sydney Site

Clare Burnett
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/speculative-play-pays-off-as-corporates-line-up-to-occupy-70-franklin-street