Promising Future for Iconic Adelaide Corner
After a protracted period on the market, Knight Frank have secured a new owner for the iconic building positioned on the corner of North Terrace and King William Street.
2 King William Street, Adelaide was home to Westpac Banking Corporation for most of last century, and was purchased by a Melbourne based hospitality group back in 2008 for conversion in to a hotel, but the project fell foul of the GFC and has spent the last 12 months on the market for sale. Due to the property’s prominent location on one of Adelaide’s major intersections it has generated a lot of interest from prospective purchasers, but also from the greater public who were keen to see the heritage nature of the building protected while identifying a viable set of uses for the property into the future.
Knight Frank selling agent Tony Ricketts believes 2 King William Street offered a whole range of challenges to the wider market as it was a case of being able to implement a comprehensive programme of refurbishment in a tight financial environment, while managing the risk of securing new tenants for the building once finished. “We are confident the new owners are able to deal with these challenges and they will stand to derive serious benefits from successfully executing this project.” Ricketts said.
The building sits opposite Government House and Parliament House, and has superb views over the northern parklands, Torrens Lake and the beautiful Adelaide Oval.
“We believe the new owners will incorporate these unique outlooks wherever possible in to their general design and fitouts. I can’t think of another property with as much potential as this one” Ricketts added.
The property currently provides about 5,200 square metres of net lettable area. The basement is a lesson in history being purpose built for a banking use with a series of strong rooms with a ‘bullion lift’ to the ground level, and another feature is the main entrance doors off King William Street which operate on a specialised hydraulic mechanism which recesses into the basement. The lofty ground floor chamber is stunning and would be ideal for high-end retail or a restaurant/bar facility.
The refurbishment programme is likely to start later this year after Council and Heritage approvals have been obtained.
For more information contact Tony Ricketts, Knight Frank Director of Agency on 0418 827 911 or Tony.Ricketts@au.knightfrank.com
Advertorial in http://www.indaily.com.au