News & Discussion: CBD Real Estate & Market Conditions
update on office vacancy rates in the CBD from the advertiser - looks encouraging
Steady CBD rental
July 31, 2006 11:30pm
TENANT demand has picked up in Adelaide's central business district, reducing vacancies and bringing continued steady rental growth.
Research released by Jones Lang LaSalle has recorded 14,000 sq m of net absorption for the June quarter, the tenth consecutive quarter of positive net absorption for the market and well above the 600 sq m recorded in the first quarter of the year.
This rise has brought the total over the past 12 months to 18,000 sq m. Together with improved quality of stock as the result of the current construction cycle, figures show this demand has fostered steady rental growth.
The CBD vacancy rate fell from 8.5 per cent to 8 per cent during the June quarter.
Jones Lang LaSalle's Mark Weatherald said the market has seen solid inquiry from both the business and government sectors.
Also the updated Colliers report. Nice aerial of Adelaide inside:
http://www.colliers.com/Content/Reposit ... tumn06.pdf
Steady CBD rental
July 31, 2006 11:30pm
TENANT demand has picked up in Adelaide's central business district, reducing vacancies and bringing continued steady rental growth.
Research released by Jones Lang LaSalle has recorded 14,000 sq m of net absorption for the June quarter, the tenth consecutive quarter of positive net absorption for the market and well above the 600 sq m recorded in the first quarter of the year.
This rise has brought the total over the past 12 months to 18,000 sq m. Together with improved quality of stock as the result of the current construction cycle, figures show this demand has fostered steady rental growth.
The CBD vacancy rate fell from 8.5 per cent to 8 per cent during the June quarter.
Jones Lang LaSalle's Mark Weatherald said the market has seen solid inquiry from both the business and government sectors.
Also the updated Colliers report. Nice aerial of Adelaide inside:
http://www.colliers.com/Content/Reposit ... tumn06.pdf
I'm pretty sure thats the site the new Telstra twin tower has been proposed for if anyone was still wondering.Al wrote:I noticed that there's a building on Franklin St a few doors west of Bentham, that's just been sold. It looks pretty run down but the block is pretty big. I wonder what's going to happen to that?
Franklin st is going to look snazy with all these new proposals and constructions on and around it.The changing hands of city buildings
From "The Australian"
Coe flogs cop shop to Shakespeare for $30m
Maurice Dunlevy
October 12, 2006
ALLCO Finance Group executive chairman David Coe has sold his South Australian Police headquarters building for about $30 million in the first of an expected round of major office building sales in the Adelaide CBD.
Held by Mr Coe's private company Henabond, the 40-year-old 30 Flinders Street SAPOL building has been sold to Melbourne's Shakespeare Management on a yield of 10 per cent.
The deal precedes an expected $250 million of sales in Adelaide as a result of a flood of new CBD office buildings.
A 151 Pirie Street building, jointly developed by the Pivot Group, Charter Hall and AMP Capital Investors, is expected to change hands in the next week for about $60 million, while German syndicator SachsenFonds is understood to be close to paying $150 million for the nearby twin-tower Flinders Link complex.
Caversham's City Central Tower 2 is also on the sale block with an asking price of about $36 million.
The upcoming sales follow a series of transactions over the past six months in which 55 Currie Street sold for almost $67 million, 101 Grenfell Street for more than $30 million, 45 Grenfell Street for $23 million and 80 King William for more than $20 million.
The 10 per cent yield for the 10-storey SAPOL building reflects police plans to move to a new location, expected to be closer to the Victoria Square courts precinct.
SAPOL's original 10-year lease expires in February 2008, but without new offices it will exercise a four-year lease option enabling police to stay on in the building until February 2012.
David Coe's Henabond bought the 13,954sqm building from the SA Government in early 1998 for $22.1 million. Fully tenanted by SAPOL, it has total income of $3.2 million per annum.
It is the first foray into the South Australian market for Shakespeare Management's Quek family.
The family company, which will hold the property through Flinders Central, controls about $100 million of property, most of it in the Melbourne CBD and fringe.
Shakespeare Management director Yong Quek is also executive director of Melbourne-based boutique funds management group Prime Value Asset Management, but the group is not involved in the Adelaide purchase.
Caversham Property's City Central Tower 2 office building became Adelaide's latest offering yesterday when it was put up for sale through a Colliers International tender closing on November 16.
The 121 King William Street property, expected to sell on a yield of 7 per cent, will be built on the site of the former Advertiser building, which was demolished this week.
The new 12,378sqm building will have 56 car spaces and is due for completion in January 2008.
The top three floors of the 12-level building have been pre-leased to Ernst & Young, which has naming rights.
The building is part of a $700 million-plus mixed use development in which the first tower, due for completion in January, was pre-sold to the Commonwealth Office Property fund in 2004 for $142 million.
Coe flogs cop shop to Shakespeare for $30m
Maurice Dunlevy
October 12, 2006
ALLCO Finance Group executive chairman David Coe has sold his South Australian Police headquarters building for about $30 million in the first of an expected round of major office building sales in the Adelaide CBD.
Held by Mr Coe's private company Henabond, the 40-year-old 30 Flinders Street SAPOL building has been sold to Melbourne's Shakespeare Management on a yield of 10 per cent.
The deal precedes an expected $250 million of sales in Adelaide as a result of a flood of new CBD office buildings.
A 151 Pirie Street building, jointly developed by the Pivot Group, Charter Hall and AMP Capital Investors, is expected to change hands in the next week for about $60 million, while German syndicator SachsenFonds is understood to be close to paying $150 million for the nearby twin-tower Flinders Link complex.
Caversham's City Central Tower 2 is also on the sale block with an asking price of about $36 million.
The upcoming sales follow a series of transactions over the past six months in which 55 Currie Street sold for almost $67 million, 101 Grenfell Street for more than $30 million, 45 Grenfell Street for $23 million and 80 King William for more than $20 million.
The 10 per cent yield for the 10-storey SAPOL building reflects police plans to move to a new location, expected to be closer to the Victoria Square courts precinct.
SAPOL's original 10-year lease expires in February 2008, but without new offices it will exercise a four-year lease option enabling police to stay on in the building until February 2012.
David Coe's Henabond bought the 13,954sqm building from the SA Government in early 1998 for $22.1 million. Fully tenanted by SAPOL, it has total income of $3.2 million per annum.
It is the first foray into the South Australian market for Shakespeare Management's Quek family.
The family company, which will hold the property through Flinders Central, controls about $100 million of property, most of it in the Melbourne CBD and fringe.
Shakespeare Management director Yong Quek is also executive director of Melbourne-based boutique funds management group Prime Value Asset Management, but the group is not involved in the Adelaide purchase.
Caversham Property's City Central Tower 2 office building became Adelaide's latest offering yesterday when it was put up for sale through a Colliers International tender closing on November 16.
The 121 King William Street property, expected to sell on a yield of 7 per cent, will be built on the site of the former Advertiser building, which was demolished this week.
The new 12,378sqm building will have 56 car spaces and is due for completion in January 2008.
The top three floors of the 12-level building have been pre-leased to Ernst & Young, which has naming rights.
The building is part of a $700 million-plus mixed use development in which the first tower, due for completion in January, was pre-sold to the Commonwealth Office Property fund in 2004 for $142 million.
I noticed that in the last few days there is a big new sign on the big black building in Victoria Square opposite the Reserve Bank building on Flinders St. It says "Angus" I tried to find out what this company does but without any luck......
So with the others:
City Central 1: ANZ
City Central 2: Ernst & Young
Santos House: Westpac
Flinders Link: SGIC, CGU & Santos
There is a lot of shuffling at the moment
So with the others:
City Central 1: ANZ
City Central 2: Ernst & Young
Santos House: Westpac
Flinders Link: SGIC, CGU & Santos
There is a lot of shuffling at the moment
Thats a little silly isnt it? Their headquarters are on flinders street, I dont think 374-400 KWS or the proposed twin towers will be closer to the law courts than their current location...The 10 per cent yield for the 10-storey SAPOL building reflects police plans to move to a new location, expected to be closer to the Victoria Square courts precinct.
the company is Angus Securities so i suppose thay do something security relatedbeamer85 wrote:I noticed that in the last few days there is a big new sign on the big black building in Victoria Square opposite the Reserve Bank building on Flinders St. It says "Angus" I tried to find out what this company does but without any luck......
Yes that's right about Angus Securites. The ACC finally updated their website with the news from September and it says "Angus Securities" basically have naming rights. Their website is http://www.angussecurities.com if anyone cares to know more. Seems a lot of finance companies will be around that area which will be good.
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