BankSA headquarters on King William St hits the market

The historic home of BankSA, including one of Adelaide’s grandest banking chambers, has hit the market with a $40m price tag.

The vault inside BankSA’s headquarters on King William St, Adelaide. Picture: Supplied by CBRE

Offers of around $40 million are expected for the historic home of BankSA, which has been put on the market by boutique fund manager Centennial Property Group.

The state heritage-listed building is fully leased to the bank and generates an estimated net annual passing income of a little more than $2 million.

The BankSA headquarters on King William St, Adelaide. Picture: Supplied by CBRE,

Centennial paid Charter Hall $29 million to take over the building in 2016, and industry sources expect the current campaign to attract offers of around $40m.

CBRE’s Ian Thomas and Alistair Laycock, and Knight Frank’s Guy Bennett, are managing the sale.

Mr Thomas said the property included Adelaide’s grandest banking chamber, and the current five-year lease to Westpac Group included up to 20 years of extension options.

“97 King William St is one of Adelaide’s best-known buildings with the bank having occupied the site for over 75 years,” he said.

“Adelaide’s grandest banking chamber sits behind the stunning facade of the office building which comprises approximately 15,115sq m of net lettable area with basement car parking.

“Investor interest in Adelaide continues to be strong and whilst border closures have presented challenges, the majority of buyers have navigated these successfully.”

The 11-storey art deco building was completed in 1943 for the Savings Bank of South Australia, a forerunner of BankSA.

Mr Thomas said development of Charter Hall’s $450 million office tower nearby at 60 King William St would drive a “renaissance of King William St”, and the BankSA building was set to capitalise on the evolution of one of the city’s main boulevards.

Expressions of interest close at 3pm on November 11.