Quintessential Equity completes $8m tower upgrade
Quintessential Equity has completed an $8m upgrade of its King William Street office building as part of a renewed focus on “healthy buildings” in the wake of the COVID-19 pandemic.
SA Business
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Quintessential Equity has completed an $8m refurbishment of a King William Street office building two years after acquiring it from property developer Con Makris.
Major upgrades to the building, at 431 King William Street, include a new ground floor space and updated lobby areas across the building, upgraded end-of-trip facilities, renewed boiler and air-conditioning systems and painting of the facade.
The refurbishment was the first major upgrade of the 15-storey tower since it was built in 1990.
Local law firm Norman Waterhouse has secured naming rights to the building, which also accommodates tenants including the Bureau of Meteorology, Lendlease and LogiCamms.
Quintessential Equity general manager of asset management Noah Warren said sustainability and tenant wellbeing were central to the upgrade, and expects a renewed focus on healthy buildings in the wake of COVID-19.
“Healthy buildings are really going to be at the fore of the post-COVID world as tenants are going to need to feel safe and comfortable at the office,” he said.
“As landlords we need to lead the way.
“We wanted to transform this highly visible building from an unloved and out of date asset to one that offered a sustainable and modern outcome.
“By making a significant investment, we believe this iconic tower will set a benchmark of what can be achieved in terms of sustainable workplace design and engineering.”
Quintessential has undertaken extensive engineering upgrades targeting improvements in energy consumption, air quality and waste management.
With the environmental and sustainability improvements, the building is expected to exceed Quintessential’s goal of securing a 4.5-Star NABERS rating.
Mr Warren said the building would achieve a net annual reduction of more than 400 tonnes of greenhouse gas emissions - the equivalent of removing 181 cars from the road each year.
“To make office buildings viable and attractive in the long term, we need to guarantee that it serves the needs of its occupants and the environment, which in turn improves returns for our investors – it’s about delivering a benefit for the triple bottom line.”
Adelaide-based engineers Lucid Consulting were engaged to support the upgrade project.
Lucid Consulting director Adam Greaves said it showed how older buildings could be modernised and made “environmentally relevant”.
“By regenerating the original infrastructure and technology we’ve been able to create a modern office space that puts tenant wellbeing and productivity at the centre.”
Quintessential Equity paid $43.1m for the King William Street building in 2018.
The 11,700sq m building is currently 84 per cent leased, with Colliers International and CBRE appointed to lease the remaining space.
It was the first asset in Quintessential’s $112m Master Fund, which also includes the $80m Port Adelaide Distribution Centre.
Mr Warren expects Adelaide’s property market to outperform other cities as it emerges from the COVID-19 crisis.
“Adelaide is one of Australia’s most consistent property markets, with long-term capital value trend lines indicating some of the strongest growth in the country.”
