$73m deal for 100 Waymouth St building

A PRIVATE investor has paid $73 million for an Adelaide office building in what is believed to be the largest individual property transaction in South Australia this year.

Office building at 100 Waymouth Street Adelaide.

A PRIVATE investor has paid $73 million for an Adelaide office building in what is believed to be the largest individual property transaction in South Australia this year.

Colliers International negotiated the off-market sale to a private Singaporean investor on behalf of Cromwell Property Group.

The deal for the 13-storey office block at 100 Waymouth Street that was built around 1990 was led by Colliers International’s Paul van Reesema, Ian Thomas and Alistair Mackie.

“This sale is the biggest transaction in the Adelaide market this year and represents a market-leading yield of 6.775%,” Mr van Reesema said.

“The capital value of $5,932/sqm is also a record rate for a building of this kind in Adelaide.”

100 Waymouth Street is a fully refurbished, A Grade building and upgrade works in 2012- 2013 included a new foyer, new lifts, new air conditioning plant, double glazing, new ceilings and T5 lighting, fully upgraded BMS and fully refurbished amenities.

The sale follows Singapore real estate investment trust Starhill Global REIT announcing the proposed acquisition of the Myer Centre for $288 million earlier this year in a deal that represented the second-largest retail transaction in South Australia.

Mr van Reesema said the 12,305sqm Waymouth Street building was an attractive proposition, it was fully leased, attracting high-profile corporate tenants in Origin Energy and Community CPS Credit Union on long-term leases.

“Located in Adelaide’s vibrant west end business precinct, 100 Waymouth Street is surrounded by prestigious neighbouring buildings including Adelaide’s tallest office tower, Westpac House, as well as News Corporation’s Head Office at ANZ House, the new ATO Tower at EY House and The Rendezvous Hotel,” Mr van Reesema said.

Mr Thomas said the precinct had undergone significant transformation in recent years, with the emergence of fashionable new licenced venues and wine bars in the surrounding side streets including Leigh, Peel and Gilbert Streets.

“These streets form part of the various pedestrian thoroughfares that help link the Adelaide Train Station and the new Adelaide Oval to the western section of the CBD,” he said.

“100 Waymouth Street is within easy walking distance of the Central Markets, the cafes and restaurants of Gouger Street and Chinatown, world class shopping of Rundle Mall and the cultural and entertainment venues on North Terrace. There is also an abundance of public transport and parking in the area.”

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