Quintessential completes $30m refurbishment of 100 King William St, Adelaide

Property group Quintessential has completed a $30m revamp of the former Commonwealth Bank HQ on King William St in Adelaide. See inside.

Inside the revamped tower at 100 King William St, Adelaide. Picture: Supplied by Quintessential

Quintessential has completed a $30m revamp of the former Commonwealth Bank headquarters on King William St in Adelaide.

The refurbishment is one of two tower upgrades the property group is overseeing in the city, in a counter-cyclical move aimed at securing tenants looking to attract staff with high quality accommodation.

Anchor tenant AGL will move into 3000sq m across two levels of the building in the second quarter of next year, and Quintessential is hoping the project will win over other corporates as it looks to lease up the remaining 7000sq m of vacancy in the building.

“There is a number of tenants we’re talking to, larger tenants,” Quintessential chief operating officer Noah Warren said.

“When you look at it we’re rental competitive, locationally we’re as good as anyone, and the building amenities that we’ve delivered – that’s the vision that AGL really backed us on.”

Seating on the new ground floor of 100 King William St, Adelaide. Picture: Supplied by Quintessential

Quintessential paid $71.5m for the 18,000sq m building in 2021, following CBA’s decision to relocate its main Adelaide office to Kyren Group’s building at 108 Wakefield St.

The upgrades have included a facade refurbishment, revamp of the ground floor foyer, new end-of-trip facilities and additional “third spaces” for tenants.

AGL was secured earlier this year, taking up a 10-year lease and joining existing tenants including DW Fox Tucker law firm and Commonwealth Bank, which continues to operate a refurbished branch on the ground floor.

Mr Warren said talks were under way with food and beverage operators for two spaces on the ground floor, while a co-working operator could also form part of the new tenancy mix.

He said the building would benefit from the flight to quality that was shielding higher quality buildings from the higher vacancies that had emerged in most capital cities.

Inside the refurbished building at 100 King William St. Picture: Supplied by Quintessential

“The property hadn’t been refurbished for decades, and we understood what was required to make 100 King William St an attractive, market leading office space that will attract major occupiers and bring people back into the CBD again,” he said.

“The works have created a significantly enhanced environment for tenants, which we know is hugely important for staff retention and teams returning to the office.

“We are seeing, nationally, physical occupation continuing to increase, if not getting back to normalised levels in some states.

“There’s no doubt Victoria is a lagger, and I think there’s a number of reasons why that’s been a lagger. In Adelaide we’re seeing physical occupation getting back to that pre-Covid level, and I think buildings that are well-positioned, good amenities, are priced well – it provides an attraction for the occupiers’ staff as to why they should come in.

“It gives the occupier that ability to win the race to the best talent and retain the best talent. They’re the buildings people want to be in, and that’s why we’ve gone and spent significant capital on this building, because that’s what we see in an asset like this.”

Quintessential is currently undertaking a $30m upgrade of the former Telstra tower on Pirie St, which is due for completion in December.

CBA continues to operate a branch at the site. Picture: Supplied by Quintessential

Originally published as Quintessential completes $30m refurbishment of 100 King William St, Adelaide