Duxton weighs up CBD office tower sale - home to 2KW, Fishbank

It’s home to some of the quirkiest toilets in Adelaide and a pioneer in the rooftop bar scene, and now investors are circling one of the city’s historic towers.

Duxton paid $6.45m for the Adelaide tower in 2012. Picture: Supplied

It’s home to some of the quirkiest toilets in the city and a pioneer in Adelaide’s rooftop bar scene, and now for around $25m, one of the city’s most recognisable and historic buildings could be yours.

Adelaide businessman Ed Peter’s Duxton Asset Management and Singapore investor Richard Magides are looking at a potential sale of the former Westpac building on the corner of King William St and North Tce, after paying just $6.45m for the property in 2012.

It is understood offers in the mid-$20m range would be considered for the heritage-listed building, which the current owners have transformed through multi-million dollar upgrades, including transforming the former bank vault space into toilets, complete with the original steel bars and gates that would have once protected the valuables of Adelaide’s movers and shakers.

Charlotte Selley and Eliza Duncan pictured at 2KW. Picture: Brenton Edwards

It’s a memorable trip for anyone who ventures down to the basement from the 2KW rooftop bar or seafood restaurant Fishbank, which opened at the site in 2020 following the closure of Jamie’s Italian in the wake of Covid-19.

Duxton is planning to relocate its headquarters – and most of its staff – from its current base in Stirling, in the Adelaide Hills, to the King William St tower, taking up space left vacant following the departure of developer Commercial & General earlier this year.

The group is also considering selling or leasing part of its Adelaide Hills property as part of the changes to its commercial holdings.

Duxton Capital chief executive Stephen Duerden said the group was approached about a potential sale of the CBD building after receiving interest from buyers.

The facilities at 2 King William St picutred in 2014 following the opening of Jamie’s Italian. Picture: Mike Burton

“While Duxton is not proactively looking to sell the property, if an outstanding offer were presented, the board would consider it, but that would be balanced against our future office needs, our intention to move from our Stirling headquarters to a CBD location, and the market demand,” he said.

“Duxton is looking to relocate its head office to level 7 at 2 King William St, and has been exploring options for the Duxton House property in Stirling which includes either lease or sale of part of the property, given some staff will likely remain Stirling-based.”

Cushman & Wakefield’s Guy Bennett and Jed Harley, who are pitching the building to investors, declined to comment.

Originally built in 1937 as the head office of Westpac in Adelaide, the tower offers 4660sq m of building space across nine levels, and is home to office tenants including Rabobank, Morgan Stanley and marketing services firm WPP.

Originally published as Duxton weighs up CBD office tower sale - home to 2KW, Fishbank