Iconic Adelaide Office Tower To Fetch $180m+

Adelaide’s most prestigious and iconic office tower, Westpac House, is on the market in the city’s biggest CBD investment opportunity in recent years.

Colliers International’s Ian Thomas in conjunction with Knight Frank’s Guy Bennett and CBRE’s Philip Rundle, have been appointed to sell the 31-level building at 91 King William Street in the heart of the Adelaide CBD.

Mr Thomas said Westpac House was the most iconic and recognisable building on the Adelaide skyline.

“Westpac House is Adelaide’s most prestigious office tower and dominates the CBD skyline,” he said. “The tower building is one of only two premium grade properties in the Adelaide CBD and houses an outstanding list of blue chip, corporate and private sector tenants with 31 levels of accommodation.

“Westpac House is on par with commercial property investments across Australia. Its ability to attract a ‘who’s who’ of tenants, and maintain itself ahead of the competition, augurs well for investors considering a long term investment horizon.”

Mr Bennett said Adelaide’s property market was regarded as an international ‘safe haven’ and a major benefactor of the continued growth in China, Southeast Asia and India.

“Demand for quality Adelaide CBD investment assets remains strong, with a diverse range of investors in the market looking to secure investments,” he said. “91 King William Street is the ultimate trophy asset in Adelaide and this, combined with growing demand for prime quality assets, will see a hot contest among a wide range of buyers keen to secure this outstanding property.”

The Westpac House development encompasses three buildings together with a large plaza and various pedestrian thoroughfares. Dominating the site is the tower, a 31 level high rise premium grade office building including basement car parking and service areas.