Suncorp Strikes Major Adelaide Leasing Deal


Banking and insurance giant Suncorp has signed on to a seven-year lease in Adelaide, in what is thought to be the city's largest leasing deal of the year.

The newly-refurbished 1 King William Street will now be home to the banking giant after committing to 4,662 square metres.

Prime Super owns 90 per cent of the 19-storey tower, it last changed hands for $38.6 million in 2010 when it was acquired out of receivership.

Savills negotiated a seven-year term with options to renew, for levels four, five, six and thirteen of the office tower.

“Suncorp was attracted to 1KW for its ability to accommodate the business’ need for expansive floor space in one building,” Savills' Adam Hartley said.

Related reading: IHG Announces Crowne Plaza for Adelaide’s Tallest Building

Built by AMP in 1968, the 20,500sq m building has undergone a floor-by-floor refurbishment.

The end result boosted the energy efficiency of the building from 1.5 star NABERS rating on acquisition to a targeted 5.5 stars.

“1KW has undergone a significant makeover to make it one of Adelaide’s most technologically advanced buildings, targeting a 5.5-star NABERS base building energy rating,” Hartley said.

Included in the refurbishment are best-in-class end-of-trip facilities, which Hartley said added “enormous value” to the building, particularly for staff who cycle or walk to work.

“The ground-floor renovations were only completed in December 2017 but this has inspired a lot more interest, and there are currently negotiations taking place for the remaining larger office spaces,” Hartley said.

“There may only be small tenancies left so prospective tenants are encouraged to apply as soon as possible.”

Suncorp is yet to announce space in Brisbane, where it is seeking to consolidate up to 40,000sq m of office space.

Charter Hall and Investa, Mirvac and ISPT are all reportedly wooing the banking giant for Brisbane's largest leasing deal.


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