Adelaide’s newest office tower to transform CBD

A new office tower is set to transform the Adelaide CBD in response to a growing trend of global companies looking to South Australia as a primary destination for expansion throughout the Australian market.

The Kyren group has recognised this opportunity and will be breaking soil at 102-108 Wakefield Street, Adelaide, this week, in order to capitalise on the increasing demand for prime-grade office space in the years to come.

The 14-level office tower, designed by Cheesman Architects to achieve a 5.5-star NABERS rating, will provide about 14,000sq m of prime-grade office accommodation when it reaches its expected completion date in 2020.

Adam Hartley and Zandra McGee of Savills Office Leasing have been appointed to lease the entire building on behalf of the Kyren Group, and are currently discussing options with prospective occupiers, saying it was expected to attract tenants from a variety of industries, such as legal, medical, engineering and technology.

Mr Hartley said he was excited by the opportunity this new building would bring to many tenants who were frustrated with the lack of new prime quality stock on offer in Adelaide.

“High quality contiguous office accommodation is becoming harder to find off the back of many recent leasing transactions that have absorbed the majority of prime-grade office space,” he said.

“108 Wakefield Street will be constructed with floor-to-ceiling glass windows that provide an abundance of natural light, outdoor breakout space on all upper floors, a large number of on-site carparks, enviable end-of-trip facilities with a high count of bike racks and showers – and they will even be fully laundered.”

Mr Hartley went on to say that progressive companies understood how critical building amenity and aesthetics were to attracting and retaining the best employees.

“We are observing an increasing number of international companies, such as Technicolor and the establishment of the national Australian Space Agency, choosing Adelaide for multiple reasons,” he said.

“Most notably, the transformational 10Gigabit Network by the Adelaide City Council and TPG, which provides global first-class internet speeds – today’s lifeblood of business.”

The CBD location is within close proximity of the new Wakefield Hospital, the courts precinct and the central financial district. There is easy access to public transport in all directions, and large volumes of monthly reserved parking in the abutting carpark.

“Tenants who require the ability to transit in and out of the city during business hours will find this location particularly appealing,” he said.

The building will be leasing at circa $470 net per square metre.

The Kyren Group has been the leaders in new office buildings in Adelaide, with 400 King William Street and 70 Franklin Street among key additions to the city skyline.

Mr Hartley is also seeking large tenant pre-commitments for another Kyren Group development site at 52-56 Franklin Street, which can provide 29,000sq m of prime-grade office space and is metres from Victoria Square.