Adelaide’s Westpac House on the market

Adelaide’s most prestigious office tower, the 31-level Westpac House, is on the market in the city’s biggest CBD investment opportunity in recent years.

Located at 91 King William Street, Westpac House encompasses three buildings together with a large plaza and pedestrian thoroughfares.

Westpac House, together with the two adjacent buildings – Delmont Building and Perpetual Building – provides a total net lettable area of 31,678.3 square metres.

The 4,287 square metre site area incorporates 29,746.2 square metres at Westpac House, 868.5 square metres at Perpetual House (89 King William Street) and 236 square metres of storage space at Delmont House (16 Angster Street). It also offers 60 car spaces.

The listing agents are Colliers International’s Ian Thomas, Knight Frank’s Guy Bennett and CBRE’s Philip Rundle.

The Advertiser quoted market sources as saying Westpac House could fetch more than $180 million. 

“Westpac House is Adelaide’s most prestigious office tower and dominates the CBD skyline,” said Ian Thomas.

Bennett added that Westpac House offered an excellent opportunity for capital and rental growth, a high and sustainable cash flow, rare and exclusive panoramic views over Adelaide and a desirable King William Street business address with access from Currie and Waymouth Streets.

“Rental income is supported by a staggered lease expiry profile and the best blue-chip tenancy mix in the city, with high profile tenants including Westpac, AECOM, Seek, the South Australian Government, Servcorp Australia, Knight Frank, Equity and Advisory, Emirates, HWL Ebsworth Lawyers and AON,” he said.

“Westpac House has enjoyed excellent rental growth, very high occupancy levels, and strong tenant retention since it was built," said Philip Rundle.

Westpac House is expected to be much sought by investors, according to the agents.

“For investors, Adelaide offers more attractive yields than the eastern seaboard property markets,” said Colliers' Thomas.