Lendlease property fund to sell Adelaide office and carpark complex

One of Adelaide’s premier office and carpark landmarks, 80 Flinders Street, has been listed for sale.

Completed in 2006 and comprehensively refurbished in 2019, the 12,154 square metre office building is located on a 4,387 square metre site.

It is 100% leased to industry leading tenants, including BAE Systems, IAG and Beach Energy, providing a WALE of 4.78 years.

The multi-deck car park, consisting of 694 spaces, is leased to Wilson Australia.  

CBRE and Knight Frank have been appointed to market the property on behalf of Lendlease's Australian Prime Property Fund Commercial. 

Thomas said South Australia’s strengthening economy was providing a platform for greater investment in the state. 

"Investment confidence in the state continues to rise, with investors increasingly attracted to the state’s diverse and sustainable economic base, which is unlike the boom/bust market cycle experienced in other states," Thomas said. 

"South Australia is in a growth phase, which is having a positive impact on office space demand – and subsequent investment in the sector. We’re seeing increased activity in range of sectors, including defence, resources, technology, education, and healthcare."

Bennett said the asset would command wide appeal from buyers seeking 100% leased and multi-tenanted office buildings with a WALE of 4.78 years by income (as at 1 August 2019). 

"80 Flinders Street is one of the most desirable office towers in Adelaide and boasts the highest car park ratio for an office building in the CBD," Bennett said.

The floor plates are greater than 1,070 square metres, which is very popular in our market.

The asset also boasts two super floors of over 3,200 square metres each, which are the largest in Adelaide. In addition, an opportunity exists on level one, where the existing carparks can be converted to office space, adding approximately 1,000 square metres. 

Offers for 80 Flinders Street close June 20.