Westpac House is a premium grade office property located in central Adelaide with four street frontages.
The property comprises a 31 level office tower and two small office buildings. The property is considered on of Adelaides premium office towers. Abacus Property Group has a 50% interest in the property.
This building holds a 4.5 star NABERS rating. The property continues to show promising repositioning and leasing opportunities to further grow revenue.
| Ownership interest | 50% |
| Cap rate | 7.00% |
| Valuation date | June 2017 |
| Acquisition date | March 2017 (original purchase 2004) |
| Site area | 4,287m2 |
| Net lettable area | 31,725m2 |
| Occupancy | 86% |
| WALE by income | 2.5 Years |
| Rent review stucture | CPI and Fixed |
| Major tenants by income | Westpac, HWL Ebsworth and SA Government |
| Parking spaces | 54 |
| Valuation range | $80-100 million |