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 South Australian Government has decided not to renew the lease to approximately 9,900sqm of the building low rise and will vacate in late 2019. An active leasing program is underway with terms agreed on approximately 2,000sqm and a rolling refurbishment about to commence on vacated areas. Plans are advanced to refurbish and reposition the ground floor lobby and to reposition the retail uses.
| Ownership interest | 50% |
| Cap rate | 6.75% |
| Valuation date | June 2019 |
| Acquisition date | March 2017 |
| Site area | 4,287m2 |
| Net lettable area | 29,860m2 |
| Occupancy | 95% |
| NABERS rating (Energy) | 4.5 |
| NABERS rating (Water) | 2 |
| WALE by income | 2.17 |
| Rent review stucture | CPI and Fixed |
| Major tenants by income | Westpac, HWL Ebsworth and SA Government |
| Parking spaces | 54 |
| Valuation range | $80-100 million |