Westpac House

91 King William Street, Adelaide SA

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