Adelaide’s commercial market soars

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Commercial property sales in Adelaide rose significantly in the quarter ending July 2019, according to new data from CoreLogic.

The quarter saw 40 sales for a total of $442m—an improvement from the April 2019 quarter, the data showed.

The 12 months to July 2019 recorded 78 sales for a total of $941.5m, increasing from the previous year’s figures, according to CoreLogic.

The following are the notable sales in the July 2019 update:

  • Allianz Centre at 55 Currie Street. Completed in 1988, it is a nine and 12-level office building with a large foyer, a full-height atrium, and a cafe on the first floor. The building has two sections with separate banks of lifts and an underground car park with 96 spaces, providing a net lettable area of 25,726 sqm. It was bought for $148.3m in a deal handled by JLL Adelaide and Colliers International
  • The SGIC/CGU Building and a car parking station at 80 Flinders Street. It is an eight-storey building with ground-level retail space, with a net lettable area of 12,514 sqm. It was sold for $127m through CBRE Adelaide and Knight Frank
  • Ernst & Young Building at 121 King William Street. It is an A-grade 12-storey office tower with two levels of basement car parking for 55 cars, retail on the ground floor, and offices on the upper levels, with a net lettable area of 12,557 sqm including 612 sqm of retail space. It was sold for $82.25m

Source: CoreLogic

 

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