[COM] 52-66 King William Street | 65m | 15 Levels | Southern Cross Arcade

[Jaymz]

NAB will also be moving into this one. From todays online version of The Advertiser.....

Charter Hall secures NAB as tenant in $450m King William St tower
NAB has signed on as a third tenant in Charter Hall’s $450m office project on King William St, which is nearly fully leased six months ahead of completion.

Giuseppe Tauriello
November 29, 2022 - 12:00AM
The Australian Business Network

Charter Hall’s $450m office development in Adelaide is nearly fully leased six months ahead of completion after the property giant secured NAB as a third tenant for the building.

The bank will relocate from its long-standing city headquarters further north on King William St, joining Services Australia and Telstra in the tower, which is currently under construction at the former Southern Cross Arcade site.

NAB will occupy about 3700sq m of space across two levels of the 14-level building, at 60 King William St, down from more than 6000sq m in its current home.

Under a 10-year lease, it will also occupy a further 255sq m on the ground floor, at the King William St entrance to the King’s Lane retail mall which will link King William St with James Place.

NAB executive for enterprise operations Quentin Boyes said the move would provide an “outstanding workplace” for staff.

“60 King William presents a great opportunity for our people to collaborate in a flexible, state-of-the-art office with modern workspaces that are ideal for our hybrid workforce,” he said.

“Our new Adelaide office will also feature premium arrival, lobby and end-of-trip facilities as well as excellent sustainability credentials, right in the heart of the CBD.”

Services Australia, which oversees public services including Centrelink and Medicare, will consolidate five of its non-customer-facing offices in the Charter Hall building under a 10-year lease for 28,500sq m.

With Telstra taking up a further 6000sq m, more than 94 per cent of the building area is leased ahead of its opening next year.

Comprising of 39,000sqm of office space and 3600sq m of ground floor retail, 60 King William St will become Adelaide’s largest office building, by floor area, when it’s completed by the middle of next year.

The project will offer the latest in state-of-the-art workplace facilities and technologies, including a sky lobby, facial recognition, touchless access and bathroom amenities, electric vehicle charging stations and a wellness centre.

Charter Hall managing director David Harrison said the building was being developed to achieve net zero carbon status, and would set a new sustainability benchmark in the Adelaide office market.

“The significance of pre-commitment from NAB, Telstra and Services Australia for 60 King William cannot be understated,” he said.

“It demonstrates Charter Hall’s unique ability to harness the power of our platform and our partnerships, to deliver a world class development for our valued tenant customers and 60 King William ownership partners.”

While Adelaide’s office market withstood the challenges of Covid-19 better than most other parts of the country, given the limited number and duration of lockdowns and restrictions, the city’s vacancy rate is among the highest at 14.2 per cent.

And it’s expected to increase further next year once Charter Hall completes its King William St development, and Walker Corporation delivers 40,000sq m of new space at its One Festival Tower project.

NAB’s current premises at 22 King William St is currently undergoing a $2.5m revamp in a bid to attract new tenants, including a new entry foyer with refurbished ground-floor cafe.

Sydney-based investment manager Intergen Property Group is spearheading the project on behalf of the Singaporean family office that paid $47.2m for the building in 2020.

Meanwhile boutique property fund manager Quintessential Equity is running the rule over Telstra House in the CBD ahead of the telco’s move.

The Pirie St tower’s current owner, ASX-listed Australian Unity Office Fund, has been looking to sell off assets this year after investors knocked back a proposed merger with the unlisted Australian Unity Diversified Property Fund.

[Patrick_27]

Begs the question, will naming rights go to NAB or Telstra?

In a way, this is a further blow to CBD vacancy rates, with two larger (by square metre) high-rise buildings now to lose their anchor tenant to this building, not to mention a loss of local jobs more likely.

[SRW]

Begs the question, will naming rights go to NAB or Telstra?

I guess Services Australia won't put up the Centrelink sign.

In a way, this is a further blow to CBD vacancy rates, with two larger (by square metre) high-rise buildings now to lose their anchor tenant to this building, not to mention a loss of local jobs more likely.

Not to mention the Entrepreneur and Innovation Centre (EIC) due to go up at Lot 14, stealing away redevelopment opportunities from the city proper to parkland.

[Jaymz]

Begs the question, will naming rights go to NAB or Telstra?

In a way, this is a further blow to CBD vacancy rates, with two larger (by square metre) high-rise buildings now to lose their anchor tenant to this building, not to mention a loss of local jobs more likely.

How might that work anyways? I imagine they would both like their logo on this fine building, but then Telstra has taken up more floor space than NAB.

Does it go to the highest bidder, or is it possible to have both logos on different sides of the building given its such a behemoth?

[dbl96]

Begs the question, will naming rights go to NAB or Telstra?

I guess Services Australia won't put up the Centrelink sign.

In a way, this is a further blow to CBD vacancy rates, with two larger (by square metre) high-rise buildings now to lose their anchor tenant to this building, not to mention a loss of local jobs more likely.

Not to mention the Entrepreneur and Innovation Centre (EIC) due to go up at Lot 14, stealing away redevelopment opportunities from the city proper to parkland.

And the Festival Tower(s) - a huge amount of new high-grade office space being built on public park land and taking away the opportunity to develop derelict areas of the square mile itself.

Begs the question, will naming rights go to NAB or Telstra?

In a way, this is a further blow to CBD vacancy rates, with two larger (by square metre) high-rise buildings now to lose their anchor tenant to this building, not to mention a loss of local jobs more likely.

I'm not sure where people on this forum get the idea that Adelaide has sky-high office vacancy rates. Adelaide CBD office vacancy is lower than Sydney, Melbourne, Brisbane, Perth. This is especially true for A grade office space, and it is the reason that there has been a flurry of substantial office proposals in recent times. There is clearly demand, otherwise the developers wouldn't be trying their luck.

What evidence do you have to point to a loss of local jobs?

[Vasco]

Begs the question, will naming rights go to NAB or Telstra?

I guess Services Australia won't put up the Centrelink sign.

In a way, this is a further blow to CBD vacancy rates, with two larger (by square metre) high-rise buildings now to lose their anchor tenant to this building, not to mention a loss of local jobs more likely.

Not to mention the Entrepreneur and Innovation Centre (EIC) due to go up at Lot 14, stealing away redevelopment opportunities from the city proper to parkland.

And the Festival Tower(s) - a huge amount of new high-grade office space being built on public park land and taking away the opportunity to develop derelict areas of the square mile itself.

Begs the question, will naming rights go to NAB or Telstra?

In a way, this is a further blow to CBD vacancy rates, with two larger (by square metre) high-rise buildings now to lose their anchor tenant to this building, not to mention a loss of local jobs more likely.

I'm not sure where people on this forum get the idea that Adelaide has sky-high office vacancy rates. Adelaide CBD office vacancy is lower than Sydney, Melbourne, Brisbane, Perth. This is especially true for A grade office space, and it is the reason that there has been a flurry of substantial office proposals in recent times. There is clearly demand, otherwise the developers wouldn't be trying their luck.

What evidence do you have to point to a loss of local jobs?

I believe it’s the the lower grade buildings which represent the high/higher vacancy in Adelaide in comparison to other capitals.


Sent from my iPhone using Tapatalk

[abc]

Begs the question, will naming rights go to NAB or Telstra?

I guess Services Australia won't put up the Centrelink sign.

In a way, this is a further blow to CBD vacancy rates, with two larger (by square metre) high-rise buildings now to lose their anchor tenant to this building, not to mention a loss of local jobs more likely.

Not to mention the Entrepreneur and Innovation Centre (EIC) due to go up at Lot 14, stealing away redevelopment opportunities from the city proper to parkland.

And the Festival Tower(s) - a huge amount of new high-grade office space being built on public park land and taking away the opportunity to develop derelict areas of the square mile itself.

Begs the question, will naming rights go to NAB or Telstra?

In a way, this is a further blow to CBD vacancy rates, with two larger (by square metre) high-rise buildings now to lose their anchor tenant to this building, not to mention a loss of local jobs more likely.

I'm not sure where people on this forum get the idea that Adelaide has sky-high office vacancy rates. Adelaide CBD office vacancy is lower than Sydney, Melbourne, Brisbane, Perth. This is especially true for A grade office space, and it is the reason that there has been a flurry of substantial office proposals in recent times. There is clearly demand, otherwise the developers wouldn't be trying their luck.

What evidence do you have to point to a loss of local jobs?

I recall a few years ago when last I checked, Melbourne had around 150 high rise projects under construction, compared to Adelaide around 10. Other capitals such as Sydney and Brisbane similar to Melbourne.
That puts vacancy rates in proper perspective.

[rev]

I'm not sure where people on this forum get the idea that Adelaide has sky-high office vacancy rates. Adelaide CBD office vacancy is lower than Sydney, Melbourne, Brisbane, Perth. This is especially true for A grade office space, and it is the reason that there has been a flurry of substantial office proposals in recent times. There is clearly demand, otherwise the developers wouldn't be trying their luck.

https://www.australianpropertyjournal.c ... ncy-rates/

Rises were seen in both of the major CBDs. Sydney lifted from 9.3% to 10.1%, and Melbourne from 11.9% to 12.9%. Increases were also seen in Canberra, up 6.3% to 8.6%, and in Perth, up 15% to 15.8%.

Brisbane and Adelaide were the only two CBDs in which supply didn’t outstrip demand. Brisbane vacancies came down from 15.4% to 14% while Adelaide firmed from 14.5% to 14.2%.

[Plasmatron]

Almost complete externally. A delightfully stumpy building with its curvy glass corners. (30/11/2022)

[SRW]

Visible from Riverbank:

[claybro]

Visible from Riverbank:

What on earth is going on with the Festival Center roof in that shot just BTW? Wasn't is just recently refurbished?

[SRW]

Visible from Riverbank:

What on earth is going on with the Festival Center roof in that shot just BTW? Wasn't is just recently refurbished?

Yes! If they repainted during the refurb, it has oxidised badly. It looks very run down in real life.

[claybro]

Visible from Riverbank:

What on earth is going on with the Festival Center roof in that shot just BTW? Wasn't is just recently refurbished?

Yes! If they repainted during the refurb, it has oxidised badly. It looks very run down in real life.

Glad it has been noticed...not a good look for Adelaides premier vista. ....sorry to be off thread.

[rev]

They tried polishing a turd..when they should have flushed. Typical half assed botched Adelaide things.

[Spotto]

Visible from Riverbank:

What on earth is going on with the Festival Center roof in that shot just BTW? Wasn't is just recently refurbished?

Yes! If they repainted during the refurb, it has oxidised badly. It looks very run down in real life.

Yes it was painted. Watched it happen. Sad it's gone bad so quickly.