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INTRODUCTION

Located in the heart of the western core precinct and strategically positioned at the epicentre of Adelaide’s burgeoning laneway network, 55 Currie Street is perfectly positioned to capitalise on Adelaide and South Australia’s dynamic and rapidly growing economy and CBD office market.

Originally constructed to Commonwealth Government Design Standards, 55 Currie Street has been meticulously upgraded and maintained by its institutional grade owners to ensure it remains best in class with the most leading-edge building services and tenant amenity available in the CBD.

In addition to very attractive existing investment metrics, the large light filled central atrium, 1,000 plus sqm roof top deck and massive 5,578 sqm land holding fronting both Currie Street and Topham Mall, 55 Currie Street offers demonstrable and significant value add opportunities for the next owner.

The asset offers a diverse and secure cash flow with a 4.7 year WALE (as at November 2018) underpinned by leases including the Commonwealth Government, Government of South Australia, Allianz Australia and Data Action.

55 CURRIE STREET, ADELAIDE is proudly presented by Colliers International and JLL. A 100% freehold interest in the asset is being offered for sale via an International Expressions of Interest process, closing at 3.00 pm (ACDT) on Wednesday 21st November 2018.

Grade

Prime A grade office building

Divisibility

Large floor plates with excellent natural light and dual east and west end lift banks

Build and Refurbishment Dates

Constructed 1988, upgraded 2012 to 2018

Net Income

$11.804 million p.a.

Site Area

5,578 sqm

Occupancy

86.75% by area plus additional income support

WALE

4.7 years by area at November 2018

End of Trip Facilities

Best in Class

Parking

95 fully secured basement parks

LOCATION

Located in the heart of the western core precinct and strategically positioned at the epicentre of Adelaide’s burgeoning laneway network, 55 Currie Street offers unrivalled accessibility.

Located on the south western corner of Currie Street and Topham Mall, some 200 metres west of King William Street, 55 Currie street is midway between the Adelaide Riverbank and the famous Adelaide Central Market.
Hover over the plan below for site particulars

Located in the heart of the western core precinct and strategically positioned at the epicentre of Adelaide’s burgeoning laneway network, 55 Currie Street offers unrivalled accessibility.

WHY ADELAIDE.
WHY NOW.

South Australia opens the door as a gateway to Australia. From an economic perspective, South Australia has extensive trade and export networks and is linked to fast-growing Chinese, Indian and Asian economies.

For investors and business, South Australia offers an economy benefitting from other recent major developments exceeding $100billion^ in growth sectors. These key sectors include urban development, infrastructure, defence, agriculture and food, aquaculture, health, biotechnology, mining and water management. This project pipeline is fuelling continued growth in the state’s economy. It also reflects transformation to new economies and industries supporting innovation and entrepreneurism.


The state’s world-class education system is producing a flexible and skilled workforce who will be the future leaders in a range of disciplines including research and development. International students are attracted to this education system, with more than 35,000 international students enrolled in universities, education institutions and schools in Adelaide, a number that is experiencing continual growth.

In July 2018, the South Australian Tourism Commission announced that South Australia’s international tourism exceeded one billion dollars. A record 475,000 international visits to the State in the year ending March 2018, drove up expenditure by 10 percent to $1.2 billion – ahead of the national growth rate of 7 percent^. To the year ending March 2018, a record number of visitors have been recorded from China. Visitors from this country were also biggest spenders, contributing $415 million to the economy overall and an average of $6,109^ per visitor.


  • $6.7bn

    Tourism spend (March 2018)

  • 10th

    Most Liveable City in the World

  • 475,000

    International visitors (March 2018)

  • $22.5bn

    Retail sales (April 2017*)

  • 1.3mn

    Metro population

  • 1.84mn

    Forecast population 2027

A record 475,000 international visits to the State in the year ending March 2018, drove up expenditure by 10 percent to $1.2 billion – ahead of the national growth rate of 7 percent
 

THE ASSET

55 Currie Street Adelaide comprises an A Grade office tower of 26,200 sqm over basement, ground and 11 upper levels with 95 secure basement carparks accessed via a dual carriage ramp from Currie Street. The asset was constructed by the Commonwealth Government in 1988 to stringent Commonwealth Government design standards and has been meticulously maintained and upgraded by the current owners to ensure the building remains ahead of current and future requirements of both Commonwealth and State Government departments as well as major corporate occupiers. The current owners strategic plan for the building has ensured it offers best in class building services and tenant amenity, maximising sustainability objectives as it has progressively upgraded major plant, installed one of Adelaide CBD’s largest solar arrays, established state of the art End of Trip facilities amongst many other refurbishment initiatives.

At ground level, the building concierge and security team welcome visitors to the striking light filled atrium with 8 destination controlled next generation lifts and a conventionally controlled dedicated goods lift serving basement, ground and all 11 upper levels. Featuring some of the largest and most efficient floor plates in the Adelaide CBD enables building occupiers to adopt the latest work place strategies in their office design and layout maximising connectivity over fewer levels.

Lighting

The ground to level 9 atrium ensures enviable natural light penetration throughout with much of the building common areas now upgraded with energy efficient LED lighting. Office floors have also progressively had lighting upgrades with T5 and LED lighting.

Roof Top Deck

55 Currie Street features a large open deck at level 9 affording the occupiers a unique outdoor area with a northerly aspect over Currie Street.

End of Trip Facilities

55 Currie Street boasts one of the best state of the art end of trip facilities. This market leading facility is valued and highly utilised by a broad crossection of by building occupiers. Features include: Secure storage for some 130 bikes; ladies and men’s change rooms, showers, toilets, drying rooms and locker areas in addition to bike maintenance facilities. The End of Trip facilities are convenient, easily accessed via the main carpark ramp facilitated by dedicated bike lane. Additional bike parks for 70 to 80 bikes are available throughout the basement level car park.

Air-conditioning

The building is serviced by two air handling plants per floor with an independent system servicing the auditorium. The current owners have completed a major upgrade to the mechanical plant including chiller replacement, new smart meters, new VSD’s at all floors, new VSD’s to selected pumps and cooling towers and upgraded the BMS system.

Sustainability

55 Currie Street has a 4.5 star NABERS Energy rating (base building). Importantly this rating has been achieved without the need to purchase ‘green power’. Current independent monitoring of the energy performance at 55 Currie Street reveals that the building is on well on track to further enhance its NABERS energy rating. Further improvement in energy performance is anticipated when the current office vacancy is leased and occupied. There is an immediate opportunity to expand the solar installation. Through the use of technology to achieve greater levels of control over the operation of building services there is the potential for further energy saving.

Security and Concierge

Widely recognised as one of Adelaide’s most secure office towers, 55 Currie Street features a manned security and concierge at the ground floor main entry which is complemented by a recently upgraded high specification CCTV monitoring system.

Elite cyber security protocols are being used, the building management system (BMS) has been upgraded with Honeywell’s EBI430 and a standalone
optical fibre network has been installed to uphold security and facilitate communication with CCTV installations, lift systems, mechanical plant and management of access control.

VALUE ADD OPPORTUNITIES

In addition to the very attractive existing investment metrics, and the obvious value add potential of leasing up existing vacancy and extending the WALE, the large light filled central atrium, expansive level 9 roof top deck and massive 5,578 sqm land holding fronting Currie Street and Topham Mall, 55 Currie Street also offers demonstrable and significant value add opportunities for the next owner. The current owners together with MPH architects have investigated concepts focussed on adding new NLA and optimising building amenity for the occupiers. Whilst the opportunities are numerous, the more obvious include (but are not limited to) the following:

• Activation of the ground floor atrium with a café spilling into the ground floor and out to Currie Street;

• Building on the corner of Currie Street and Topham Mall for valuable additional office, food and beverage and or retail space capitalising on the vibrancy of the laneway network;

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• Expansion of upper level floor plates into the atrium capitalising on the availability of dual side core lift banks;

• Activating the level 9 deck with a potential roof top bar in addition to improving the outdoor deck for occupiers;

• NLA expansion of levels 9 to 11 at the eastern side of the building via light weight construction capitalising on the availability of existing lifts and amenities;

• Establishing a childcare facility in the south western area utilising the large area of unused land surrounding the building adding a valuable income stream whilst enhancing the occupier’s amenity.
The owners have engaged MPH Architects and Model Farm to commission renders and concepts which will be made available during the course of the marketing campaign.

Purchasers must make their own enquiries and investigations in relation to the potential value add opportunities. Neither the vendor nor selling agents have undertaken any financial analysis, planning or engineering work in relation to the value add opportunities, nor has the vendor lodged any applications for statutory or other approvals required for these opportunities.
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SALES PROCESS

A 100% interest in 55 Currie Streetis being offered for sale by way of an International Expression of Interest process closing 3.00 pm (ACDT) Wednesday 21st November 2018.

Inspections of the property by potential purchasers and or their consultants can be made by prior appointment through the exclusive agents.

Agents.

Paul van Reesema

Alistair Mackie

Craig Shute

Jamie Guerra

Roger Klem

Luke Produka

Request IM

DISCLAIMER This Information Memorandum has been prepared by Colliers International (SA) Pty Ltd (“Colliers”) and Jones Lang LaSalle (SA) Pty Ltd (“JLL”) for the information of potential purchasers to assist them in deciding whether they are sufficiently interested in the property offered to proceed with further investigation in relation to the property. The information contained in this report does not constitute any offer or contract of sale; it is provided as a guide only; and has been prepared in good faith and with due care. Potential purchasers must take note that the figures and calculations contained in this Information Memorandum are based upon figures provided to us by outside sources and have not been verified by us in any way. We have no belief one-way or the other in relation to the accuracy of such information. Any projections contained in this Information Memorandum represent estimates only and may be based on assumptions that may be incomplete, incorrect or erroneous. Potential purchasers must satisfy themselves in relation to all aspects of the Information Memorandum including development potential and cost; market take up; rent levels; outgoings; and all other matters a prudent purchaser would consider relevant. The Vendor, Colliers, JLL, or their employees, agents or representatives will not be liable for any loss or damage resulting from any statement, figure, calculation or any other information that a potential purchaser relies upon that is contained in this Information Memorandum or any other marketing material. The property will be traded or sold “as is” and “with all faults”, without any representation or warranty as to its condition; fitness for any particular purpose; or compliance with any relevant law. The Vendor reserves the right, at its sole discretion, to postpone or cancel the proposed trade or sale of the property and to modify or add any terms and conditions to any proposed contract, vendor’s statement or other material associated with the proposed sale, which may be made available to a potential purchaser.