REAFFIRMING its confidence in the office market, Centuria is set to redevelop a site in Adelaide’s CBD into a circa $40 million boutique office building.
With a DA in place and 55% of the development already pre-leased, 57-61 Wyatt Street, will be transformed from the current car park and two-storey building into a 4,600sqm six-storey office building.
Upon completion, the development will feature 670sqm floor plates, flexible workspaces, end-of-trip facilities, a rooftop garden and amenities, as well ground floor retail space and secure parking.
“We have confidence in the Adelaide office market having recently completed several major leasing commitments across our other A-grade offices within the CBD,” said Jason Huljich, joint CEO of Centuria.
International engineering firm, Wallbridge Gilbert Aztec (WGA), national property and construction firm, Hindmarsh and a architecture firm have committed to pre-leasing agreements at the site.
“Adelaide’s market benefits from strong tenant demand across Government, national and multinational organisations and this high-quality tenant profile aligns with Centuria’s office leasing and development strategies,” said Huljich.
57-61 Wyatt Street will target a five-star Green Star Design & As Built Certified rating, as well as a five star NABERS rating.
“Creating this unique development opportunity through our relationships, particularly during COVID, demonstrates Centuria’s ability to meet its tenants’ changing requirements for new, innovative and sustainable workplaces,” said Andre Bali, head of development at Centuria.
In addition to sitting adjacent to Flinders Street and adjoining the Centuria-managed 80 Flinders Street office building, the new building will be placed within close proximity of retail and hospitality offerings and serviced by public transport access.
“This off-market opportunity adds to our existing landholdings within South Australia where we currently own five office buildings, 10 industrial facilities, three daily needs retail centres as well as agriculture, childcare and healthcare properties,” said Huljich.
“With more than $750 million of assets in South Australia, this would make Centuria one of the largest landlords in the State.”
Construction on 57 Wyatt Street will be delivered by Hindmarsh Constructions and is set to commence in October, with completion currently anticipated for late 2022.