As global companies eye off Adelaide, the Kyren Group has broken soil at 102-108 Wakefield Street to capitalise on increasing demand for prime-grade office space.
The 14-level office tower, designed by Cheesman Architects to achieve a 5.5-star NABERS rating, will provide around 14,000 sqm of prime-grade office accommodation when it reaches completion in 2020.
“Adelaide’s CBD reputation is thriving and we are thrilled to be providing this unique space to the market,” says Theo Samaras, Kyren Group’s director.
“108 Wakefield St is designed to maximise occupant amenities with excellent access to daylight and views, outdoor breakout spaces to all upper levels and generous end-of-trip facilities,” says Peter Petrou, managing director of Cheesman Architects.
The building fabric was designed to reduce energy consumption and improve occupant comfort, Petrou explains.
Savills Australia will lease 14 levels of office space in heart of city, which is expected to attract tenants from a variety of industries, such as legal, medical, engineering and technology.
The office will be within close proximity of the new Wakefield Hospital, the courts precinct and the central financial district.
“High quality contiguous office accommodation is becoming harder to find off the back of many recent leasing transactions that have absorbed the majority of prime-grade office space,” says Savills Australia’s Adam Hartley.
The Property Council’s latest Office Market Report, published in early February, recorded a drop in the vacancy rate from 14.7 to 14.2 per cent in the CBD – the fourth consecutive fall in a row.
“We are observing an increasing number of international companies, such as Technicolor and the establishment of the national Australian Space Agency, choosing Adelaide for multiple reasons,” Hartley adds.
“Most notably, the transformational 10Gigabit Network by the Adelaide City Council and TPG, which provides global first-class internet speeds – today’s lifeblood of business.”
South Australia’s property sector also boasts the highest confidence levels in the nation and on record, according to the latest ANZ/Property Council index.
The Kyren Group’s portfolio of projects includes 400 King William Street and 70 Franklin Street in Adelaide. Frome Central, home to the Adelaidean and Crowne Plaza, is currently under construction.