As Adelaide leads the nation for the highest rate of return to the office (78% occupancy compared to 52% in Sydney and 41% in Melbourne) the latest research from Adelaide Cityscope shows that commercial property sales value has increased in the past three months. Sales recorded in the quarter to October 2022 totalled $160.1 million, an increase compared to the $60.7 million in the three months to July 2022. This data brings the year to date total to $642.4 million.
Amongst these sales is the development at 57 Wyatt Street, which topped out just last month. To be a six-storey, A-grade boutique office building. It will feature 4,523 sqm of net lettable area, 670 sqm floor plates, end-of-trip facilities, a rooftop garden and amenities, 65 sqm ground floor retail space and secure parking. The builder is aiming for a 5-Star Green Star and a 5.5 Star NABERS rating.
The new owners of the 57 Wyatt development is the Centuria Office REIT (COF), which is a real estate investment trust that listed on the Australian Securities Exchange in December 2014 and which owns a portfolio of core office markets throughout Australia. They would no doubt be impressed with the Adelaide office workers after having paid on an ‘as if’ complete value of $40.2 million.
CoreLogic Australia