News & Discussion: CBD Real Estate & Market Conditions

[Ben]

I think I got a bit ahead of myself. Seems they will be doing the full "westpac" signage is colour.

[crawf]

Awesome

[Pikey]

The big solitary red "W" looks quite good actually.

[mic]

Sounds great, can someone post a pic for us interstaters who aren't lucky enough to drive past westpac house!

[UrbanSG]

Couple of pics from today. Hard to see but here is ' red W' from the southeast:



from the north, the western W is half red at the moment:

[UrbanSG]

Here is a slightly blurry shot from this evening to highlight the lit Westpac logo. Doesn't look too bad, the whole word 'Westpac' would have been good though imo.

[AtD]

So what's the exact official name of this building? Westpac House?

[Mawen]

Hi, Thanks for the information and the updating of the building. The giant W; does make a difference to the whole look of the skyline. My question/s are:

Why did the name change?
Is SANTOS logo going somewhere else?

I hope i can get these answered.. Cheers Ma!

[Mants]

the name changed because Santos moved out of their Currie Street office and Westpac moved in their place, they also have naming rights for the building, hence the Westpac signage.

There will be no visible Santos signage on the skyline, however Santos have a large blue beacon typed feature atop their new building in the Flinders Link development.

[Ben]

Great article from the financial review regariding Adelaides market.

http://www.theprecinctcbd.com.au/news/F ... 3%2007.pdf

[AtD]

Heh, that article quotes Santos House (Westpac) as 26 stories.

[.::G!oRgOs::.]

I think I got a bit ahead of myself. Seems they will be doing the full "westpac" signage is colour.

So they are completing the word Westpac or not?

[duke]

I think I got a bit ahead of myself. Seems they will be doing the full "westpac" signage is colour.

So they are completing the word Westpac or not?

I believe it is finished. I can't see any more work going on up there. Also I doubt there is any space next to the W for the rest of the word.

[AG]

Sydney's GDI pays $9.5m for an Adelaide tower
Maurice Dunlevy
July 12, 2007

ADELAIDE'S run of CBD office sales has continued with Sydney-based GDI Property Group paying $9.5 million for an almost empty King William Street tower.
GDI, which specialises in strata-titled offices, has purchased the 13-storey QBE Building, opposite the $700 million City Central redevelopment.

The CBD sale is the second in Adelaide in a week after the Quek family's Shakespeare Holdings paid almost $50 million for the SA Water headquarters building at 77 Grenfell Street.

It also follows other recent transactions in which the partly built City Central Tower 2 was bought by German syndicator Sachsen Fonds for almost $80 million and 50 Pirie Street was purchased by the private Cohen Group for $15 million.

The Adelaide purchase is the first for GDI, which late last year purchased two office buildings in Canberra and Burnie in Tasmania to seed a new wholesale operation, the GDI Total Return Fund.

The 108 King William Street QBE Building in Adelaide will be added to the fund.

A GDI spokesman said the group was still to decide whether the building would be leased as office space, or strata-titled and sold off.

Regardless of the outcome, the office tower would undergo a refurbishment that would include five-star bathrooms to bring the property up to A-grade standard.

The building has been purchased from local developer Zisis Ginos in a deal brokered by Savills Australia's Peter Isaksson.

Due to settle at the end of the year, the 108 King William Street property has 6600sqm of floor space spread over 13 storeys.

Mr Ginos, who paid only $4 million for the property in October 2001, lodged plans to convert the building to strata offices in April 2006.

[Ben]

not a bad capital gain at all.