Again to Adelaide this week and the sale of the major CBD tower at 121 King William Street. Also known as the Ernst & Young Building, the building has sold for $82.25 million in an off market sale. Vendor was The Blackstone Group L.P, the American multinational private equity, investment banking, asset management and financial services corporation based in New York City.
Purchaser was the Charter Hall group, one of Australia’s leading property groups. They own and manage Australian commercial, retail and industrial assets. Their office portfolio alone consist of $13.2 billion worth of assets and retail of $6.6 billion. The newly purchased asset will be placed in the Charter Hall Direct PFA Fund.
According to Adelaide Cityscope, 121 King William Street is an A-grade, 12-storey office tower with two levels of basement car parking for 55 cars, retail on the ground floor and offices on the upper levels. It has a net lettable area of 12,550 sqm including 610 sqm of retail space. The building was designed by Woods Bagot to have a five star Australian Building Greenhouse Rating and a Green Building Council of Australia greenstar rating of five. Major tenants include Ernst & Young, Colliers International and the Motor Accident Commission.
Cityscope records that it last traded at $58.4 million in 2017.