Bendigo & Adelaide Bank’s Adelaide head office at 80 Grenfell Street has been sold for $184.6 million. The property was put on the market by Ian Thomas of CBRE Adelaide in August 2017. The vendor, US private equity group, Blackstone, had held the property through the Grenfell Street Office Trust, a fixed unit trust registered in February 2016.
The purchaser will be a partnership between Centuria Capital Group and The Lederer Group. Centuria Capital is an ASX-listed specialist investment manager with a $4.7 billion property portfolio. It will hold its 50% interest in the Centuria 80 Grenfell Street Fund. The Lederer Group, founded by Paul Lederer of Point Piper, is a property management company with interests in manufacturing, financial investments and community based developments.
According to Adelaide Cityscope, 80 Grenfell Street is an office tower with 30,000 sqm of office space over 12 levels, and parking for 100 cars. It has a NABERS rating of 5 stars and was built in 2013. It is 96% occupied by the Bendigo & Adelaide Bank. With fixed rental increases of 3.75% per annum, the WALE (weighted average lease expiry) is long, at 7.3 years.
80 Grenfell Street last traded in December 2015 at $160 million.