Research from Adelaide Cityscope shows that the CBD sales for the latest quarter totalled more than $281 million, up around $153 million from the previous quarter. Adding to this growth will be the sale of the Santos Centre at 60 Flinders Street, which is expected to be more than $100 million.
The vendor was the Australian Prime Property Fund Commercial, a core wholesale unlisted property trust established in 1994 and managed by Lend Lease Investment Management (Australia). The property was placed on the market in June by Lukas Weeks and Guy Bennett of Knight Frank and Alistair Laycock and Ian Thomas of CBRE Adelaide.
It has been suggested that the buyer is the Nikos Property Group of Melbourne. Nikos is a private company owned by Paul Andrianakos of Carlton North, Theo Andrianakos of Toorak and Nikos Andrianakos of Greenvale. It would be Nikos’ first foray into the Adelaide market after already purchasing three commercial properties along St Kilda Road, Melbourne.
According to Adelaide Cityscope the Santos Centre is a 13-storey office building with 15,500 sqm of office space, including a cafe style entry lobby and a full height atrium. It has a 5-star NABERS rating and is fully occupied by Santos.
The building last traded in late 2014 with neighbouring property, 80 Flinders Street, at $153.2 million, with $80 million being attributed to this property.