Two major boosts for Adelaide CBD office market

A multimillion dollar upgrade of a Waymouth St office building and the imminent arrival of thousands of office workers in a nearby tower mark the continuing shift of Adelaide’s office heart, according to Adelaide leasing agents.

The release today of an entire floor in the Waymouth St home of News Corp in SA, comes 14 years after the building kicked off one of the largest CBD redevelopments in the country.

Keith Murdoch House was built in 2005, and was the first building completed as part of a vision formerly known as the City Central development.

Commercial Insights: Subscribe to receive the latest news and updates

Bordered by King William, Waymouth, Bentham and Franklin streets, the concept was to create a new centre for Adelaide’s CBD office market.

ANZ House, formerly known as City Central Tower 1, was completed a couple of years after Keith Murdoch House, while big four accounting firm EY secured naming rights to Tower 2 once it was finished in 2008.

Tower 8 was the city’s biggest office building when it was completed in 2012, becoming the new home of the Australian Tax Office.

And the flow of blue chip companies into the precinct will continue this month when BHP and the SA Attorney-General’s department move into their new digs – the $250 million GPO Exchange tower on Franklin St.

In total, close to 8000 white collar workers will operate in the precinct once those workers arrive.

The redevelopment of ANZ House will include a new laneway known as Telegraph Lane.

With plans for a new five-star Westin hotel behind the historic GPO building, Colliers International state chief executive James Young said the vision for the expansive site, while amended over time, was nearing completion.

“Keith Murdoch House kicked off the transformation of this part of Adelaide, which has become the commercial and hospitality centre of the city,” he says.

“Since then we’ve seen four more buildings in the immediate vicinity, while a raft of cafes, bars and restaurants have also popped up to cater to the growing number of workers in the area.

“With work underway on the ground floor redevelopment of 11 Waymouth St, and the Westin hotel not far away, the precinct is fast becoming the location of choice for blue chip tenants and others smaller operators keen to be a part of the action.”

For the first time ever, tenants are being offered the chance to secure premium office space in Keith Murdoch House, which has been home to News Corp in South Australia for 14 years.

The entire second floor, or 2430sqm, is available as a whole or in smaller portions. The massive floor-plate is one of the biggest in Adelaide.

In addition to the office space on level two of the building, approximately 500sqm of ground floor space is also available to prospective tenants.

The upgrade of the neighbouring ANZ House will include seven new food, beverage and retail tenancies, and a new laneway named Telegraph Lane. Celebrity designer Jamie Durie will “greenscape” the project, which will be completed in the first half of next year.

CBRE senior director Michael Pfitzner says location will be a key drawcard for tenants considering a relocation to Keith Murdoch House.

“The council and State Government’s investment in the laneways that link the Riverbank with the Central Market is creating vibrancy in this part of the city,” he says.

“Keith Murdoch House sits right in the centre of this direct route, which is used by more than 15,000 pedestrians daily.

“And with work kicking off on the multimillion dollar plaza and hospitality upgrade in the adjacent Waymouth St building, tenants will be offered even more options when it comes to cafes, bars and restaurants.”

This article from the The Advertiser originally appeared as “Major investment and influx of thousands of workers marks new centre for Adelaide office market”.