104 Frome Street provides an attractive proposition for occupiers and investors alike; a five-level office building providing bright, modern, floorplates that have been substantially renovated and offers spectacular views with balconies on every floor.
JLL South Australia’s Ben Parkinson and Jack O’Leary have been appointed to sell the building via an expressions of interest campaign closing Thursday 16th November, which is expected to be hotly contested.
“In addition to its amazing views over the CBD and Adelaide Hills, 104 Frome Street offers excellent amenity – a vital element in today’s office market,” said JLL Head of Capital Markets South Australia Ben Parkinson.
He said employees today expect businesses to provide offices that are close to public transport and have easy access to cafes, restaurants and entertainment.
“104 Frome Street is just a stone’s throw from Rundle Street, Hutt Street and the eastern Adelaide Parklands so occupiers can get the most out of the amenity the area provides including the Adelaide Fringe season,” he said.
From a business perspective the location offers an easy walk to the CBD core while also benefiting from 53 on-site car parks.
The building offers 4,387sqm of office (NLA) with generous parking on a 1,693 sqm site.
Current tenants are Adelta Legal, One Advisory, Our Money Market and Adecco Australia make up over 60% of the building’s tenancy profile, while 68.50% of the building is currently leased.
“With circa 1,360sqm of space available, including all of Level 4 (936.1sqm), 104 Frome Street presents an attractive opportunity for both investors and owner occupier alike,” said JLL South Australia Director of Sales and Investments Jack O’Leary.
He said 104 Frome Street offered the opportunity to take advantage of leasing upside with substantial work already recently undertaken to the base building.
“The building has had a substantial amount of capital spent in recent years, including replacement of lifts, lobby upgrade and extensive air conditioning replacement including chillers, cooling towers, boilers and BMS.
“While the buildings economics are good, offering a passing income of $977,177 with a 1.86-year WALE, there is an excellent opportunity to add significant value by filling existing vacancies and drive-up rental rates via the creation of spec suites and end of trip facilities,” Mr. O’Leary said.
A 100% Freehold Interest in 104 Frome Street is offered for sale via Expression of Interest (EOI), closing 3:00pm (ACDT) Thursday, 16 November 2023.
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