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    22 King William Street

    • Adelaide SA

    • NLA 10,000sqm

    • Purchased December 2008 • Sold June 2014

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    Strategy

    22 King William Street is the South Australian Headquarters for National Australia Bank (NAB).

    Activities

    Quintessential Group of Companies (QGC) was a joint owner and appointed as the project director to manage the refurbishment. The building underwent a full environmental refurbishment of building services as well as extensive aesthetic upgrades.

    NAB was intending to vacate the building when QGC entered into exclusive due diligence to acquire the property. Prior to settlement, QGC re-signed NAB on a new long-term lease resulting in substantial increase in rental income. A targeted a 4.5 Star NABERS Base Building Energy rating was achieved.

    NAB also carried out a complete refurbishment of their floors with an A-Grade, 5 Star Green Star fitout.

    All of the regeneration works were successfully completed with all of the existing tenants in occupation.

    Outcome

    By renegotiating a new lease with NAB during the due diligence period and before the exchange of contracts, 22 King William Street was able to secure long-term rental income and achieve a significantly higher value by settlement.

    This property was sold in June 2014.

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