Vacancy Halves at Leading CBD Office

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One of Adelaide’s best office towers in the CBD is set to drop down to below 8% vacancy in the coming months.

11 Waymouth Street, a premium grade building in the heart of the city, owned by leading international real estate investment, development and capital management company Mapletree, has welcomed multiple new tenants in 2018. These include Government occupants joining the high-quality tenancy mix. The vacancy sat at an estimated 18.6% at the beginning of 2018 and after a steady increase in tenant demand, 11 Waymouth Street now only has one whole floor and two part floors available to lease.

The property positions itself as one of the top office buildings in Adelaide with the central location, surrounding amenities and internal facilities being key factors for prospective tenants when considering office relocation.

Centrally located on Waymouth Street, the property is a short walk to both tram and bus as well as being positioned at the top end of the western laneway precinct linking the Central Markets to the Adelaide Railway Station. The recent revitalisation of Waymouth Street has increased retail tenants as well as boosting foot traffic and outdoor dining options.

11 Waymouth Street is as impressive on the inside as it is on the outside. Beginning at the basement level, tenants are offered secure car parking with direct lift access. If a more active trip to work is preferred, state of the art end of trip facilities are available which includes ample bicycle storage, showers, drying room and towel service. The building owner, Mapletree, now has plans to further invest in the revitalisation of the ground floor lobby to enhance retail offering and amenity – not only for existing tenants but also for the surrounding employees in the immediate area. The building features 8 energy efficient destination lifts that take tenants up to 20 levels of office with a side lift core to maximise the floorplates to ensure they are efficiently used. Floor to ceiling glazed windows on three sides present fantastic natural light and views over the CBD and picturesque Victoria Square.

11 Waymouth Street was the first building in Adelaide to receive the Green Star certificate and now holds a 5-star Green Star and 5-star NABERS Energy rating.

With the Adelaide CBD set to experience an under-supply of contiguous office space to the end of 2021, according to Colliers’ recent Contiguous Office Space Report, it is expected the remaining vacancy at 11 Waymouth Street as well as other Premium and A Grade buildings will be snapped up quickly, with several floors currently under offer.

11 Waymouth Street