Savills News

Local investor captures opportunity to revitalise Adelaide’s history

An Adelaide-based development company has refurbished a CBD heritage building in order to meet the growing tenant demand for modern office fit-outs.

An Adelaide-based development company has refurbished a CBD heritage building in order to meet the growing tenant demand for modern office fit-outs.

Antunes Group purchased the run-down building at 202 Hutt Street and has since renovated the façade and first level, which is now home to well-known accounting and financial advisory firm, Addept Pty Ltd.

Adam Hartley and Zandra McGee of Savills Office Leasing negotiated the five-year lease agreement on behalf of Antunes Group at an above-market rate of circa $450 per square metre.

“This is a clear example that if owners invest into their assets, the building will lease and at a much higher return,” Mr Hartley said.

He said offices with high-quality finishes were in strong demand in Adelaide.

“Too many owners do not invest any money into the upkeep of their buildings, resulting in an abundance of low-quality stock,” he said.

“The 202 Hutt Street refurbishment has a warm and homely feel, which is rarely seen in commercial offices in Adelaide.”

Mr Hartley went on to say that the Antunes Group design project “oozes” with style.

“The fit-out perfectly blends the heritage character with modern amenity, featuring offices of floor-to-ceiling glass partitioning with satin black frames, drop lights and herringbone carpet,” he said.

“The intricate tiling in the bathrooms is a tip of the hat to the character of the building, and is styled against monochrome finishes,” he said.

Antunes Group recently purchased the old Commonwealth Bank of Australia building at 175 Hutt Street and plans to completely reinvent the property to feature a 100sq m loft office and retail space.

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