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Adelaide NAB House sold for $47.2m
Commercial & Legal has advised on the $47 million sale of the landmark “NAB House” on King William Street in Adelaide.
Tony Zhang
Firm: Commercial & Legal (Southern Cross Equity Group).
Value: $47.2 million.
Area: Property Law.
Key players: The property team at Commercial & Legal, was led by principal partner, Elias Farah and associate, Peter Berekally.
Deal significance: The first major Adelaide CBD office transaction and off-market sale completed, amid COVID-19. Southern Cross Equity Group Pty Ltd on behalf of its syndicated owners sold the landmark property to Intergen Property Group, who purchased on behalf of a Singaporean family.
Within metres of Adelaide’s best retail precinct, Rundle Mall, and many other key thriving areas to the Adelaide CBD, the commercial property comprises a 14-level B-grade office of 9,640 square metres of net lettable area with quality tenants such as NAB and state government.
“We feel privileged to have acted on another milestone sale of such an iconic commercial building in South Australia, particularly in such a complex economic climate,” Mr Farah said.
The property, known as NAB House, was purchased by Sydney-based Intergen Property Group on behalf of a Singaporean family office.
The sale of the 14-level B-grade office building was negotiated by Oliver Totani, Guy Bennett and Rory Dyus of Knight Frank, and includes 9,640 square metres of net lettable area.
