45 Pirie Street represented an exceptional buying opportunity, secured at significant discount to both book and replacement value (last traded at $116m).
Acquired when 80% vacant and requiring capital expenditure upgrades as part of the repositioning.
Discount on purchase price enabled $17m to be allocated to new lobby and atrium, EOT, on floor refurbishments including bathrooms, upgrade of lifts and tenant incentives.
45 Pirie Street is now a high-quality A grade office building with excellent amenity in the heart of the Adelaide CBD.
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