Rising construction costs make many planned new builds unviable and this makes it worth spending $30 million to upgrade the office tower, the investor says.
At 74 per cent, Adelaide’s CBD had the second-highest occupancy rate after Perth of the mainland capitals, separate PCA figures show.
“Adelaide’s development market is traditionally pre-commit market which de-risks uncertainty around future supply,” Mr Frohlich said. Australian Unity Office Fund manager Nikki Panagopoulos said the fund divested the tower because it had three office towers that it needed to upgrade and did not have the capacity to refurbish all three.
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