The development of a new office tower in Adelaide's CBD is part of a growing trend of global businesses using South Australia to expand their Australian operations, according to Savills.

Soil was broken at 102-108 Wakefield Street this week for the new building, which is being constructed through the Kyren Group.

Designed by Cheesman Architects, the 14-level tower will provide about 14,000 square metres of prime-grade office accommodation when it reaches its expected completion date in 2020. 

At a glance: 

• South Australia's Kyren Group has broken soil on a 14-level office tower in Adelaide's CBD, which is expected to be completed in 2020.
• The tower will be leased by Adam Hartley and Zandra McGee of Savills Australia at about $470 net per square metre.
• The building will provide about 14,000 square metres of prime-grade office accommodation.

Savills Australia’s Adam Hartley and Zandra McGee have been appointed to lease the entire building on behalf of the Kyren Group, and are in the process of discussing options with prospective occupiers.

Mr Hartley said he was excited by the prime quality stock being offered through the project.

“High-quality contiguous office accommodation is becoming harder to find off the back of many recent leasing transactions that have absorbed the majority of prime-grade office space,” he said.

"The building at 108 Wakefield Street will be constructed with floor-to-ceiling glass windows that provide an abundance of natural light, outdoor breakout space on all upper floors, a large number of onsite carparks, end-of-trip facilities with a high count of bike racks and showers – and they will even be fully laundered.”

He added that progressive companies understood how critical building amenity and aesthetics were to attracting and retaining the best employees.
 
“We are observing an increasing number of international companies, such as Technicolor and the establishment of the national Australian Space Agency, choosing Adelaide for multiple reasons,” he said.

“Most notably, the transformational 10 Gigabit Network by the Adelaide City Council and TPG, which provides global first-class internet speeds.” 

The tower's CBD location means it within close proximity of the new Wakefield Hospital, the courts precinct, and the central financial district, with easy access to public transport in all directions, and large volumes of monthly reserved parking in the abutting carpark. 

The building will be leasing at circa $470 net per square metre.

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