CorVal 26 Flinders Street Trust
26 Flinders Street, Adelaide SA 5000
Property Information
| Property | 26 Flinders Street, Adelaide SA 5000 |
| Commencement | July 2018 |
| Land Size | 1,654 sqm |
| Building Size | 10,320 sqm NLA |
| Purchase Price | $36.0m |
| Target Equity IRR | 8-10% |
Well-located, high quality 17 level B-grade office building with strong underlying fundamentals.
The CorVal 26 Flinders Street Trust is an unlisted property trust which holds a high quality 10,320 sqm commercial office building with 66 basement car parks, located in central Adelaide.
The Trust strategy is centered around introducing an institutional style of pro-active asset management to the Property, initially focusing on leasing the existing vacancies and undertaking a targeted capital expenditure program to reposition the Property with the aim of driving rents to maximise the Trust’s earnings per unit.
New end of trip facilities were completed in January 2021 and have been very well received by tenants, adding to the building’s amenity and desirability. Capital works are ongoing with the focus now on the ground floor entrance lobby and café / business lounge upgrades. Following a targeted specualtive fitout and leasing strategy, in parallel with the progressive building refurbishment program, the Trust Property is now 100% leased.