Australian finance, insurance and banking corporation, Suncorp, has committed to 4,662.4sq m of new office space in the Adelaide CBD, in what is thought to be the largest leasing deal in the city year to date.

Savills Australia’s Adam Hartley negotiated a seven-year term, with options to renew, for levels four, five, six and 13 at the newly refurbished 1 King William Street (1KW).

“Suncorp was attracted to 1KW for its ability to accommodate the business’ need for expansive floor space in one building,” he said.

Mr Hartley said Suncorp, which was represented by JLL, was impressed by the property’s location and recent upgrades.

“1KW has undergone a significant makeover to make it one of Adelaide’s most technologically advanced buildings, targeting a 5.5-star NABERS base building energy rating,” he said.

Included in the refurbishment are best-in-class end-of-trip facilities, which Mr Hartley said added “enormous value” to the building, particularly for staff who cycle or walk to work. There is also designated secure car-parking space.

“The ground-floor renovations were only completed in December 2017 but this has inspired a lot more interest, and there are currently negotiations taking place for the remaining larger office spaces,” Mr Hartley said.

“There may only be small tenancies left so prospective tenants are encouraged to apply as soon as possible.”

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