The completion of Worldpark:01 at Richmond Road, Keswick was both good and bad news for MRS Property client Centuria Property Funds Limited (Centuria), owners of the No. 1 Richmond Road office building.

Safework SA, a longstanding tenant within the MRS Property managed No. 1, had agreed to relocate to Worldpark leaving Centuria with a potential two floor (3,400m2) vacancy in the building.

Centuria had appointed Knight Frank and CB Richard Ellis to seek tenants for the forthcoming vacancy.

The Royal District Nursing Society (RDNS) had come to the market seeking accommodation to amalgamate operations from a number of existing suburban sites into one new location.

RDNS’ requirements were potentially suited to the accommodation becoming available in No. 1 Richmond Road.

Centuria, with the assistance of Knight Frank Leasing and MRS Property’s Management Department, were able to negotiate terms with RDNS which saw the Society commit to both floors in the building for a ten (10) year lease term.

This is an outstanding result which underscores the strength of the Adelaide CBD Fringe office market which, with a vacancy factor of 6.6% at January 2012, is one of the tightest markets in Australia.