Case Study
102 Adelaide Street
Client
Zashvin
Location
Brisbane CBD
Leasing
SQM LEASED: 1,237sqm (72sqm – 955sqm)
DEALS COMPLETED BY CIQ: J & J International, Australia Now, The Performing Arts Conservatory, Brisbane CBD Dental Clinic.
Case Study
The Opportunity
Under previous management, 102 Adelaide Street, a 10,335sqm commercial office tower and retail complex located at King George Square, was close to being 30% vacant after the failure to resign an anchor tenant.
The Project
Of the leasing teams interviewed by the lessor, five out of six groups advised the only way to lift the occupancy rate would be to construct speculative fit-outs. The client, who is in the mining industry, was against this recommendation saying that he “wouldn’t speculate building a mine site. We find the resource, and then we build the mine. You find the tenant and then we will build the fit-out”. Trident’s track record on similar assets ratified the client’s ethos. He believed that Trident would be the team able to repurpose and refurbish the existing fit-outs and improve the building through minor common area upgrades (for example, improving the presentation of bathrooms and lift foyers). These changes not only would add value to the building, but reduce future vacancy periods and capital expenditure in the long term. At the time of Trident being appointed as leasing agents,
the asset was 21.69% vacant. The Trident leasing team collaboratively and prudently worked within a tight budget to improve the presentation of the common areas and lift the vacancy rate.
By the end of 2018, Trident was responsible for leasing transactions that improved the asset’s occupancy level to 94.3% - without constructing a speculatively fitted-out suite.