Case Study

102 Adelaide Street

102 Adelaide Street

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 Results

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.

Speak With A Specialist Today!

With over 37+ years of experience in commercial real estate, we’re able to offer specialised advice & tailored solutions to your requirements. Get in touch with a member of our team today for a complimentary chat.

Benefits of choosing Trident Property Advisory over the competition

Understanding of the local market

Trident Property Advisory will always act in the best interests of the building owner. If required to lease vacancies, we will seek out the agents most capable, whether from Trident or another firm, to co-ordinate a leasing campaign that achieves the best results. Trident has developed a comprehensive and extensive network of property owners and industry contacts that allow us to be agile and swift in putting the right parties together to create successful outcomes. We pride ourselves on being at the forefront of marketing and technology strategies that help represent you as a property owner in a professional and engaging manner.

Director Shaun’s experience and commitment to creating a vision that places your needs front of mind

True success is delivered through professional tenacity and genuine team collaboration. This philosophy drives Shaun, inspires his team, and fuels the confidence and respect of his clients. Shaun has over 37 years’ experience, now leading Trident as Managing Director. He saw tremendous potential to turn Trident into a leading real estate firm focused on building solid long term client relationships, and dynamically pursuing property deals that would set the company apart from other real estate businesses. Shaun gained his extensive experience by being part of some of Brisbane’s most complex developments, and managing a prolific number of transactions across the private and commercial real estate sectors.

NOTABLE PROPERTY MANAGEMENTS

“Ben Sikalas’ passionate belief in our offering led to seven externally introduced leasing deals concluded in a 12-month period”

Rhett Williams, Chief Executive Officer, RG Property Group

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