Case Study
120 Bunda St, Cairns
Location
Cairns, Queensland
Case Study
Refurbishment
Mineral Resources Lihir Pty Ltd
Client
The Opportunity
Mineral Resources Lihir acquired 120 Bunda St in 2010 with Trident appointed in an advisory and asset management co-ordination capacity. Following an extended period of nil vacancy and strong leasing traction, in early 2021 one of the major service based tenants relocated from the building due to a consolidation process. At the same time, there was a desire to re-clad the façade of the property as a result of the new Safer Buildings legislation. Identifying an opportunity to modernise the building to achieve improved leasing outcomes whilst also addressing the cladding, Trident worked alongside Tomkins Commercial & MCD Australia to deliver a significant repositioning project.
The Project
Trident Property Advisory have extensive experience in delivering cost effective project solutions that meet the needs of our clients in a strategic and considered manner. Given the asset is located in a regional hub, we understood the necessity to work with one central contractor from the design stage through to the construction phase. After assessing the local market, Tomkins were selected due to their experience in the area including their involvement with other current projects of a similar scale. Appointing our building partners early also allowed us to undertake the design journey and project scoping together with engagement from all sides to ensure that the outcomes met our requirements.
The final package of external works included a complete re-cladding of the face of the building, repainting of all external surfaces, upgraded lighting along the building perimeter and a new building signage package. The external works then flow seamlessly into the building foyer with new feature cladding installed, complete re-lighting, a full repaint and a new digital signage board.
The Results
Off the back of the building refurbishment works, the lessor has seen a significant increase in leasing interest for the asset. This includes offers on the vacant space from 2 parties (currently undergoing final negotiation) and renewals of approx. 20% of the sitting tenants across the asset. The modernisation has also allowed us to hold and in some cases increase our achieved rate per square meter against other high grade office buildings.
