Case Study
127 George Street
ATG Wyandra Pty Ltd
Client
Golden Triangle
Location
Re-positioning & Leasing
Case Study
The Opportunity
Having identified the ability to acquire 127 George St off market in a C-Grade condition (with services at their end of life) in 2015 and reposition the asset as a boutique commercial office offering within the Brisbane CBD Market from 2017, we are now proud of the work and pre-commitment leasing work completed alongside DTF Architecture, ATG Projects, ATG Properties and our Tenants QLD Country Bank, Garage Espresso, Diadem, Brookfield and The National Trust.
The Results
During Trident Property’s engagement, we were responsible for the delivery of a new lift car and controls, mechanical overhaul, façade repainting/design, signage installation, Accessibility upgrades, bathroom construction in the fire stairs, and, fire engineering solutions.
Upon completion of the works, the WALE increased 200% to 4.8 Years and ROI of 19%.
The challenge was to introduce a new Accessible Lift compliant with today’s codes within existing penetrations and shafts, along with building modern showers and bathrooms to not lose NLA on our client’s acquisition feasibility. We were able to repurpose and strip back the fabric of the building, maximise NLA by converting the previously defunct basement to an award-winning coffee shop and lease the retail and office floors to an occupancy of 81% by NLA and 88% by Net Income.
Since completion in 2018, the building has been 100% leased, with staggered lease expiries on newly fitted-out spaces that ensure that our client’s capital expense following completion of the works has been minimal.
