Case Study
13-25 Dunhill Cresent, Morningside
Client
GWC Pty Ltd
Location
Morningside
Case Study
Asset Reset
The Opportunity
Our longstanding client acquired 13-25 Dunhill Cres, Morningside in November 2021 from a private developer. The industrial complex of 6 totals ~3,600sqm of NLA and had been recently completed upon acquisition. The previous owner was also self-managing the site prior to our commencement with the asset fully let.
Challenges and Onboarding
Trident team undertook a detailed lease audit and onboarding. Additionally, we took on the management of the balance of the DLP period including overseeing the close out of residual items still lagging from construction with the builder. This process uncovered a few small gaps in the previous management that we were able to resolve to optimise the site for the benefit of the Lessor. We worked with several tenants who had never provided the required security or insurances to tidy those aspects of the asset up and also partnered with the tenants to ensure tenancy equipment was being appropriately serviced (and where not arranged service contracts for compliance with Australian Standards).
Asset Reset and Results
In late 2023, several of the tenants that had negotiated higher upfront incentives with the previous owner began to fail at the property and several others were reaching the end of their initial terms. Over the next 12 months the Trident team worked with the client and the tenants to minimise vacancy, extend half of the tenants (for a minimum of 5 years) and secure 3 new tenants to replace the failing businesses. The outcome has resulted in an increase in the WALE of 5+ years and a significant uplift in the average rents for the asset.