Case Study
410 Queen Street
Client
RG Group
Location
Golden Triangle
Leasing
SQM LEASED: 1,431qm (61sqm – 394sqm)
Case Study
DEALS COMPLETED BY CIQ: SUIL Energy Limited, Energetics, Blue Energy Limited, Bluefield Group, Korn Ferry/ hay Group, Checkpoint Software Solutions, IT Comm Recruitment/ Davidson Recruitment Partners, and Professional Cleaning Services, Global Infrastructure Partners, Strata Community Association.
The Opportunity
RG Property has held 410 Queen Street, Brisbane for several years and, throughout that time, Trident has been appointed as one half of an exclusive Coordination Leasing Appointment arrangement.
The Results
Over this period, there have been 13 new tenants introduced to the asset, totalling a net absorption of 2,697sqm. Of these, Trident has been responsible for 11 of these leases, a direct result of the team’s engagement in driving the leasing program and a deep knowledge of this market segment.
As a result of these new occupants, the asset has performed better than market conditions. With vacancy rates in this segment trending at an average of 16.2%, 410 Queen Street for this period, the asset has consistently experienced a higher occupancy rates than market conditions over this period.
Trident’s attitude of taking ‘ownership’ of the leasing program has ensured the success of this asset, and led to Trident having a client for life.
Understanding each client’s motivation and leasing objective is key. In this instance, where other firms were recommending the client spend large sums of speculatively fitting out space, the client opted to spend over $5 million of capital expenditure on improving the asset’s Mechanical & Hydraulic services, along with the presentation of the common areas. In comparison, the asset’s competition has committed large percentages of capital on speculatively fitting-out spaces, which is a relatively short-term fix, often at the expense of the building’s long-term performance.
Most recently, Trident finalised a lease on Level 9 of the building to Strata Community Association. This tenant was primarily drawn to the reliability of a newly refurbished building, moving from a tired fringe office building, an endorsement of our client’s commitment to the performance and presentation of the entire building, rather than just the short-term objective of speculatively fitting out Net Lettable Area.