Case Study
488 Queen Street
Client
Mineral Resources Lihir
Location
Brisbane CBD
Case Study
Repositioning
The Opportunity
Having identified the ability to reposition 488 Queen Street as a boutique commercial office offering within the Brisbane CBD Market in 2018, we are now proud of the work completed alongside Myers Ellyett, ATG Projects, for our trusted client, Mineral Resources Lihir.
The Results
For 30+ Years, Trident Property have advocated and witnessed the strong performance of boutique, high-end, smaller assets for our clients. Trident Property Advisory were engaged as Asset Managers, Facilities Managers, Project Coordinators, and, Superintendent.
217% Increase in WALE & 98% Occupancy following completion of repositioning works
We conceived this strategy following a survey of all occupants when Trident Property took over the management of the asset. We responded to the desire to have a high-end EOTF along with the feedback that the A-Grade Finishes and views of the tower floors did not match the presentation of the Ground Floor. The challenge was to minimise NLA sacrificed for an EOTF whilst delivering a solution capable of handling the day-to-day demand for a cost-effective solution, which we achieved.
Since 2018 to now (in the most recent lease deals), Trident Property Advisory have been able to increase Face Rents by 31%, and, more important for our cashflow focused clients, a 87% increase in Gross Effective Rents.