DFO Jindalee was a 16,438sqm fashion outlet retail centre in a located in the western suburbs of Brisbane. As the third outlet fashion mall in South East Queensland, DFO Jindalee was underperforming and faced with increasing vacancy. The team at Trident was appointed to manage the centre and assess the future direction of the asset. Trident provided advice to the owner on a re-positioning and leasing strategy to see the centre into the next phase of its lifecycle.
Trident recognised that a clear and comprehensive plan for the future of the site was required. To achieve this, the team provided the client with three clear options for the site going forward that included discussions with Brisbane City Council to determine an outcome that was workable for all parties. It also included open conversations with key major tenants, existing tenants and potential tenants for the site.
The information was collated into an extensive plan for the client to diversify the asset. In early 2018, Trident was appointed as Development Manager for the building, alongside a local private property management group that have worked in partnership with Trident for over 11 years.
In close consultation and in conjunction with the client, Trident developed a masterplan for the precinct which could be delivered in stages. The plan allowed the precinct to be converted from an underperforming outlet retail centre to a mixed-use precinct, which was more complementary to the surrounding neighbourhood.
By making effective use of the existing inefficient floorplan, a code-assessable development application was able to be lodged to reconfigure the existing retail offering and to extend the operating hours of the site. The development application was approved by Brisbane City Council rapidly with no onerous conditions. Trident assisted in attracting BCF (Super Retail Group) to Stage 1 of the project, and negotiated the recommitment to the centre of key retailers to the outlet fashion mix, including Nike, adidas, Converse, Rivers, Kathmandu and Bonds as tenants for the next five years. For the second stage, Trident managed the introduction of Reading Cinema to the site.
Trident coordinated the makeup of the development project team, including the appointment of the architects Myers Ellyett and the main building contractor Kane Constructions.
Stage 1 of the development project was completed on time and opened in December 2019. Despite the issues created by the global pandemic the second stage opened 12 months later. A 2600 sqm 6-cinema tenancy was inserted in the heart of the operating shopping centre, with a new food & beverage precinct and an upgrade to existing malls.
The asset WALE was increased from just 15 months pre-appointment, to over 66 months at the completion of the project.
Trident was closely involved with the introduction of Reading Cinema to the site and it opened in December 2020.
By diversifying and refreshing the precinct’s offerings, Trident has been able to reposition and create more value for the asset for their valued client. This was achieved through their advisory, transactional and asset management service streams all working cohesively together.
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BENEFITS OF CHOOSING TRIDENT PROPERTY ADVISORY
Understanding of the local market
Trident Property Advisory will always act in the best interests of the client. In Leasing we will seek out the agents most capable, whether from Trident or another firm, to co-ordinate a leasing campaign that achieves the best results. Trident has developed a comprehensive and extensive network of property owners and industry contacts that allow us to be agile and swift in putting the right parties together to create successful outcomes. We pride ourselves on being at the forefront of marketing and technology strategies that help represent the property owner in a professional and engaging manner.
Experience and commitment to creating a vision that places your needs first
True success is delivered through professional tenacity and genuine team collaboration. This philosophy drives Trident and fuels the confidence and respect of our clients. Trident is a leading property advisory firm focused on building solid long term client relationships, and dynamically pursuing property transactions that set the company apart from other real estate businesses. The Trident team has extensive experience and has been involved in some of Brisbane’s most complex developments, and has managed a prolific number of transactions across the private and commercial real estate sectors.