Case Study
102 Adelaide Street
102 Adelaide Street
The Opportunity
Under previous management, 102 Adelaide Street, a 10,335sqm commercial office tower and retail complex located at King George Square, was close to being 30% vacant after the failure to resign an anchor tenant.
The Results
Of the leasing teams interviewed by the lessor, five out of six groups advised the only way to lift the occupancy rate would be to construct speculative fit-outs. The client, who is in the mining industry, was against this recommendation saying that he “wouldn’t speculate building a mine site. We find the resource, and then we build the mine. You find the tenant and then we will build the fit-out”. Trident’s track record on similar assets ratified the client’s ethos. He believed that Trident would be the team able to repurpose and refurbish the existing fit-outs and improve the building through minor common area upgrades (for example, improving the presentation of bathrooms and lift foyers). These changes not only would add value to the building, but reduce future vacancy periods and capital expenditure in the long term. At the time of Trident being appointed as leasing agents,
the asset was 21.69% vacant. The Trident leasing team collaboratively and prudently worked within a tight budget
to improve the presentation of the common areas and lift the vacancy rate.
By the end of 2018, Trident was responsible for leasing transactions that improved the asset’s occupancy level to 94.3% - without constructing a speculatively fitted-out suite.
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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.
