Case Study
120 Bunda St, Cairns
120 Bunda St, Cairns
The Opportunity
Mineral Resources Lihir acquired 120 Bunda St in 2010 with Trident appointed in an advisory and asset management co-ordination capacity. Following an extended period of nil vacancy and strong leasing traction, in early 2021 one of the major service based tenants relocated from the building due to a consolidation process. At the same time, there was a desire to re-clad the façade of the property as a result of the new Safer Buildings legislation. Identifying an opportunity to modernise the building to achieve improved leasing outcomes whilst also addressing the cladding, Trident worked alongside Tomkins Commercial & MCD Australia to deliver a significant repositioning project.
The Project
Trident Property Advisory have extensive experience in delivering cost effective project solutions that meet the needs of our clients in a strategic and considered manner. Given the asset is located in a regional hub, we understood the necessity to work with one central contractor from the design stage through to the construction phase. After assessing the local market, Tomkins were selected due to their experience in the area including their involvement with other current projects of a similar scale. Appointing our building partners early also allowed us to undertake the design journey and project scoping together with engagement from all sides to ensure that the outcomes met our requirements.
The final package of external works included a complete re-cladding of the face of the building, repainting of all external surfaces, upgraded lighting along the building perimeter and a new building signage package. The external works then flow seamlessly into the building foyer with new feature cladding installed, complete re-lighting, a full repaint and a new digital signage board.
The Results
Off the back of the building refurbishment works, the lessor has seen a significant increase in leasing interest for the asset. This includes offers on the vacant space from 2 parties (currently undergoing final negotiation) and renewals of approx. 20% of the sitting tenants across the asset. The modernisation has also allowed us to hold and in some cases increase our achieved rate per square meter against other high grade office buildings.
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.
