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Implement strategic asset management initiatives to de-risk the property, reduce operational expenditure, and drive sustainable income growth.
The key challenge was to de-risk the asset while simultaneously lowering ongoing costs and increasing net income, particularly in a post-COVID-19 environment that presented significant challenges to the retail sector.
The asset comprises of three levels of office space and seven ground-floor retail tenancies.
A major milestone was achieved through the successful negotiation and renewal of the office anchor tenant’s lease, extending their commitment by a further 10 years. Simultaneously, office tenants were strategically managed out, enabling the anchor tenant to expand and occupy the entire office component of the asset.
Post Covid, several underperforming retail tenants were replaced with retailers capable of maximising sales in this key Brisbane location. Through active leasing and asset management, vacancy was maintained at near-zero levels, with rental growth and amenity upgrades further supporting value creation.
This repositioning materially de-risked the asset, reduced OPEX obligations, and delivered a meaningful uplift in net income.
