Buildings 7 & 8, 658 Church st, Richmond
Base Building upgrade, 6,000sqm over 3 levels, Practical completion 2016
Delivered by David Castro - Director/Lead Project Manager, Volo Projects.
Property Bank Australia (PBA) acquired this significant asset within the Church St business park precinct. The buildings joined by a common triple height glazed lobby had reached end of lease with the major long term tenants i.e. three quarters of the building was vacant. PBA decided to fully refurbish before offering back to the leasing market.
Critical to the success was the market knowledge and trends that David and his team brought to the project which defined the ongoing strategy. The brief from PBA - ‘spend in the key areas to create an asset that stands out’.
Creative industries were the key targets in the leasing strategy; so ceilings were removed to celebrate the heights with insulation and high bay ‘industrial’ light fittings installed. Upon investigation it was found the slabs were in excellent condition, which allowed a grind and polish.
There were two key successes for this project;
The remainder of the building leased immediately at 30% above market rents, setting new benchmarks in this precinct
Upon the building being fully leased, PBA sold the asset for a record breaking yield.
Exterior photo : Urban Angles
“The end result was a fully leased office building that had been substantially refurbished and upgraded which subsequently sold for a record-breaking yield.
David made a significant contribution towards achieving this result; proving to be commercially and technically very proficient, highly disciplined and organised, dedicated and committed, trustworthy and an absolute pleasure to work with and have as part of our team.
We have no hesitation whatsoever in recommending David and his team as a most suitable and reliable project manager.”
Chris Glass - Director, Property Bank Australia
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