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2-6 Bowes Street

Projects

2-6 Bowes Street

Location

Phillip, ACT

Size

NLA 12,348 sqm

PURCHASE Date

June 2012

Sold

June 2017

Completed

TR

16.8

%

2-6 Bowes Street
2-6 Bowes Street
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Activities

At settlement, the Department of Human Services (DHS) were the sole tenant on a short-term lease as they were vacating in November 2013.

When DHS vacated QE completed substantial upgrades including mechanical upgrades designed to target a 4.5 Star NABERS Base Building Energy rating which was the environmental requirements to attract Commonwealth Government and other blue-chip companies.

A Commonwealth Government initiative to relocate thousands of workers out of WTC to other parts of Canberra, saw substantial deterioration in the general economic state of WTC. In response to this, QE established a lobby group with local clubs, businesses and other property owners in an attempt to increase awareness and attract employment back to WTC.

Strategy

The office building is well positioned in Woden Town Centre (WTC), located approx. 8km south of the Canberra CBD.

We aim to regenerate the building aesthetically and mechanically targeting a minimum 4.5 Star NABERS Base Building Energy rating to attract and retain quality tenants, providing stabilised, long-term income to investors.

Outcome

The ACT Government understood the serious issues in WTC due to the relocations and responded by offering two separate departmental office space requirements to market.

QE were successful in securing the ACT Department of Health office space of 11,000 sqm  on a 15 year lease at the property. We delivered a turnkey fit-out for the entire space for the ACT Department of Health. Property was sold in June 2017.