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93 George Street

Projects

93 George Street

Location

Parramatta, NSW

Size

NLA 7,127 sqm

PURCHASE Date

November 2009

Sold

December 2013

Completed

TR

21.2

%

93 George Street
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Quintessential Group of Companies (QGC) was a joint owner and manager of the property. We managed a base building services upgrade and successfully achieved a 5 Star NABERS Base Building Energy rating, putting it in an elite category in the market. In September 2012 an upgrade of the ground floor lobby was completed. In April 2013, a complete replacement of the lifts was completed, two months ahead of schedule.

Strategy

At the time of purchase 93 George Street was 90% occupied with the major tenant a NSW State Government Department.

Outcome

The property was valued before settlement well in excess of the purchase price. The value of the property further increased as a result of the building upgrades and increased income generated by the property. The building upgrades not only future-proofed the asset, but also improved tenant satisfaction and retention.

Following close consultation with the tenant, the NSW State Government exercised their option for a further five years over all their occupied space. This property was sold in Dec 2013 and was fully leased at the time of sale.

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