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    10 Moore Street

    • Canberra ACT

    • NLA 6,711sqm + 44 Car Bays

    • Purchased June 2014 • Sold June 2019

    • IRR 16.7%
    • TR 95.9%
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    Strategy

    10 Moore Street is known as the Optus Centre, located on a prominent corner in Canberra’s CBD, adjacent to the GPO. It has a strong history of attracting and retaining quality corporate and government tenants.

    The aim was to deliver a regenerated 4.5 Star NABERS Base Building Energy rating building that would attract and retain quality tenants and to provide stabilised, long-term income to investors.

    Activities

    The occupancy at purchase was 92%. with the anchor tenant, Optus having recently renewed its lease with the other tenancies having staggered lease expiry dates. This minimised the potential impact of losing any one tenant.

    QE regenerated the building, this included aesthetic and mechanical upgrades to achieve a targeted 4.5 Star NABERS Base Building Energy rating.

    Outcome

    We worked with existing tenants to understand their accommodation needs, and made improvements to the building and its services to provide a high standard of accommodation. Following the upgrades to services, the property exceeded the targeted 4.5 Star NABERS Base Building Energy rating by achieving a 5 Star rating.

    The property was sold in June 2019 with 100% occupancy.

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