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    2-6 Bowes Street

    • Phillip ACT

    • NLA 12,348sqm + 84 Car Bays

    • Purchased June 2012 • Sold June 2017

    • IRR 16.8%
    • TR 116.6%
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    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.

    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.

    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 11,000sqm  on a 15 year lease at the property.

    We deivered a turnkey fit-out for the enrtire space for the ACT Department of Health.

    Property was sold in June 2017.

    Looking for bespoke space for your business?

    With partnership at the core of our approach, we work closely with clients to create bespoke solutions that are mutually beneficial.

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