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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

    2-6 Bowes Street is a mid rise office building built in 1986.

    The property is well positioned in the Woden Town Centre (WTC), located approx 8km south of the Canberra CBD and is within easy walking distance of a major Westfield shopping centre.

    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 the WTC to other parts of Canberra, saw substantial deterioration in the general economic state of the 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 the 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 one of the requirements, a consolidation of the ACT Department of Health into 11,000sqm of office space on a 15 year lease at the property. We then worked with the ACT Department of Health to deliver a turnkey fit-out for the entire space.

    This property was sold in June 2017.

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