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    87 Marsden Street

    • Parramatta NSW

    • NLA 6,659sqm + 79 Car Bays

    • Purchased July 2011 • Sold January 2015

    • IRR 19.8%
    • TR 76.3%
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    Strategy

    87 Marsden Street is a modern office building with the major tenant a NSW State Government Department (approx 45% of NLA).

    Activities

    The purchase of the property was negotiated in late 2010 when the building had 53% vacancy. During due diligence, a NSW State Government Department was secured to lease the majority of the building’s vacant space on a new five year lease, which increased occupancy to 93% at settlement.

    The remaining vacant office space was also leased shortly after settlement.

    In late 2012 upgrades were undertaken including the entrance and lobby and a base building services upgrade resulting in a 4.5 star NABERS Base Building Energy rating.

    Outcome

    Having secured the new State Government tenant, the valuation increased substantially at settlement.

    QE worked alongside energy efficiency company Exergy to achieve energy efficiency in planning solutions. In 2013 87 Marsden Street was awarded the Best Commercial Building Energy Efficiency Project at the Energy Efficiency Council (EEC) Annual Awards for showcasing high percentage reduction in energy use, a strong NABERS rating and sustainable solutions in the overall function of the property.

     

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