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    93 George Street

    • Parramatta NSW

    • NLA 7,127sqm + 155 Car Bays

    • Purchased November 2009 • Sold December 2013

    • IRR 21.2%
    • TR 95.0%
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    Strategy

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

    Activities

    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.

    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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