Forza 200 Creek Street Fund
200 Creek Street, Brisbane, QLD
KEY PROPERTY INFORMATION
|Purchase Date||November 2021|
The Forza 200 Creek Street Fund is an unlisted property fund which holds a well constructed but largely unrefurbished 7,683m² commercial office building with 88 car parks. Purchased off market for a very compelling price of $41,000,000 or $5,336m², the Property is currently 66% occupied with a WALE of 2.4 years.
Tenants at the Property include SEQ Water, MOQ Limited, Ramsay Healthcare, The Women’s Imaging Group, Integral Group Queensland and Futuro Financial Services.
Located only 190 metres from Central Train Station, the Property has favourable attributes including excellent natural light, views from all sides and efficient ~750m² floorplates which are easily subdivided. Given the current leasing market strength is for tenancies under 1,000m², the Property is well positioned as the refurbished asset and price point will appeal to this target market.
A key strategy of the Fund is the refurbishment and repositioning of the asset, taking advantage of the existing vacancy to undertake the works and replacing key services which are at the end of their economic lives. The Fund is targeting a minimum NABERS rating of 5.5 Stars as part of the refurbishment. The hope is that this Fund can demonstrate that older buildings can be refurbished and recycled to retain embodied carbon whilst achieving leading sustainability targets.
200 Creek Street presents an outstanding opportunity to show how existing commercial properties assets can be refurbished and repositioned to be highly performing, sustainable assets.
Key works packages that will be undertaken as part of the refurbishment and repositioning include:
- Fit out of commercial office tenancies including partitioning, office furniture, services (HVAC, electrical, plumbing), amenities (toilets), flooring, painting.
- Lift upgrade including lift motors and controllers
- HVAC upgrade including new water cooled chiller and pipework as well as new chilled water fan coil units located at each level
- ESD works including roof mounted photovoltaic solar array together with associated battery storage, microgrid establishment and metering/distribution upgrade
- Foyer upgrade including new fixtures and finishes, lighting and possible reorientation of foyer design
- End of Trip facility installation including delivery of showers, lockers, change areas and associated toilet facilities
- General building upgrades and capex including Fire Indicator Panel works, exit signage upgrades, roof upgrade and soffit works
Submissions from relevant contractors will be sought for the above works packages shortly. All contractors will be required to abide by an Australian Industry Participation commitment made by the Fund which seeks to provide full, fair and reasonable access to Australian businesses, especially SME’s. If you which to make a submission for any of the above works packaged, please contact Tim Brosnan from Acuity Project Management at firstname.lastname@example.org
Forza Capital intends to work proactively with tenants to ensure their ongoing needs can be met whilst making continued improvements to the building.