The Forza 200 Creek Street Fund is an unlisted property fund which holds a 6 Star NABERS asset with A Grade services. The 7,683m² commercial office building with 88 car parks was purchased off market for a very compelling price of $41,000,000 or $5,336m², the Property is currently 90% occupied with a WALE of over 4 years.
Tenants at the Property include SEQ Water, MOQ Limited, Ramsay Healthcare, Austbrokers, Charles Taylor Adjusting 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 to demonstrate that older buildings can be refurbished and recycled to retain embodied carbon whilst achieving leading sustainability targets which we duly achieved by hitting a 6 Star NABERS ratings versus our target of 5.5 Stars.
200 Creek Street proves commercial properties can be transformed into sustainable, high-performing assets.
Key works packages 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 high efficiency chiller, buffer tank, upgraded pipework and new VAV units on each floor
- Roof mounted 114kW solar array together with associated switchboard upgrade, microgrid establishment and metering/distribution upgrade
- BMS upgrade together with the implementation of the CIM Peak platform.
- Centralised heat pump (electic) hot water service
- All fluro lights have been replaced with LED and connected to movement sensors where possible.
- 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, soffit works.
With its 6 Star NABERS rating (which is the highest rating possible), vastly improved services and amenities and a strong embodied carbon position, the Property is well placed to benefit from these investments.
