A stellar year for MRS Advisory
Our advisory team offers independent advice on a wide range of broad and complex property matters. We had a number of great clients and success stories in the 2018-19 Financial Year, scroll through for just a few notable clients and works provided.
Southern Cross Care
MRS Property assisted with the coordination of the sale of Southern Cross Care’s head office at 151 Greenhill Road, Parkside. The property comprises a two-storey office building of 1,478m2, sited to a corner allotment of 1,535m2. The property was offered with vacant possession. Colliers were engaged to undertake the sales process. Southern Cross Care plan to vacate the property in October 2019 and relocate to the former Beach Energy building at 25 Conyngham Street, Glenside.
Australian Red Cross Blood Service
Engaged by the ARCBS to undertake an Options Study which was presented to the ARCBS Board. The Board decided to collocate their administration and call centre functions into one location. We were then engaged to source and secure new office accommodation to accommodate both functions. A new 10 year lease at 30 Currie Street (2,700m2) was secured for ARCBS on favourable commercial terms. Occupancy is expected in November 2019.
Adelaide Day Centre
Acted for the Adelaide Day Centre for Homeless Persons to coordinate the sale a 3-bed weatherboard dwelling (ruin) located in the beachside suburb of Cheltenham in Melbourne’s south. This property was given to the ADC about 20 years ago, by a man who admired Sister Janet’s work here in Adelaide, to provide housing for those in need. Repairs were prohibitive so the property was offered for sale by auction and sold in excess of expectations. A fantastic windfall for a very critical service provider based in Adelaide but with far reaching global projects to fund.
Engaged by Eguana Technologies (TSX-listed company) to source and secure new office warehouse accommodation. New 5 year lease negotiated on the Golden Mile (affectionately named by Leedwell) in Wingfield commencing April 2019.
Engaged by Flinders Ports to negotiate a lease renewal at 296 St Vincent Street Port Adelaide. A new 10 year lease was agreed, which comprised a full base building upgrade and turn-key fitout. MRS were also engaged to project manage the fitout which included the appointment of consultants JPE Design, Shape and Bestec Engineers. Building upgrade and fitout was completed in February 2019.
Development manage the demolition of 66,000m2 of older buildings at Charles Sturt Industrial Estate and the construction of the required infrastructure (new roads and services, etc) to have the land “development ready” for 35,000m2 – 40,000m2 of new industrial buildings. On track to be ready by early June 2019.
480 Specialist Centre
Practical completion of the 5,250m2 project was achieved on 9 July 2018, with 60% tenancy commitment achieved at that time. An official opening function was held in the centre on 1 November 2018 with the Minister for Health, Mr Stephen Wade, performing the formalities during the evening. Guests had the opportunity to inspect various tenancies including the state of the art Windsor Gardens Day Surgery. Throughout 2018/19 marketing of the centre and discussions and negotiations with various prospective tenants continued. By the end of June 2019 three further tenancies had been committed taking occupancy to approximately 75%. In addition, the 480 Sessional Suites were developed, offering five individual suites, for use by specialists on a casual basis. The Windsor Gardens Day Surgery held its official opening on 13 June 2019 with Vincent Tarzia MP officiating.
Old Adelaide Gaol – with Dash Architects
Contributing to an ‘adaptive re-use study’ of the Old Adelaide Gaol with DaSH Architects for State Govt (DEW). This has involved research into other historic gaols to understand successful re-use. A detailed look at use and associated operating models at Pentridge Prison (private mixed-use developments including residential), Fremantle Prison (State Govt museum and private tenancies) and Darlinghurst Gaol (National Art School) has been fascinating. MRS is to propose commercial solutions for the Old Adelaide Gaol footprint.
Engaged by the Sealink (ASX Listed Company) to undertake a review of the market for alternative options to accommodate Sealink Travel Group and Sealink SA (KI). A new lease at 26 Flinders Street over 2 floors (1,400m2) was secured for Sealink on favourable commercial terms.
Indigenous Land and Sea Corporation
Engaged by Indigenous Land and Sea Corporation to undertake a review of the market for alternative options for their Head Office. A new lease at over a whole floor at 70 Franklin Street (1,230m2) was secured on favourable commercial terms.
Engaged by Norman Waterhouse Lawyers to undertake a review of the market for alternative options. A new lease at 431 King William Street over 2½ floors (1,940m2) was secured on favourable commercial terms. Occupancy is expected in October 2019.
MRS Property has extensive market knowledge and experience in the provision of commercial property advisory services. To get in touch regarding your tenancy relocation, or any other queries concerning your commercial property needs, please contact our Advisory team:
Phone: +61 8 8297 2400
17 July 2019