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Energy Queensland look to maximise their tenancy

EQ IMAGE_case study
The Challenge
  • The Energy Queensland building was a purpose-built site which includes a large central void. This affects the ability to hand back space as there is no opportunity for it be re-let to another tenant.
  • The current deal structure had Energy Queensland paying additional rent for exclusive use of balconies and outdoor areas that were not being used by staff to an extent that justified the cost.
  • Similar to other companies, Energy Queensland wanted to continue to create a desirable workplace for staff with functional and modern amenities in a prudent fashion without a need to substantially increase CAPEX cost.
The Strategy
  • Colliers Tenant & Strategic Advisory teams were appointed to conduct a stay vs go analysis of Energy Queensland's Newstead headquarters.
    The brief was to analyse the renewal proposal submitted by the landlord for the 28,000sqm footprint maintained by Energy Queensland in 26 Reddacliff Street, Newstead.
  • After undertaking a review of the proposal while working with Energy Queensland to understand their key drivers and how we could maximise their use of the tenancy, it was decided that the ideal outcome would be to reduce their total NLA, refurbish the base building amenities and blend and extend their lease.
The Result
  • A blend and extend deal was struck with the landlord which included the balcony space and a portion of the foyer no longer being included in the NLA, an upgrade of building amenities and the installation of a new EOT.
  • Additional staff amenity was also provided by the landlord to allow for Energy Queensland to further its culture in the workplace and ensure that they continued to put their staff first.

Please note that the exact terms of the deal are confidential.

If you would like to know more about this case study and how our team might be able to assist your organisation, please contact Nick Davies.


Related Experts

Nick Davies

Associate Director, Tenant Advisory | Occupier Services

Brisbane

Over the last 12 years Nick has practiced across numerous sectors of commercial property as a solicitor, negotiator, lecturer, and advisor. He possesses a wealth of knowledge and expertise stemming from his career as a commercial property solicitor for a major national law firm. In this role, he specialized in commercial leasing, development and sales transactions which includes negotiation and client advisory.

Nick has worked on and completed three of the largest deals for the Queensland Tenant Advisory team by working with Urban Utilities for a 6,000sqm HQ requirement, securing a 5,000sqm site in Fortitude Valley and a 4,000sqm site in the Brisbane CBD for long term client IWG and working with Energy Queensland on their 25,000sqm requirement.

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Simon Crouch

Head of Tenant Advisory | Occupier Services

Sydney

Simon Crouch is the head of of Tenant Advisory in Australia and  has been with Colliers since 1996. Simon started his career in Office Leasing and changed roles to help establish Tenant Advisory Services at Colliers in 2006. When we started out our aim was to provide the highest quality impartial advice to tenants and to deliver bespoke accommodation strategies that would accelerate our clients business and that  is what we have done since. Through employing best in class people with diverse skills our focus is always on holistic customer solutions and service excellence. Evidenced by our average client satisfaction score of 9.5/10 and our expanding services we deliver results that set us apart from our competitors. 

 Simon and his team has delivered some of the most complex assignments in the Australian market. Major recent accomplishments Simon has led include:

Nine Entertainment Co. in their pre-committment of 16,000sqm into North Sydney and subsequent expansion of 6,000sqm following a merger with Fairfax Media, Microsoft's Long Term Strategy and relocation of 10,500sqm in North Sydney, Norton Rose Fulbright's pre-committment of 10,000sqm into 60 Martin Place, Sydney and QBE's 12,000sqm pre-committment in Parramatta and 10,000sqm pre-committmnet in Sydney. 

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Carl Knaggs

National Director | Strategic Advisory

Brisbane

Carl has over 15 years of national and international experience in development planning, advisory, economics, policy and management.  He is an expert on Queensland’s planning and development framework and specialises in asset optimisation, market analysis, demand forecasts, development feasibility, highest and best use, development strategy and strategic planning.

Carl has undertaken numerous research and consultancy engagements with all levels of government, with a particular focus on development and land use strategies, land optimisation, policy research and business case development for major projects.  

Carl is a trusted advisor to a range of institutional, corporate and private clients including Dexus, Stockland, Lend Lease, Abacus Property Group and CVC Limited, among others.

Prior to joining Colliers, Carl was Director of CJK Planning, a business founded by Carl in 2012 providing development consultancy services to publicly listed companies and high net worth individuals.

Recent and ongoing projects include highest and best use analysis for key sites of Dexus, Stamford Land Corporation and Cross River Rail.  He has been the Development Manager for acquisition and delivery of neighbourhood shopping centres for CVC Limited, ISPT and Consolidated Properties, and Land use and Investment Attraction Strategies for Councils in QLD and VIC.

He has acted as an expert witness in the Planning and Environment Court for highest and best use analysis and claims for injurious affection. 

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