Grosvenor Place faced a challenging Premium grade leasing market with high levels of vacancy, new competing stock entering the market and subdued tenant demand.
In addition, occupancy at Grosvenor Place was impacted by the departure of Ashurst (2,343sqm) and Blackrock (3,032sqm) in 2015, and a further 19,455 square metres was due to expire in the 18 months from 1 July 2016
- Dexus revised the leasing strategy to include a full rebranding of the asset and a targeted marketing and media campaign Implemented a speculative suite strategy to increase interest in the southern side of level 41 and to meet the growing demand for smaller fitted out office space
- Delivered six suites in February 2016, setting a new standard for fitted suites in the Sydney CBD Premium market
- Achieved occupancy of five suites within eight weeks of practical competition, with the final suite leased in June 2016
- Following the success of level 41, the strategy was rolled out to the southern side of level 44 and refreshed to meet the market demand for larger tenancies
- Increased occupancy from 80.9% at September 2015 to 94.5% at 30 June 2016, and a weighted average lease expiry of 5.7 years
As at 30 June 2016.