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When Dorchestor Property Trust took on Jones Lang LaSalle to manage Auckland Club Tower (34 Shortland Street) in 2006, they knew about our excellent track record of adding value to the properties we look after. We didn’t let them down.
Auckland Club Tower was a B-Grade 18 storey CBD tower, generating an average rent of $215 per square metre and with a vacancy rate of over 12%
Jones Lang LaSalle looked closely at the building and came up with an asset strategy that included capital and tenancy upgrades, new leases, lease renewals and rent reviews on over 33% of the building, as well as a strategic marketing plan for the vacant space.
Our proactive management regime realised an annualised rental increase of $260,000pa, pushing average rentals up over the $260 per square metre mark. Our marketing activities meant the vacancy rate was reduced to just 5% and our risk management plan lowered the risk profile of the entire building through compliance programmes.
Most significant of all was the end result to Dorchestor Property Trust; an asset that increased value from $23 million to over $30 million.