Building Refurbishment: A Golden Investment An economy driven investment that delivers results
In the current highly competitive commercial property market it is survival of the fittest, but some existing buildings are leading the pack. Smart investments in building refurbishments have seen building owners retain tenants, attract new ones, and deliver higher yields.
Our breakfast seminar will share some of the exciting refurbishments that Umow Lai has been involved in around Sydney.
The refurbishment of Grosvenor Place lobby has successful transformed the space into a communal flexible work space, creating real feeling of community within the building and maximising tenant value. Enclosing the space required some cleaver engineering to ensure the space is comfortable and inviting. The temperature of the space is managed with active mass heating and cooling of the floor, with displacement ventilation integrated into the key architectural elements of the Onyx walls and the bamboo planter, utilising the bamboo as a natural air diffuser and creating a wonderful shimmer of movement within the space.
465 Victoria Ave Chatswood, is a building that face the hard conditions of the GFC. The refurbishment was undertaken economically to achieve a 4 Star Green Star rating, a 5 star NABERS commitment agreement and fantastic, light filled, clever and highly sort after office space. The building increased its rental yield by 150%, was fully tenanted on the completion of works in a market that was experiencing record 23.9% vacancy rates, reduced it energy cost by 58% and was sold on to overseas investors.
Legion house is the vision of “what can we do with this building”; as a heritage refurbishment it is so boldly out of the box that the plant room is next door. The refurbishment achieved 2 levels of additional floor space, which acknowledges the building heritage past. It is carbon neutral and harking back to its original construction it generates sufficient renewable power to disconnect it from the CBD power grid.
Legion House is now operational and has achieved multiple Australian firsts:
- First six stars NABERS commitment agreement
- First Biomass powered CBD Building
- First CBD building to generate sufficient renewable energy to disconnect it from the power grid
Lots of people will tell you what can’t be done: with this building, Umow Lai will tell you what can be done.