Actively managing our assets: 100 Creek Street, Brisbane - Cromwell Funds Management
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Home Actively managing our assets: 100 Creek Street, Brisbane
March 1, 2024

Actively managing our assets: 100 Creek Street, Brisbane

100 Creek Street, Brisbane was acquired in December 2021 on behalf of unitholders in Cromwell Direct Property Fund (DPF), and has been home to the global headquarters of Cromwell Property Group since January 2024.

Cromwell has an in-house property management team, with a full suite of property services, to maximise the performance of properties within our Funds.

Leasing Activity

 A total of 13 new leases have been signed in the last six months (to March 2024).

 

Cromwell has completed several speculative fitouts at 100 Creek Street in recent years. Speculative fitouts are new office fitouts built by Cromwell Property Group as the building owner that are designed to demonstrate the functionality of a space and subsequently entice, and accommodate, a broad range of new tenants. For a prospective tenant, the pre-constructed space means they can move into the building quickly and effortlessly, making it an attractive offering, especially for small-to mid-size tenants who might not have the experience or skill set within their organisation to design an office fitout.

Cromwell’s Asset Management team takes shifting tenant requirements into consideration, such as those post COVID-19, when designing these spaces. The recent focus has been on designing breakout areas and collaboration zones in addition to providing quiet rooms to those wishing to concentrate on tasks or avoid distraction.

In-building amenity

Creation of a Business Hub for tenants

The desire for more functional spaces has increased significantly since the end of the COVID-19 pandemic. As office building owners entice tenants to return to city CBDs, this collective need has been factored into making building more desirable.  For example, business hubs provide an important facility for tenants – particularly, small-to-medium tenants – who wish to use boardroom or training facilities, but don’t have access to these as part of their own tenancy.

Cromwell listened to our tenants’ needs and opened the 100 Creek Street Business Hub in late 2023. This space includes:

  • a 41 sqm Wi-Fi-enabled boardroom, with room to seat 16 occupants
  • a 63 sqm function room, designed to accommodate 40 people for meetings, training, and corporate events
  • a 37sqm kitchen/break-out area to support meeting activities
  • a 10sqm wellness/multi-purpose room for prayer, meditation, or other wellness practices.

These spaces are designed for the exclusive and complimentary use of 100 Creek Street tenants.

End-of-trip facilities

Located on Level 1 of the building, the end-of-trip facility provides for male and female amenities, 150 lockers, ironing, and drying facilities. In addition to the facilities located on Level 1, there are two caged bike store facilities located on the basement level, which include a bicycle repair station in each.

100 Creek Street tenants awarded Cromwell a satisfaction level 6% higher than the Tenant Survey Index

 

Keeping tenants satisfied

Measuring and understanding tenant satisfaction levels is core to Cromwell’s tenant retention strategy, and is critical in helping to maximise rental yield – which translates to greater investor returns.

Future Forma – an agency specialising in the independent evaluation of tenant–customer experiences across individual assets and portfolios – was engaged by Cromwell Property Group to conduct annual tenant surveys, commencing in August 2023.

33 surveys were issued to 100 Creek Street tenants, and 25 responses were received – a response rate of 76%. A five-point ratings system was used for the survey.

Responses were marked against the Tenant Survey Index (TSI), which comprises of 350+ investment grade office building surveys throughout Australia, and is calculated as a rolling four-year average to ensure that data remains current.

Property Management Team Management Team Management Team
100 Creek Street 88 87 87
Tenant Satisfaction Index 84 79 81

As seen in the table above, 100 Creek Street tenants awarded Cromwell a satisfaction level 6% higher than the Tenant Survey Index.

 

Property profile

The 24-storey, 100 Creek Street office tower is located in the heart of Brisbane’s central business district, approximately 250-metres from the city’s Central train station – one of the busiest transport hubs in Queensland ­– and is within walking distance to hundreds of shops, cafes and restaurants, banks, as well as Brisbane’s pristine botanic gardens. It has long been considered an extremely attractive location by prospective tenants.

The property was acquired in December 2021 on behalf of unitholders in Cromwell Direct Property Fund (DPF), and has been home to the global headquarters of Cromwell Property Group since January 2024.

Sitting on a 1,722 sqm parcel of land, the property features floor-to-ceiling glass windows, which provide an excellent natural light source, as well as view corridors towards Queen Street, the Anzac Square, and the Brisbane River. An eye-catching LED feature wall in the lobby projects vivid Australian landscapes and coastal scenes, while marble walls are complemented by metallic finishings and soft, ambient lighting.

As of January 2024, all the building’s tenants are The building also has an impressive 5.0-Star NABERS Energy rating and a 4.5-Star NABERS Water rating.

The total net lettable area of 100 Creek Street is 20,223 sqm and rental income is underpinned by a diverse mix of tenants, including Australian Government, major corporate, law, and financial tenants.

The ground floor lobby, lift lobbies, and additional amenities have recently been refurbished, and end-of-trip facilities, and a business hub have been added to the site.

Key statistics:

93.4%
Occupancy as at 31 January 2024
Office
Sector
20,223 sqm
Net lettable area
5.0-Star
NABERS energy rating
4.5-Star
NABERS water rating
About Cromwell’s Direct Property Fund

The Cromwell Direct Property Fund is comprised of a quality portfolio of nine commercial property assets – including 100 Creek Street – with a long, 4.3-year weighted average lease expiry (WALE) and 54% of income sourced from government and listed tenants.

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