The ongoing impacts of COVID-19 on the commercial property market has led to owners and investors seeking a trusted management partner who can not only provide effective asset services, but do so in a way that reduces future risk, increases efficiencies, and delivers long-term value, according to CI Australia (CI).
This is evidenced by CI recording an increase in assets under management from existing clients in the last 12 months, equating to an increase of approximately 50,000 square metres in Net Lettable Area (NLA).
New appointments include 2 Banfield Road in Macquarie Park; a newly completed office building providing the latest in technology, sustainability, and amenity. CI is managing the asset on behalf of existing client Artifex Property and was awarded the management after a tender.
The NSW Government has also sought to strengthen its existing relationship with CI in the last 12 months, with the management of the Crown Lands portfolio, comprising 204 agreements across the state with an annual rent roll of approximately $2.4 million. This bolsters CI’s expansive management experience on behalf of the State Government, including our current management of over 2,500 individual agreements across specialised transport, community, maritime and road assets for Transport for New South Wales (TfNSW). CI has been working with TfNSW for almost 20 years, including several contract renewals and management expansions. The Crown Lands appointment is an addition to CI’s TfNSW contract.
CI’s Head of Commercial Asset Management David Matkovic said “The high volume of repeat business we have been awarded in the last 12 months not only demonstrates our position as a trusted advisor and our track record, but reflects the increased importance for owners and investors to partner with a provider they have absolute confidence in, particularly while some uncertainty remains in market due to the ongoing COVID-19 pandemic.”
Mr Matkovic said CI was working with clients to reduce risk for their owned assets, and by extension their businesses. “We pride ourselves on delivering a strategic management approach that allows their assets to thrive despite this uncertainty, whether that’s looking at a repositioning to enhance the prospect of future rental uplift or strengthening the likelihood of tenant tenure.”
Mr Matkovic added this type of future-proofing approach was being delivered for 2 Banfield Road, and the existing relationship with Artifex Property allowed the asset to be transitioned effectively and efficiently into CI’s management.
Owners and investors – particularly those of specialised or unique asset types - can also gain strategic advantage in an uncertain market by ensuring their chosen management partner has the required knowledge of the properties at hand, said Aaron Gaida, CI’s Contract Manager for the TfNSW portfolio. “There are distinct differences in the pathways to prosperity for the owner of an office building compared to that of a marina or retail asset, for example. It's only by having a managing agent with a deep understanding of each asset classes’ nuances and requirements that we believe this can be delivered.”
Mr Gaida said an example of this was the retail leasing success CI had delivered for TfNSW at Sydney’s iconic Circular Quay, following a significant downturn in the area during the pandemic. “There is a revitalised interest in Circular Quay from businesses following the return of international tourism to Australia. Our understanding of the nuances and unique requirements of each subject property for lease, and the broader Quay precinct, has allowed us to find a number of truly suitable operators we know will resonate with visitors, commuters and residents, and be able to trade well into the future,” he concluded.
CI’s Asset Management Department delivers a comprehensive suite of services for a diverse and growing client base, and has a long and successful history of acting for major Government bodies and private institutions. We pride ourselves on being trusted advisors to our clients and deliver sustainable solutions that help to achieve prosperity through property. For further information or to chat to our Asset Management experts, contact us today on +61 2 8238 0000.