Properties eventually date and no longer meet the requirements of their occupiers and/or investors. We are all aware of examples of tired, vacant buildings that have reached the end of their ‘first life’.
How to transform a property to its optimal condition and therefore enable it to meet the requirements of the current market and future proof it is not necessarily within everyone’s skillset, but it is within TPG’s.
Let me provide you with an example.
We have a client that owns and is the main occupier of a well located multi storey office building of significant value that had become ‘tired’. It no longer met their requirements or those of their other tenants. The client required their building to be holistically robust and a headache-free investment.
TPG was engaged to undertake a gap analysis of the building in its current state compared with it having a sound building envelope (exterior) and base structure, fit for purpose building services, and an interior configuration and workspace that reflects the way people work today. Incorporating flexibility into the design would see it stand in good stead for many years to come.
We first determined our client’s functional and aspirational needs and considered those of complementary tenants. In other words, what did the building have to provide to enable its occupiers to get on with doing their ‘business’ and reflect who they are as an organisation? The client Chief Executive’s key objective was to make it “a place where our people want to be”. She understood that a fit for purpose workspace that supports workplace tasks and organisational culture is one that will improve staff retention and productivity and therefore impact positively on the bottom line. We led workshops with their business unit champions and developed an accommodation strategy that was tested through a pilot tenancy. It was a success! We know the local property market and understand what it demands of office accommodation so also ‘plugged’ that critical information into our analysis.
Once we knew what the building was required to deliver we were able to identify where it fell short. Our team of professionals determined the necessary changes required to the building envelope to present a modern look, the interior to provide the necessary type of spaces and their layout, the structure and services that needed upgrading and to what standard, and a cost to achieve all of this.
With our client informed of the required works and the cost, the budget was approved and the details finalised. We then led the Request for Proposal (RFP) process and a well matched and skilled team was engaged to turn the robust planning into a reality. Another client’s property problem solved. Tick.