Like many mature organisations, the Victorian Automobile Chamber of Commerce (VACC) had owned and occupied their property for over 40 yeras. With their office building in St Kilda Road approaching the end of its economic life, the VACC engaged Urbis to help develop their strategy for dealing with the existing site as well as planning for their new location and home once they leave the current site.
Our research team completed surveys to understand and quantify the needs of the VACC Membership and a separate survey of VACC staff informed a range of issues that were used as criteria for the new location analysis.
The Urbis Real Estate Advisory team developed a full business case analysis for the disposal and relocation of the VACC into a number of preferred locations that were identified as meeting the needs and aspirations of the staff and members. The business case established the net revenue to be achieved through the sale of the existing site along with recommendations to maximise and de-risk that process. Relocation costs included the cost of lease and acquisition options including fit out, ICT and physical relocation costs which were quoted by external third parties to ensure accurate estimation of total costs.
Our research, finding and recommendations were presented to VACC Property Committee and the strategy is now being implemented with Urbis continuing to provide input and support resolving a number of outstanding issues associated with the St Kilda Road site.
Our advice culminated in the successful sale of the property for $95m.
Urbis has been working closely with the VACC to provide a relocation strategy and disposal advice.