Cities and their economies change. Whether it’s from global, regional, technological or social influences, what was in-demand five, 10 or 20 years ago may garner a fleeting interest today.
Repurposing buildings for new commercial uses is important for landlords seeking to maximise value and future proof in a changing market.
Town planning schemes have also evolved to offer greater flexibility, allowing landlords to reimagine under utilised or outdated buildings.
As South-East Queensland has evolved – Brisbane has shrugged off its ‘big country town’ status and is moving toward a world-city that will host the Olympic and Paralympic Games; the Gold and Sunshine coasts have become more than tourist destinations through tech investments – tenant preferences have shifting rapidly.
For instance, restructuring and the digitisation of financial services has resulted in many outer suburb bank branches being transformed into medical centres, or office spaces for architects and solicitors.
And we’ve also seen a wave of vacant factories in areas like Salisbury and Banyo converted into micro breweries, gymnasiums and entertainment precincts for young kids with trampolines.
Ageing light industrial buildings dotted around Woolloongabba’s lifestyle precinct have been repurposed into urban-style cafes and creative studios, offering landlords higher returns per square metre than traditional tenancies.
Older office stock in proximity to hospitals has also been converted into allied health suites to meet surging demand in the wellness sector.
But it’s critical to point out that a smart re-use outcome isn’t achieved through speculation or a knee-jerk reaction from a left-field tenant enquiry.
At Bromley Real Estate, we’ve been providing landlords with informed guidance on how to reposition their assets to meet changing tenant demand in their own neighbourhoods for decades.
Our sales and leasing specialists know what tenants are actively seeking, incentives they expect and, most importantly, where unmet demand exists. We can advise whether converting a dated showroom into a co-working hub makes financial sense, or if there’s a stronger appetite for allied health or boutique fitness offerings.
Well ahead of lease expirations, our property managers and leasing specialists collaborate on emerging demand in the market and review whether a reuse strategy will add greater value or long-term security.