15 Nov Emerald House
11 Sunshine Beach Road, Noosa Junction
We started managing Emerald House during October of 2007. It was part of a large portfolio we took over and continue to manage for the Dimmick Family of Geelong. Dimmick hold roughly a third of the eastern side of Sunshine Beach Road.
Emerald House was very run down and about to lose the National Bank who occupied roughly half of the 794 sqm centre. The Noosa Civic shopping centre had recently opened and a few tenants like this relocated.
The National Bank proved very cooperative and honourable with their defit, to the extent that they installed new shop fronts, totally stripped their ground level fitout and relevelled the floor. By agreement we let them leave the fitout and furniture in the upper level, provided they remove the internal staircase they had installed.
On our recommendation the Owners agreed to a refurbishment of the centre to lift it’s image. This was after we had thoroughly investigated the redevelopment of this and adjoining sites also held by Dimmick. As is so often the case redevelopment was found to be far from attractive. The modern day townplan and it’s demands for car parking and infrastructure contributions stifles any interest in redevelopments of such sites.
The refurbishment was budgeted to cost $350,000 to $450,000. The job was completed on a cost plus basis for just over $250,000. Works included an electrical upgrade costing approximately $70,000. This was desperately needed as was evidenced by the instance of electrical equipment literally melting on the distribution board before the new equipment was commissioned. These old buildings were not designed for the high loads that air-conditioning in particular demands.
Money was spent on the refurbishment where it would count; that is primarily to the frontage of the complex. Where ever works were undertaken asbestos based fibro was removed. The smart allucabond awning fascia left behind by the National Bank was continued around the full edge of the awning. A signage theme was re-established for the complex and panels fitted in strategic locations for the tenants signage needs.
The building is now worthy of the location and is currently 100% let.