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The True Value of Common Property

Saturday, 12th July 2014

Windeyer after the renovation

Macquarie Street - home to the NSW Parliament - is where the State's best minds come to work. But not all of them are politicians...

State politicians seeking ideas on how to defray Government costs need only look across the road.

Through innovating thinking, Windeyer Chambers at 225 Macquarie Street has just completed a 15 month refurbishment at minimal cost to the building owners.

Visionary strata manager, Strata Republic, and the Owners Corporation identified that the rooftop plant room could be relocated and the 312sqm space converted into a valuable commercial suite with front and rear terraces.

The view from the 14th floor is one of Sydney’s finest, stretching from the Opera House over Sydney Harbour to St Mary’s Cathedral and beyond.

Strata Republic put the plan in motion, gaining all the necessary designs, approvals and costings. It then engaged real estate agency CBRE, which sold the space for $3.1m to a legal firm.

The financial windfall enabled the façade of the heritage-listed building to be revitalized, essential services upgraded, and one of the three lifts extended to the top floor.

The old plant was upgraded and relocated, allowing the space to be transformed into one of Sydney’s most spectacular offices.

“Even when it was a dingy, noisy plant room we could see its potential, but the reality has turned out even better than we imagined,” said Wade McKenzie, the managing director of Strata Republic.

Debbie George, Chair of the Windeyer Chambers Owners Corporation, describes the redevelopment as a ‘common sense approach to common property’.

“Our building needed several million dollars’ worth of upgrades so we sought a solution that would minimize the cost to lot owners,” said Ms George.

“The result has been a win for us and a win for the new occupants. Our building now looks better, runs more efficiently, has increased in value, and we have another lot owner to help pay the ongoing strata costs.

“There must be dozens of buildings in the CBD that could adopt our approach.”

Adding value is what Strata Republic prides itself on.

Founded a decade ago by Mr McKenzie, Strata Republic has been winning commercial and residential business through its responsive service and progressive approach to communication. Among its clients are prominent property developers and international real estate organisations, as well as Owners Corporations of high-end strata schemes in the CBD, the Eastern Suburbs, the Inner West and the Lower North Shore.

“Through professional administration we ensure each property runs at peak efficiency, enhancing its value and safeguarding the interests of owners,” said Mr McKenzie.

A video showing the transformation of Windeyer Chambers can be viewed on

www.stratarepublic.com.au/strata-tv

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