Redevelopment strategy and brief to market
Background
Imagine completely re-thinking the value of an ageing major commercial asset (60,000 sqm) with the departure of it’s sole tenant of 42 years. The vacating of 500 Bourke Street in early 2021 by it’s sole occupier - National Australia Bank – after a 42 year tenure created a truly unique set of circumstances for ISPT. In every discussion regarding the asset’s futures, these unique circumstances lead to one clear and consistent message for it’s owner ISPT: “IT IS 500 BOURKE’S TIME”
Our role
TGB were engaged to develop a whole of building redevelopment strategy which required us to create a redevelopment vision and strategy that compelled future tenants to WANT to come to 500 Bourke whilst supporting the various key ISPT stakeholders’ core business objectives. This required us to:
- Develop a truly unique/compelling offering
- Maximise the real value of a Melbourne landmark
- Take a different approach to defining the Value Proposition
- Define a collective vision that all business units within ISPT are aligned and signed up to
- Partner with the "right " organisations in order to achieve the vision
- Align the opportunity and vision to ISPT’s key strategic objectives
The solutions
- A building redevelopment strategy that defined ISPTs aspirations for the building and target markets
- Alignment of ISPT executives around the agree approach to the redevelopment
- A brief to market that was clear and compelling
- The principle of RENEWAL driving the new offering and reflecting a clear and aspirational long-term vision
- The development of new services and facilities based on customers aspirations, needs and requirements underpinning every aspect of the redevelopment
- The creation of a new destination and offering in a redeveloped landmark that will attract a new range of forward- thinking customers
- Lead the ISPT development team to work and collaborate differently to buy into the long-term strategy and vision
