On behalf of the Advan Office Property Trust, MRS were engaged, in 2002, to seek a re-zoning of this seven (7) hectare site for the development of the proposed Adelaide Corporate Park.

The promulgation of a Plan Amendment Report (re-zoning) process with the City of West Torrens followed and some four years passed whilst interested parties, Government Ministers and bureaucrats moved the re-zoning through to completion.

The efflux of time, the negotiation of new leases to the State Government over the whole of the main office building (8,000 square metres) at No. 1 Richmond Road, and strongly improving market conditions, led Advan to elect to offer the investment and development opportunity to the market in 2006.

MRS, on Advan's behalf, appointed Knight Frank to formally market the property by Expressions of Interest.

Offers which were received for the property as a whole did not fully reflect the underlying value of the development land.

After serious consideration, MRS recommend, in order to maximise the value of the site for Advan, that the main building be sub-divided from the vacant development land and sold separately.

The site has subsequently been transacted in three parcels:

1. The main building, fully leased to the State Government for five (5) years, to Century Funds Management as a $20.91 million addition to their investment portfolio.
2. Development land of approximately 2.8 hectares fronting Richmond Road, to Axiom Properties Limited for the development of Coffey World Park, a campus style, 5 Star Greenstar rated commercial business park of some 30,000 square metres.
3. Development land of approximately 2.2 hectares with access off Railway Terrace.

The decision to sub-divide the site resulted in Advan achieving a realisation approximately $7.0 million greater than if the whole site had been sold in one line.

Through this process MRS undertook the following roles for Advan:

1. Asset Management
• Negotiation of new leases to the State Government over the whole of the main office building, approximately 8,000 square metres, to position the building for sale as a fully leased investment.
• Coordination of building and tenancy refurbishment works.
• Day to day management of the asset from a financial, physical and lease perspective including constant liaison with tenants and contractors to ensure maximum performance from the asset from both the owner's and occupants' viewpoints.
2. Development Manager
• The development of the vision as Adelaide Corporate Park and the coordination of the re-zoning of the site including negotiations with Government and interested parties at all levels.
• Assembly of a project team including KBR, Woodhead International and Lincolne Scott to design and achieve development approval for an 8,000 square metre "green" office building.
• Coordination of sub-division of the site following the marketing and sale process. This included negotiations with various authorities, the arrangement of demolition of redundant structures and all necessary approvals.
3. Transaction Management
• Preparation of the Asset Information Schedule (Due Diligence) in respect of the property.
• Arranging the appointment of Knight Frank as sales and marketing agent and subsequently working closely with them through the marketing preparation and campaign enactment phase.
• Advising Advan on the progress of marketing through the campaign and then recommending the strategic change which led to the final outcome.