Sale/Lease Date: Lease commenced 1st May 2020
The Property: Great location next to the M5 Motorway on/off ramps, this functional 1,533m2 warehouse is situated on 4,400m2 of land, with concrete yard, weighbridge and separate 132m2 office.
The Challenge: We started the leasing campaign for the property just before Covid-19 started and the now successful tenant inspected the property just before the lock down. With moving market conditions, we worked quickly to secure the premises for inspection for the prospective tenant.
The Process: The marketing campaign consisted of online listings on Real Commercial and Commercial Real Estate and a prominent 8x6 signboard. We had been in negotiations with an occupier just after the marketing had commenced but when this didn’t proceed, we went back to the market to find a tenant just as the lockdown was starting. Despite the changing climate we found two new interested tenants who both wanted to lease the property. We maximised the outcome by negotiating with the two parties.
The Result: We were able to secure a 5 year lease which was signed with a 5 year option at $168/m² net ($279,720 pa net). After negotiating with both tenants, they both agreed to pay the asking rent with no incentive, which was a great result for our client
The occupier who was able to secure the premises wanted to proceed regardless of the changing environment, and signed the lease.Our private owners were very happy to secure a national company of a 5 year lease at asking rent and no incentive.
At Colliers, we maximise the potential of property to accelerate the success of our clients and our people. To learn more, contact Adrian Balderston.