Address: 2,37 Lyn Parade, Prestons NSW
Sale/Lease Date: Deal done in April 2020
The Property: Brand new high clearance industrial unit. Located in a prime position offering excellent exposure to Lyn Parade. Offering single container height roller door access, modern office/amenities and ample truck access.
The Challenge: The construction of this building commenced in early 2020 and enquiry levels were strong throughout the early months of marketing. Not knowing that the market was about to dramatically change for the worse, the lessors were confident that the buildings would be leased swiftly.
Once Covid-19 was a real threat and lockdowns commenced, the market and tenant activity were heavily affected. Due to Covid-19, April was a difficult month for business operators as they navigated through the pandemic.
This occupier was required to reduce their warehouse space quickly, while still operating their distribution business. Colliers was able to negotiate a favourable deal for the landlord at a rate relatively unaffected by the negative market conditions.
The Process: The marketing campaign consisted of internet listings, photography and database canvassing. As internet enquiry levels were very low during this period, we knew we had to maximize our exposure to attract tenant enquiry.
Rino purchased a drone and took some new photos of the property from above and within the week we received a call from the lessee. Following the phone call, Rino met with the tenant at his current premises and received an offer to lease the building. Within a week the deal was done, and a deposit was paid.
The Result: The property was leased for $125,720 net per annum ($140psm) on a 5x5 year deal. A fantastic result.The lessor was thrilled with the result and it’s a clear example of how the right marketing and negotiating expertise can maximize the outcome for our clients.
The deal was completed by Rino Gazzera and Fab Dalfonso of Colliers International Sydney South West. At Colliers, we maximise the potential of property to accelerate the success of our clients and our people.