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Case Study Retail Leasing: Beacon Lighting, Port Macquarie

Beacon Lighting HERO

Challenge 

Condon Property Group developed a brand-new bulky goods development located on the corner of John Oxley Drive and the Oxley Highway which incorporated a new Bunnings Warehouse building and residual showrooms totalling 2,500sqm on behalf of a private investor. After having secured Bunnings Warehouse, the challenge was to find tenants to fill the remaining showrooms in which our client had a rental guarantee liability over. Being a regional location, the project required a team with genuine relationships with national bulky good retailers to make a targeted approach and find a tenant to take the space.

Strategy

After the client had tried for some time to lease the vacant space with various local and national real estate agencies our client, Condon Group, engaged with John and Marcus of the Colliers Large Format team asking for our assistance and expertise to get the space leased. It became evident after Colliers’ call with the client that putting up a signboard and taking a “wait and see” approach was not going to get the job done. Whilst other agencies had tried to secure tenants, it was evident that the project would require a strategic approach and direct canvassing efforts to secure a tenant. 

Colliers performed a GAP analysis of the area, leveraged off our intellectual property and market knowledge of current requirements and began to engage with large format retailers that we knew had a requirement for the area. After a series of targeted calls, we managed to engage with Beacon Lighting, negotiate mutually agreeable terms and progress to a lease, all within the space of 2 weeks.

Condon Property Group developed a brand-new bulky goods development located on the corner of John Oxley Drive and the Oxley Highway which incorporated a new Bunnings Warehouse building and residual showrooms totalling 2,500sqm on behalf of a private investor. After having secured Bunnings Warehouse, the challenge was to find tenants to fill the remaining showrooms in which our client had a rental guarantee liability over. Being a regional location, the project required a team with genuine relationships with national bulky good retailers to make a targeted approach and find a tenant to take the space. 

Results 

After engaging with Beacon Lighting, we managed to negotiate terms and progress to a lease in less than a month. Had Colliers not been engaged the tenancy may very well still be vacant, costing our client hundreds of thousands of dollars in rental liability.  

Beacon Lighting Map

Testimonial

“Our most recent success with Colliers was at our project at Port Macquarie which had some challenges, it was Marcus Allchin and John Karlovasitis of the Colliers Large Format retail team that delivered the result and leased the tenancy.

Colliers collaborative and genuine team approach has always given me comfort that we are working with the right team.” 

Christopher Condon
Property Developer
Condon Property Group


Related Experts

John Karlovasitis

Associate Director | Large Format Retail

Retail Agency

Sydney West

I joined Colliers International  large format retail business in 2019 after having worked in the real estate industry for both corporate and private firms. I started my career in 2009 in residential real estate after completing my diploma in financial planning and my real estate certificate.  

Over my career I have worked in residential,  commercial, industrial, tenant representation and most recently large format  retail (bulky goods).  My experience in different facets of real estate has given me a broad knowledge and understanding  of both landlord and occupier mandates and the ability to  provide my clients with strategic solutions.

My specialisation currently is in the large format retail leasing projects.  

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Marcus Allchin

Manager | Large Format Retail Leasing

Retail Agency

Sydney West

Marcus has more than 5 years’ experience in commercial lease negotiation, retail building site appraisal, project management design of floorplans, shop fit out, financial modelling, marketing briefs and merchandising. Marcus has also been involved in the successful launch and franchisee administration of more than 100 stores for Australia’s largest tile and bathroom retailer. Prior to that Marcus worked for the world’s largest mobile coffee franchise, managing and mentoring more than 42 successful franchisee businesses across Australia and New Zealand. 
Prior to joining the retail industry, Marcus was a successful credit underwriter with Australia’s leading insurance company. During that time, he was involved in assessing the financials and business plans of many of Australia top 100 ASX listed companies which involved meetings with their CEO’s and CFOs.
 



 

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