Sale/Lease Date Lease: March 2020
The Property: Freestanding warehouse – Zoned IN1 General Industrial
The Challenge: 148B Newton Road, Wetherill Park is a facility with low clearance warehouse with no sprinkler system. The property had been on the market for quite some time and the feedback we received was that the warehouse was too low. The challenge was to market the property to the right database and ensure a quick turnaround.
The Process: We had been engaged by the lessor to undertake a market campaign for the property once we were made aware the tenant was looking to break his lease. We commenced the marketing campaign which included online advertising, e-comms, signboard and brochure drops. During this process we also canvassed a large amount of local and outer market occupiers in order to find the prospective tenant that suited the characteristics of the property. We had regular conference calls with our client to ensure he was up to date with the most recent enquires & feedback from inspections.
The Result: Our experts were able to successfully secure a tenant on a 5-year lease at a strong rate of $125/psqm. The occupier was from Smithfield and the lease was executed 5 months out from the current tenant’s lease expiry. The outcome achieved showed our ability to maximise the potential of the property to accelerate success.