Planet Innovation – Engineering consultancy and production - had been growing organically over a 5 year period and were committed to three leases over two buildings, at an above market rent and were disconnected due to the separation.
In addition they had taken an option over the final floor in their building to allow them to consolidate. However, Planet Innovation had unintentionally committed themselves to a compromised building at a below market deal without considering their other two leases in the building. The client was in a compromised
position and required an imaginative solution.
The Colliers International Tenant Advisory team revised and developed a whole building strategy which looked to consolidate Planet Innovation into one building and negotiate a lease which would futureproof occupation for the company. Four key elements were agreed by the Colliers team; the demolition clause was removed, a significant building investment was secured to upgrade bathrooms, ceiling grids, LED lights and entry lobby, a valuable incentive for Planet Innovation to spend on a new fit out and finally, an 8 month lease deferment was
The team were able to deliver the above objectives within a short timeframe of less than four months.
The Colliers Tenant Advisory team were able to produce significant upside in the new lease, with savings and ultimately offer a better outcome leading to improved working environments for Planet Innovation’s employees.
We were proud to have achieved significant savings for our client during commercial negotiations and secured them improved office space at their Box Hill offices.