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New location for PRA Group as they grow within the Australian Market

PRA Case Study_1536x1040

The Challenge

  • Given the continued growth of PRA Group, there were related time pressures to locate a suitable space before they were forced to have staff work from home.
  • Similarly, it was a necessity to locate a high quality fitted space to ensure business continuity.
  • PRA Group have a break clause available in 2023, given the lease tail, any new deal would need to consider the potential for double rent should the existing space not be sublet, or assigned by the lease commencement date.

The Strategy

  • Colliers Tenant Advisory team was appointed to source a new location for the PRA Group head office as their growth in the Australian market has quickly seen them fill their current tenancy.
  • The brief was to issue a full RFP to market in order to ascertain sites that were suitable for 100 employees while still offering high quality building amenity, proximity to retail and public transport.

The Result

  • A new tenancy was sourced at 275 George Street, Brisbane City, Queensland, a recently upgraded A Grade asset which was a fully refurbished ex-Telstra floor.
  • Along with the fitout, significant incentive was achieved allowing the total occupancy cost to be less than the current cost in their B Grade office on a per sqm basis.
  • A delayed commencement of 7 months was also included to allow for the assignment/subletting of the existing space.
  • The location maintained the proximity to amenity for staff as well as two major transport hubs.

If you would like to know more about this case study and how our team might be able to assist your organisation, please contact Nick Davies.


Related Experts

Nick Davies

Associate Director, Tenant Advisory | Occupier Services

Brisbane

Over the last 12 years Nick has practiced across numerous sectors of commercial property as a solicitor, negotiator, lecturer, and advisor. He possesses a wealth of knowledge and expertise stemming from his career as a commercial property solicitor for a major national law firm. In this role, he specialized in commercial leasing, development and sales transactions which includes negotiation and client advisory.

Nick has worked on and completed three of the largest deals for the Queensland Tenant Advisory team by working with Urban Utilities for a 6,000sqm HQ requirement, securing a 5,000sqm site in Fortitude Valley and a 4,000sqm site in the Brisbane CBD for long term client IWG and working with Energy Queensland on their 25,000sqm requirement.

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