Tuesday 14 September 2021

Moving the Landlords to Make Room for More Tenants

After 10 executed leases and almost having to move the Landlord out of their own building to make room for more tenants, Your Commercial is proud to announce that they have fully leased the commercial complex at 1 Breakfast Creek Road, Newstead. 

"The landlord gave us a challenge to lease 1 Breakfast Creek Road within 2 years upon assigning us the exclusive agency," commented Your Commercial Director, Chris McLeod. "Not to shy away from a challenge, we accepted. The property had several vacant tenancies that had been on the market for some time as well as upcoming lease expiries before our team started working on it. We are very proud of our team for having completed the challenge within 18 months. Though to be honest, we enjoyed working with the landlord and the building, so it wasn't that hard!" "Having a plan and working as a team has enabled us to give the best result for the owner," he further added.  

Immediately after appointment, the Your Commercial leasing team developed a strategy with the landlord to maximise his return and the desirability of the asset to future tenants.  The team consulted and worked with the landlord to create more amenity and activate the precinct, developing a communal outdoor space consisting of a custom-built cafe, a revitalised shaded plaza area with seating and new landscaping. On top of this, the development included an additional 19 customer parks to aid the new retail tenants. 

 "We have been really pleased with Your Commercial and their leasing team. Their effort, feedback and quality of tenant is demonstrated by the tenant covenant we have ended up with,' commented Michael Hermans, the owner's representative. 

 "It has been a delight working with the team who really demonstrate that they care about what they do and the people they work with. They worked well as a team and with us throughout the whole process." he added.

The team converted and split the ground floor of the main building into a health, well being and beauty precinct consisting of tenants such as City Cave, Freedom Suites, Atora Training, and Studio Figura. 

The front retail precinct, anchored by NAB and ANZ, continued its theme as a financial hub with new tenants including Proper Group/Mortgage Choice, EDR Accounting with the last 100sqm tenancy currently under offer with a technology business.

The vacant office spaces in the main building also welcomed new tenants to fill the space. These tenants include CMW Geosciences and Rouse Lawyers.

 "We have a team approach when we are appointed to lease a property. We do things slightly different than most agencies in that we have a leasing team, Jack, Jayde, James and Kyle, whose job is to focus on the leasing of the property, to find tenants for our landlords. Our Leasing Manager, Lachlan's job is to get the stock for the team and to ensure that they are being the best leasing agents they can be," commented Mel Scott-Power, Your Commercial Director. 

"This approach works really well in situations like this when there are a large number of vacancies that need to be leased out in a building. It ensures our team can focus 100% on finding great tenants for our landlords and providing feedback to our landlords," commented Mel. 

 "Newstead is a popular location and highly dense area with a young population, good amenity and easily accessed through public transport. We are finding demand is outstripping supply at the moment, particularly with quality, fitted out tenancies," mentioned Lachlan Persley, Your Commercial Leasing Manager. 

"This time last year we were all concerned about where the market was heading with large incentives being offered within the CBD and the City Fringe. We are now seeing incentive levels drop to around 15-25% for character offices in Newstead."  

“We are excited to see so many new businesses entering the market. The confidence in business and growth in Brisbane is great to see," he added. 

There is an increase for retail and character offices in the Northern Fringe. Lachlan suggests exciting times ahead, with so many new businesses entering the market. 

 

“The confidence in business and growth in Brisbane is great to see," he added.