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Case Study

Client: NobleOak

Scenario: Tenancy Search & Lease Negotiation

Location: Sydney CBD

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Situation

NobleOak had an upcoming lease expiry for their 500m2 tenancy and required an additional 350-500m2 of office space to accommodate company growth.

Action

Endeavour Property Advisory assessed the cost-effectiveness of the below options:

  • stay in the existing tenancy and integrate the fit-out with a contagious floor

  • relocate to a new whole floor 860m2 tenancy with a more efficient floor layout

After reviewing each offer, we met with the respective leasing agents and negotiated the most competitive lease terms. We provided a comprehensive cashflow analysis which demonstrated the financial impacts of each offer.

Through our network, we discovered that the relocation tenancy option was the last tenancy to be leased several months after a full building refurbishment; and the owner was particularly motivated to have it leased.

Result

The information discovered in our investigations was as leverage to negotiate a $916,438 incentive, which is approx. 40% above market rates and something the client did not think was possible.