The Project

To take advantage of a favourable tenant’s market by securing a new lease term for the expanding Sydney HQ office in either the exiting premises or a relocation opportunity.

The Challenge

With a preference to remain in the existing premises, Wilson also had to secure a coterminous lease with the existing subtenant for total occupancy costs to be within budget. Relocating to a reduced area was an option, however the lease incentive would largely be consumed by the expense of a new fit-out, ultimately increasing effective occupancy costs.

The Outcome

Secured new 4-year lease renewal at existing premises with revised total occupancy costs resulting in a saving of $500k p.a. vs market options.

Scope of Appointment

Reporting to the Wilson Parking CEO, Steele Consulting was retained to deliver a traditional tenant advisory scope to analyse stay vs go options.

• Determine company growth requirements and budget to create property brief
• Model preliminary financial scenarios to inform a streamlined market approach and fine tune reverse brief to market
• Detailed market research and analysis to determine both off-market and on-market opportunities
• Produce shortlist of suitable options and complete detailed occupancy cost scenario analysis
• Negotiate with existing premises landlord and run final occupancy cost modelling for selected premises inclusive of scenarios where subtenant departs
• Assist property lawyer to finalise lease terms and certify for execution