A property located on Neumann Rd had been sitting vacant for several weeks prior to Christmas 2023. Recognising the potential risk of prolonged vacancy and its impact on the owner’s revenue, Mark Montague, Sales & Leasing Executive at RWC Bayside, took the initiative to reach out to the property owner.
Despite the owner’s initial reluctance to move quickly, Mark recognised the increasing demand for storage space in the area and the potential for securing a strong lease.
Meanwhile, Mark became aware of an urgent need for additional space from Tripak Pharmaceuticals, a company that owned two properties in the same area. Tripak was more inclined to purchase a property than lease, but with no suitable properties available for sale, they were left without immediate options to meet their storage needs.
Understanding the potential match between the vacant property and Tripak Pharmaceuticals’ requirements, Mark secured a meeting with the property owner who agreed to list the asset. With the property listed, Mark quickly arranged an inspection.
The result was a successful negotiation for a strong three-year lease. Not only did this address Tripak’s immediate storage needs, but the tenant also expressed a strong interest in purchasing the property in the future. For the property owner, the deal resulted in a 27% increase in rent compared to the previous tenant, who had vacated just weeks earlier.
The importance of proactive engagement, market awareness, and persistence in commercial real estate cannot be ignored. By recognising an opportunity and diligently pursuing it, Mark was able to secure a positive outcome for both the property owner and the tenant, turning a potential vacancy into a profitable lease.
If you need expert advice on maximising the productivity of your commercial real estate investments, don’t hesitate to contact Mark Montague and the team at RWC Bayside. Let us help you turn your commercial property into a high-performing asset. Reach out today to discuss how we can assist you in achieving your commercial property goals.
Mark Montague | 0421 383 668
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