Hugh Fletcher, Sales & Leasing Associate at Ray White Commercial Bayside, was charged with finding a new tenant for 13/685 Old Cleveland Road East, Wellington Point. The tenancy, previously a Nando’s outlet, was located in the highly successful Horizon @ Wellington Point shopping village and had been vacant for over 15 months.
Given the existing fitout, together with the indoor and outdoor dining areas, the owner advised that they were expressly looking for a food retailer to occupy the 92m²* space.
With access to an extensive database of local and national contacts, Hugh created a suite of bespoke marketing material and presented the opportunity to potential tenants via a combination of direct and on-line channels.
A promising prospect quickly emerged. They had already inspected the property over a year before, but had put their leasing project on hold at that time. Now ready to secure suitable retail space to support their successful food truck business, they revisited the 13/685 Old Cleveland Road East site and shortlisted it along with another possible space in a large commercial shopping centre.
As first-time commercial renters, the prospective tenants were unaware of some unique nuances of commercial and shopping centre leases, and were grateful that Hugh was able to provide valuable insights to help them make an informed decision.
Once it was determined that 13/685 Old Cleveland Road East was the preferred location, Hugh embarked on a tireless campaign of working with both the tenant and the landlord to negotiate a fair market price and mutually agreeable lease incentives. In addition to negotiating the terms of the lease, Hugh also collaborated with the tenant, the owner, the contractors and Ray White Commercial Bayside’s award winning Property Management team to reach a fitout design that was attractive and fit-for-purpose for the tenant, and acceptable to the owner.
With a strong lease of 5 years + options now in place and fitout construction well-underway, the new tenant is looking forward to joining other key retailers in the shopping village and commencing trade as soon as possible. Keep an eye out for the exciting new wood-fired pizza, pasta and salad restaurant scheduled to open at Horizon @ Wellington Point in September 2022.
If you’d like help with buying, selling, leasing or managing commercial property in Brisbane’s Bayside, call Hugh Fletcher on 0429 583 765 to take advantage of the Ray White Commercial Bayside advantage.