The owner of 4/224 New Cleveland Road, Tingalpa contacted Benn Woods at Ray White Commercial Bayside looking for expert advice on options for his 180m²* investment property. After learning that the industrial unit had been vacant for 6 months, Benn took the time to understand the owner’s objectives and applied his in-depth knowledge of the current market conditions, before recommending that the property be offered for sale. The owner agreed and after a 4-week marketing campaign, the property was sold.
Following the smooth and speedy purchase process, the new owner (a local investor in the building industry), promptly appointed Benn Woods to lease the newly acquired asset.
Benn called on his extensive database of qualified prospects, and quickly sourced a suitable new tenant; a local business producing glass facades. However, the new tenant required a mezzanine office space. With insight into the desired outcomes of both the landlord and the tenant, Benn saw an opportunity for both parties to significantly benefit from collaboration. With this mindset, a premium fitout and property upgrade was negotiated, with both the landlord and the tenant contributing to the finished product. The tenant used their glass fabrication expertise and installed the glass front on the mezzanine and internal manager’s office, while the owner took responsibility for the built components of plaster walls, ceilings, air-conditioning, kitchenette, and carpet.
The tenant now has their ideal workspace that they supplied product and skills to create, so will be less likely to move elsewhere in the future, and the owner has an improved asset and the security of a quality long-term tenant.
By identifying the strengths and objectives of both the owner and the tenant, Benn was able to add value to an otherwise typical transaction and achieve a superior outcome for both parties.
For a confidential discussion about buying, selling or leasing commercial property in the Wynnum/Manly/Tingalpa corridor, please contact Benn Woods at Ray White Commercial Bayside.
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