The retail strip of 5 shops at 61 Cambridge Drive, Alexandra Hills was home to 4 long-term tenants including a vet, hairdresser, Thai restaurant and real estate agency, with tenancy 5 remaining vacant.
The busy vet in tenancy 1 approached Benn Woods of Ray White Commercial Bayside to source a larger location within the area so they could expand their growing practice.
With no suitable alternate locations available, Benn put his problem-solving skills to work and arrived at an innovative solution. He floated the idea of having the hairdresser in tenancy 2 move to tenancy 5, thus giving the vet opportunity to lease 2 side-by-side tenancies that could be amalgamated into one space, effectively doubling their footprint.
Benn undertook a multifaceted 3-way negotiation between the vet, the hairdresser and the property owner, and after facilitating a series of complex exchanges, a mutually beneficial result was reached for all parties – the landlord agreed to the structural change to combine tenancies 1 and 2, the hairdresser agreed to move from tenancy 2 to tenancy 5, and the vet agreed to pay for the hairdresser’s new fitout.
The happy landlord now has full occupancy of the property with long-standing tenants on strong leases, and off the back of the successful and strategic negotiations, appointed Ray White Commercial Bayside as Property Managers of his commercial investment.
If you need help or expert advice with buying, selling or leasing commercial property in Wynnum, Manly and the surrounding Bayside areas, contact Benn Woods at Ray White Commercial Bayside.