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Ultimo NSW

Commercial Office Space Ultimo 2
Commercial Office Space Ultimo 1

Summary

Our client was a large national company with its Head Office located in Ultimo. They had a lease expiring in 6 months time and were happy to investigate alternative premises. In the absence of a better alternative, they were happy to renew their lease and remain at the building. Before our engagement, the landlord had already tabled a lease proposal offering a five year lease term (no option) based on an increased rental plus a 19% incentive.

  • Engagement with landlord to negotiate renewal.
  • In parallel, explore and identify credible alternative premises.
  • Assistance to client with cash flowing of the Stay vs. Go option.
  • Investigate additional parking within the building.
  • Confirmation from client that existing premises is the preferred option, engagement with landlord and finalise negotiation.
  • Instruction from client was that they didn’t want to go to Valuer determination at the expiry of the lease.

Key Points

  • New 5 year lease + with 5 year option agreed.
  • Increase of incentive to 25%, additional 4 car spaces, landlord improvements to client offices and flooring. Improvement in other terms (e.g. rent review structures).

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