the facts

106
SWAN STREET

CREMORNE

Leased 106 Swan Street Cremorne TCI - An in depth look behind the scenes of the campaign. We'll explain the pros, the cons, the challenges & the reveal!

THE PROS

Arguably Melbourne’s best food precinct location
Existing food equipment
Rear yard with access/car parking

THE CONS

Fit-out was outdated and required renovations
Equipment was old and may have required replacement
External bathroom only

The Facts 106 Swan Street Richmond TCI Lease Leased

THE CHALLENGES

Prior to our appointment, the property was effectively vacant for ~3 years and marketed by multiple other agents – the marketing required a new approach
The new tenant would be required to replace the external bathroom at their own expense
If the new tenant required to remove the existing extraction system, they would be required to reinstate it at the end of the lease
The Landlord made no representation on any existing food equipment i.e. if it was not operational or ceased to operate, it would not be repaired or replaced by the Landlord

THE REVEAL

Within 5 weeks, TCI secured a signed offer acceptable to the Landlord. An additional 3 offers were subsequently received from other prospective tenants – all acceptable to the Landlord, providing the Landlord the option of their preferred tenant
Following rounds of negotiations with the 4 prospective tenants, the property was leased at a rent of $66,000 per annum + outgoings + GST or $758/m²net
The tenant being a well-established hospitality operator with 3 existing locations, and having spent $350,000 in renovations/fit-out
The tenant did not have a use for the existing extraction system and agreed to remove, store and reinstate the extraction system at the end of the lease
Final result being 38% above market average

the facts

market expectation

$

0

PER M²

RESULT

$

0

PER M²

difference

0

%

higher

Campaign performance

PER M²

RENT

market EXPECTATION

RESULT

the facts

106
SWAN STREET

CREMORNE

THE PROS

THE CONS

THE CHALLENGES

THE REVEAL

the facts

market expectation

PER M²

PER M²

higher

Campaign performance

PER M²

PER M²

RENT

market EXPECTATION

Leased 106 Swan Street

Leased 106 Swan Street

Leased 106 Swan Street

Leased 106 Swan Street

Leased 106 Swan Street

Leased 106 Swan Street

Leased 106 Swan Street

Leased 106 Swan Street

Leased 106 Swan Street

Leased 106 Swan Street

Contact

Address

Phone

Email

Menu

Social

the facts

106SWAN STREET

CREMORNE

THE PROS

THE CONS

THE CHALLENGES

THE REVEAL

the facts

market expectation

PER M²

PER M²

higher

Campaign performance

PER M²

PER M²

RENT

market EXPECTATION

Leased 106 Swan Street

Leased 106 Swan Street

Leased 106 Swan Street

Leased 106 Swan Street

Leased 106 Swan Street

Leased 106 Swan Street

Leased 106 Swan Street

Leased 106 Swan Street

Leased 106 Swan Street

Leased 106 Swan Street

Contact

Address

Phone

Email

Menu

Social

106
SWAN STREET