the facts

154
bridge road

RICHMOND

Leased 154 Bridge Road Richmond TCI - An in depth look behind the scenes of the campaign. We'll explain the pros, the cons, the challenges & the reveal!

THE PROS

Fitted beauty/medical/consulting premises
Opportunity for new tenant to save on fit-out expenses
4 consulting rooms and reception area
Wash basins in each consulting room
Proximity to Epworth Richmond Hospital

THE CONS

3 consulting rooms were small in size and would likely require renovations to increase size
Single bathroom located in rear yard
Entry to first floor was internal only
First floor was not renovated and would likely be used for storage only, unless renovated

the facts 154 bridge road richmond tci lease leased

the facts 154 bridge road richmond tci lease leased

the facts 154 bridge road richmond tci lease leased

the facts 154 bridge road richmond tci lease leased

the facts 154 bridge road richmond tci lease leased

the facts 154 bridge road richmond tci lease leased

the facts 154 bridge road richmond tci lease leased

THE CHALLENGES

General negative market sentiment associated to Bridge Road leasing, particularly between Bridge Road and Lennox Street where this property was located

Not located close enough to Epworth Richmond Hospital to attract full pool of medical tenants
The property was previously leased at a rent of $36,000 per annum + outgoings + GST. The current rent potential of the first floor would be required to be reduced to ‘storage’ rent, based on existing conditions

TCI recommended to the Landlord to renovate the first floor in order to increase the rent potential. The Landlord followed our recommendations and commenced renovations at a cost of ~$10,000

THE REVEAL

Prior to marketing and during the renovations, TCI leased the property at a rent of $45,000 per annum + outgoings + GST or $346/m², on a 5 year term
This represented a 25% increase in rent, and meant the Landlord would effectively recover the renovation costs in the first year of the lease

The tenant agreed to widen the 3 smaller consulting rooms and install a shower
Final result being 309 times quicker than market average

the facts

market average

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DAYS on market

RESULT

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days on market

difference

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TIMES QUICKER

Campaign performance

DAYS ON MARKET

DAYS ON MARKET

market EXPECTATION

RESULT

Leased 154 Bridge Road

Leased 154 Bridge Road

Leased 154 Bridge Road

Leased 154 Bridge Road

Leased 154 Bridge Road

Leased 154 Bridge Road

Leased 154 Bridge Road

Leased 154 Bridge Road

Leased 154 Bridge Road

Leased 154 Bridge Road