the facts

185
bridge road

richmond

Leased 1 85 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

Part of a mixed-use development completed in 2017 with 59 dwellings
Existing high-quality medical and health uses fit-out
Ready for immediate occupation
Opportunity for new tenant to save on fit-out expenses
Proximity to Epworth Richmond Hospital

THE CONS

High Owners Corporation fees
On the less desired north side of Bridge Road
No internal bathroom
Perceived limitation of medical and health uses based on existing fit-out
Internal structural columns restricted potential re-design

185 Bridge Road Richmond TCI Sale Sold Lease Leased

Sale 185 Bridge Road Richmond Retail Commercial Real Estate TCI

THE CHALLENGES

Significantly higher asking rent in comparison to neighbouring shops being offered for lease
General negative market sentiment associated to Bridge Road leasing, particularly between Bridge Road and Lennox Street where this property was located
Existing medical and health uses fit-out but not located close enough to Epworth Richmond Hospital to attract full pool of medical and health tenants
Existing tenant wanted to terminate lease immediately and prior to expiration i.e. a new tenant needed to be secured immediately to avoid loss of rent and outgoings for the Landlord
Prospective tenant introduced to the property by TCI was already in advanced negotiations for another property on Bridge Road. The prospective tenant required to secure new premises within 3 weeks time. The agent representing the other property was not responding as quickly as required which created frustration and opened the door for the prospective tenant to explore other opportunities
TCI assured the prospective tenant that we would be able to surrender the existing lease and enter a new lease within their required time frame

THE REVEAL

TCI leased the property off market via direct approach to the tenant with the new lease commencing immediately upon surrender of the existing lease i.e. no loss of rent or outgoings to the Landlord
The tenant had 4 existing clinics including an existing Richmond location which they had operated for over 30 years
The Landlord was happy to accept a rent of $50,000 per annum net however we were confident the tenant would pay more than their initial offer
A rent of $55,000 per annum net or $436/m² was subsequently negotiated, on a 5 x 5 year lease
Final result being 45% above market expectations

the facts

market expectation

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PER M²

RESULT

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PER M²

difference

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Campaign performance

PER M²

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market average

RESULT

the facts

185
bridge road

richmond

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 average

leased 185 Bridge road

leased 185 Bridge road

leased 185 Bridge road

leased 185 Bridge road

leased 185 Bridge road

leased 185 Bridge road

leased 185 Bridge road

leased 185 Bridge road

leased 185 Bridge road

leased 185 Bridge road

Contact

Address

Phone

Email

Menu

Social

the facts

185 bridge road

richmond

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 average

leased 185 Bridge road

leased 185 Bridge road

leased 185 Bridge road

leased 185 Bridge road

leased 185 Bridge road

leased 185 Bridge road

leased 185 Bridge road

leased 185 Bridge road

leased 185 Bridge road

leased 185 Bridge road

Contact

Address

Phone

Email

Menu

Social

185
bridge road