Leased 414 Smith Street Collingwood TCI - An in depth look behind the scenes of the campaign. We'll explain the pros, the cons, the
challenges & the reveal!
Corner location with Smith Street and Hotham Street exposure
Opposite Dan Murphys
Freshly painted interior and exterior
Freshly polished concrete floor
Open-plan layout
Abundant natural light
Inviting high ceiling
RSD access
2 on-site car parking spaces
THE CONS
Design of facade reduced shopfront exposure to Smith Street
THE CHALLENGES
The market average rent on Smith Street at the time was ~mid-to-high $300/m2 net
The Landlord instructed us to market the property at a rent of $570/m2 net, which we felt was well above market expectations, and advised that the rent potential, on the upper end, would be ~$450/m2 net
THE REVEAL
Within 11 weeks, TCI secured an offer and the property was leased at a rent of $100,000 per annum + outgoings + GST or $444/m2
Final result being 11.95 times quicker than market average