the facts

483 - 485
BRIDGE ROAD

RICHMOND

Leased 483 - 485 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

Double frontage onto Bridge Road
Located between anchor tenants Harvey Norman and Adairs
Open plan retail showroom with high clearance
Exposed trusses
Rear RSD access
Council car parking at rear, ideal for customers

THE CONS

The property was effectively a renovated main road warehouse
The polished concrete floor was not an even smooth surface

The Facts 483 Bridge Road Richmond TCI Lease Leased

THE CHALLENGES

General market negative sentiment associated to Bridge Road leasing
To overcome this, our marketing campaign promoted this particular section of Bridge Road as being the “golden mile” of Bridge Road, with neighbouring national anchor tenants being evidence of this
The property was previously leased at a rent of $113,073 per annum + outgoings + GST. The tenant wanted to vacate early and TCI negotiated an early surrender of lease, with the tenant paying the equivalent of 12 months rent + outgoings + GST
Our goal was to secure a new tenant immediately, to avoid loss of rent for the Landlord

THE REVEAL

Within 4 weeks (including Christmas and New Year downtime), TCI secured 2 signed offers – one from a multi-national retailer and the other from a well-established non-for-profit organisation, providing the Landlord the option of their preferred tenant
Following rounds of negotiations, the multi-national retailer’s offer was increased to $135,000 per annum + outgoings + GST, and the non-for-profit organisation’s offer was increased to $114,000 per annum + outgoings + GST
The non-for-profit organisation’s charitable status provided the Landlord with an exemption on the Single Holding State Land Tax ($26,000) i.e. the Landlord would not incur Land Tax
The property was subsequently leased to the non-for-profit organisation at a net effective rent of $140,000 per annum + outgoings + GST or $438/m²net, with the Landlord retaining the balance of 11 months rent and outgoings paid by the previous tenant (less expenses), as well as a 23.82% increase in rent
Final result being 6.82 times quicker than market average

the facts

483 - 485
BRIDGE ROAD

RICHMOND

THE PROS

THE CONS

THE CHALLENGES

THE REVEAL

the facts

market average

DAYS on market

days on market

TIMES QUICKER

Campaign performance

DAYS ON MARKET

DAYS ON MARKET

market EXPECTATION

Leased 483 Bridge Road

Leased 483 Bridge Road

Leased 483 Bridge Road

Leased 483 Bridge Road

Leased 483 Bridge Road

Leased 483 Bridge Road

Leased 483 Bridge Road

Leased 483 Bridge Road

Leased 483 Bridge Road

Leased 483 Bridge Road

Contact

Address

Phone

Email

Menu

Social

the facts

483 - 485 BRIDGE ROAD

RICHMOND

THE PROS

THE CONS

THE CHALLENGES

THE REVEAL

the facts

market average

DAYS on market

days on market

TIMES QUICKER

Campaign performance

DAYS ON MARKET

DAYS ON MARKET

market EXPECTATION

Leased 483 Bridge Road

Leased 483 Bridge Road

Leased 483 Bridge Road

Leased 483 Bridge Road

Leased 483 Bridge Road

Leased 483 Bridge Road

Leased 483 Bridge Road

Leased 483 Bridge Road

Leased 483 Bridge Road

Leased 483 Bridge Road

Contact

Address

Phone

Email

Menu

Social

483 - 485
BRIDGE ROAD