48 Hunter Street, Sydney, NSW

Client
Private Sydney based investor, Coombes.

Property Type
15 level commercial office building completed in 1961. The lobby was upgraded in 1989 and again in 2014. Whole floors are 200m²*. The top two floors are 330m²*.

Background
The Owners of 48 Hunter Street are a family based business focussed on rental growth and long leases to provide leverage to expand their property portfolio. Up until about 2003 they coordinated the leasing themselves, but then appointed Ray White to manage this process to increase leasing activity and rental growth.

Marketing Strategy
This was a unique offering, leasing your own floor of 200m²* in the centre of the financial core with independent lift control, bathrooms and kitchens was appealing to tenants. Using traditional methods of web marketing, vibrant signage, bright images and broad web marketing would bring constant tenant and outside Agent inspections.

Lease Process
Ray White has been engaged as Agents to coordinate the leasing process since 2003. All Sydney Agents are offered 100% scale of fees with Ray White managing the marketing, negotiations and transactions.

Each lease transaction went through a staged process of initial inspection, commercial negotiations simultaneous with space planning, fit out cost revisions, concluding heads of agreement, lease execution and then then the Lessor would manage the fit out process to control cost and timing. This strategy was a key driver for deals at 48 Hunter St.

We have now developed a strategic relationship with a furniture wholesaler that is supplying furniture on site with no initial outlay of capital from the Lessor, but offered to the Lessee as part of a lease incentive.

This is increasing the marketability of the floors as furnished solutions, and is minimising vacancy periods, while improving the Lessors incentive position.

Lease Analysis* – Last 5 transactions

*approx