56 Pitt Street, Sydney, NSW

Client
Assignment of lease from Riversdale to Decimal Software.

Property Type
Riversdale Resources occupied a suite of 303m²* on level 10 of 56 Pitt Street which is a 27 level, 24,000m²* office tower then owned by Colonial now Dexus Property.

Background
Riversdale is an Australia incorporated coal exploration and development company. As part of their Sydney operations they took a 5 year lease from February 2013 then built and furnished a high grade fit out. In September 2013 a change of business strategy required an exit from their lease which ran to February 2018.

Marketing Strategy
Promoting the benefits and value of the existing fit and furniture was the key to making the property stand out in the market. We implemented high quality professional photos and a marketing over 6 major web sites, plus a targeted mail out to selected tenants and consultants. This brought strong inquiry from legal, finance, mining, media, technology and recruitment tenants

Lease Process
Ray White was engaged by Riversdale to coordinate the leasing of the property. The key focus was to find a new tenant to assign the lease that was acceptable to the Lessor and to minimise the lease up period and incentive cost to Riversdale.

The result of an extensive marketing campaign was offers being issued to 8 parties over the marketing period. One interested tenant was Decimal Software that was rapidly expanding its operations and needed quality fitted and furnished space to relocate to within a defined deadline.

Ray White handled the negotiations between Riversdale and Decimal and then managed the dealings with the Lessor to gain approval for the assignment.

The result was a lease starting March 2013 providing rent savings to Riversdale for the rent and make good liability to the end of the lease being February 2018.

Lease Analysis*

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