61 York Street, Sydney, NSW

Client
Private Sydney based investor, Manettas

Property Type
16 Level commercial office building completed 2008.

Background
Prior to Ray White’s appointment, the Owner had engaged a major International Agent on an ongoing leasing campaign. However inspection rates had slowed. Seven floors were about to come to the market as a result of non-staggered lease expiries and expanding tenants growing out of the building that needed larger space.

Marketing Strategy
Ray White recommended a multi-faceted marketing strategy to increase the exposure of the property to the market, as well as better participation from outside Agents. This included high quality photography featuring images of internal fit outs and balconies together with floor plans. We put in place a direct marketing campaign targeting creative industries and neighbouring tenants with upcoming leases.

There was a wide reaching internet marketing across 6 industry web sites for the building as a whole, as well as individual marketing for each floor showing the unique aspect of each tenancy, this included specific photos for each fit out.

Every fortnight an email broadcast magazine was issued to our Sydney data base of over 7,000 contacts as well as the Ray White Groups data base of over 700,000 contacts.

Several press releases were published at no charge in media including the Age Newspaper, Australian Financial Review, and the Property Observer web site.

Lease Process
Ray White was engaged as exclusive Agents to Coordinate the leasing process. All Sydney Agents were invited to an open day and provided 100% scale of fees for any tenants they introduce. The result was 6 floors leased over a 6 month period. The weighted lease expiry increased, tenant risk profile improved and the face rental rates held firm in a challenging market.

Lease Analysis* – Last 6 transactions

*approx