Part 2/151 Clarence Street, Sydney, NSW

Client
Ways Fundraising office lease from Investa Listed Funds.

Property Type
151 Clarence Street is a 13 storey office building opened in 1965, net lettable area 16,936m²* with average floor plate size of 1,250m²*. Investa has approval for a new 80 metre office tower at an estimated cost of $100 Million. In the interim several office floors have been offered for lease on short term with existing fit outs and furniture.

Tenants Office Requirements
Ray White assisted Ways Fundraising in its search for office space in the Sydney CBD. Ways Fundraising is a rapidly growing non for profit organisation that had a requirement for 400 – 500m²* of fitted and furnished office space that required little or no capital expenditure for their call centre and administration operations.

Market Search
Ray White provided Ways with a selection of over 40 offices to inspect which was conducted with various members of the Ways team over a period of 2 – 3 months. The offices inspected included Ray Whites stock and also coordinated Agents stock. In our search for property with Ways we identified 3 to 4 shortlisted properties that had potential to meets their requirements.

Fit out costs and basic commercial negotiations culled the short list to 151 Clarence Street, which provided ideal solutions around staff capacity, budget, timing, location and lease term. The existing fit out was functional and the short lease term allowed for growth as Ways expanded. The limited set up costs and make good liabilities at end of term freed up capital for growth.

Negotiation Process
Ray White liaised between Investa’s appointed Agent and Ways Fundraising to communicate the Lessor’s commercial terms. Key drivers in the deal were the ability for Ways to move in quickly and the incentive level provided by the Lessor. The result being Ways secured office space meeting their requirements, and Investa secured cash flow for the Asset over the lease term

Lease Analysis*

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