Avaya House, 123 Epping Road, North Ryde NSW

Scope: 5,000 sqm
Service: Tenant Representation

Challenge

• Early lease renegotiation with landlord to stay within their current premises
• Reduce and mitigate passing occupancy costs to reflect current market conditions

Action

• Entered into early discussions with the existing building owner (prior to lease expiry), to strike a new lease on vastly improved terms
• Thorough analysis of the North Ryde market undertaken to determine current market conditions and leasing activity
• Presented the client with all relevant information regarding available options versus staying in the current premises accompanied with a detailed financial and non-financial analysis
• Active negotiation of commercial terms and conditions with the existing building owner

Result

• Securing of a new lease for a further term on improved terms and conditions
• Reduction in the passing rent to reflect current market conditions and secured a substantial leasing incentive to renew the fit-out of the premises
• Reduction in the bank guarantee required and removed the make good obligation at lease end