Going upmarket without the price tag - WT Partnership’s new offices
WT Partnership had an upcoming expiry of their Brisbane CBD office lease. In line with their other offices throughout the country, the initial desire was to stay put and refurbish their existing workplace. Pepper assisted WT Partnership with a stay vs. go modelling by assessing the current market options.
The firm’s main objectives:
- To deliver long term cost effective accommodation
- Complete a workplace refresh, bringing a new and innovative design similar to WT Partnership’s recently delivered offices throughout Australia
The Pepper Property Solution
Given the tenant favourable conditions in Brisbane, we formulated a strategy that captured all available opportunities. Early market engagement meant that all opportunities could be thoroughly evaluated before landing on a suitable shortlist. We successfully utilised all the suitable alternatives available to WT Partnership to gain significant competitive tension and deliver a commercially favourable outcome.
A final position that saw WT Partnership relocate from a low-rise B Grade asset to a high-rise tenancy in an A Grade building that enjoyed Brisbane River views.
By running a competitive process and leveraging relationships with major Brisbane CBD landlords, premises were secured in a cold-shell condition with a landlord contribution that allowed WT Partnership to deliver a brand new purpose built fitout paid for entirely by the landlord’s incentive package.
In addition, the process achieved a lower effective rental at a far superior building from WT Partnership’s existing tenancy.