Raine and Horne Commercial

9 Commercial Insight July 2020 Success Story: 15 Wynnum Road, Norman Park Strategy Change Delivers Norman Park Result Guy Stafford 0430 501 732 | guy@RnHcommercial.com.au 9 We gave our opinion that prospective tenants where making these assumptions without talking to us first and therefore not calling to discuss with us. At the time we were about to enter a traditionally more quiet period in the commercial market therefore we recommended to Auction the property to ensure the market understood that the site was not to resumed, and potentially we could achieve a be er result either with a Buyer or find a motived Tenant. The Tenant did a end the Auction but couldn’t buy the property at that time but they didn’t want to miss out on the property. This resulted in them leasing the property with an option to purchase in the future. The previous tenant gave the owner 3 months notice to vacate. At that point the owner appointed Raine & Horne Commercial’s Guy Stafford to help them secure $35,000 value in make good contributions from the exiting tenant. Following the make good we entered into an online domi- nate marketing leasing campaign which received a record amount of online impressions but very few genuine enquir- ers. Our assumption was the market though the property was going to be resumed because of the road works which wasn’t the case. CAMPAIGN SUMMARY On Market For Lease 90 days Auction Campaign 4 weeks Leasing Transaction 1 week after Auction Rental Achieved $104,000 net per annum Enquiries Received 16 Tenants & 44 Buyers Offers Received 3 Leasing & 7 Sale The lease was structured in such a way that the incentive for the lease was not upfront but in fact after the purchase option had expired.