Wilson Group
Wilson Group operates in the Asia Pacific region providing best in class services and solutions in the parking, security, health, and storage sectors.
The Project
To take advantage of a favourable tenant’s market by securing a new lease term for the expanding Sydney HQ office in either the exiting premises or a relocation opportunity.
The Challenge
With a preference to remain in the existing premises, Wilson also had to secure a coterminous lease with the existing subtenant for total occupancy costs to be within budget. Relocating to a reduced area was an option, however the lease incentive would largely be consumed by the expense of a new fit-out, ultimately increasing effective occupancy costs.
The Outcome
Secured new 4-year lease renewal at existing premises with revised total occupancy costs resulting in a saving of $500k p.a. vs market options.
Scope of Appointment
Reporting to the Wilson Parking CEO, Steele Consulting was retained to deliver a traditional tenant advisory scope to analyse stay vs go options.
- Determine company growth requirements and budget to create property brief
- Model preliminary financial scenarios to inform a streamlined market approach and fine tune reverse brief to market
- Detailed market research and analysis to determine both off-market and on-market opportunities
- Produce shortlist of suitable options and complete detailed occupancy cost scenario analysis
- Negotiate with existing premises landlord and run final occupancy cost modelling for selected premises inclusive of scenarios where subtenant departs
- Assist property lawyer to finalise lease terms and certify for execution