An owner’s willingness to listen to market feedback has been pivotal to new industrial leases at Caloundra West by Ray White North Coast Central.
The deals have also led to the early stages of a collaboration between the two tenants of 9 Daniel Street — a well-known dessert chef and a food distribution business.
Sales and leasing executive Emily Pendleton says the deals have proved several key factors.
“First, listening to market feedback achieves results,” says Ms Pendleton, who managed the deals with colleague Jordan Hayes.
“We’ve also learnt there is strong interest in small entrepreneurial food groups, that the right tenancy mix creates future opportunity and that thinking outside the box works.
“To build further on the success of this campaign, the two tenants have realised the ability to collaborate together on further business ventures. One is a celebrity TV chef and the other is in food distribution.”
The 681sqm building is a cold foods warehouse and operations centre providing a front retail shop, processing unit, food preparation area, first-floor office space and two separated large cold rooms to the rear. The total land area is 984sqm.
Ms Pendleton says the property had been marketed for lease for a significant length of time, with rent reductions offered.
“However, the consistent feedback we received was that the space is too big for one
operator,” she says.
Ray White North Coast Central principal Michael Shadforth, who is also president of the Caloundra Chamber of Commerce, says the agents took on board feedback from the Regional Economic Development Strategy which indicated growth in smaller entrepreneurial food groups on the Sunshine Coast.
To accommodate the market feedback and align with local business trends, the team then revamped the marketing strategy and split the building into two tenancies.
“Within three months, both tenancies were leased at rents that met the owners expectations and exceeded offers placed on the building as a whole,” Ms Pendleton says.
“It’s amazing what can be achieved when you have informed agents and a property
owner willing to accommodate market feedback.”
Both tenancies were leased for $183 per square metre — one for two years, the other for three years.
The landlord is a private owner.