Operating 13 clinics from Brisbane to the Gold Coast, Cordium owns and operates Medical practices, ensuring efficient and effective management of general practitioners. In addition, they implement policies and procedures on a practice level to ensure there is a high standard of professionalism in their operating procedures across their clinics.
Chris Jenkins of Caden facilitated their search, drawing up a brief and working with their Chief Strategy Officer, Shruti Deshwal. Cordium’s requirements were wholly centred around establishing an administration office to support their wide span of clinics across Brisbane and the Gold Coast. The business’s requirements were quite straightforward, seeking a B-Grade asset in close proximity to central station. In finer detail, they needed 6-8 workstations, a boardroom and a kitchen.
The initial foray into the market saw Cordium inspect a host of tenancies across a range of grades, including but not limited to 348 Edward Street, 307 Queen Street and 26 Wharf Street. The latter was earmarked as a suite of interest due to an available 59sqm spec fit-out that had been inherited from the previous building owner. Now under a new private Landlord, the asset has undergone a re-positioning process which began in August 2019 and has been completed more recently in February 2020.
An integral part of the re-positioning plans for 26 Wharf St involved a strip back of the ground floor lobby, and implementation of a completely new ground floor façade, accompanied by the rejuvenation of the café operator and accompanying breakout space. Bathroom facilities throughout the building were soon to follow and completed to a high standard. While Cordium were unable to envision the end results of the refurbishments during their first inspection, renders submitted by Archway Commercial Interiors aided the process and the true value proposition to come was soon realized.
With 6 workstations, a kitchen and a 6-person meeting room, the Level 1 suite at 26 Wharf Street stood out as the lead contender for the business. Given they only had a short 6 weeks until their expiry, Cordium were intent on having negotiations wrapped up to ensure the business was locked into an office as soon as possible. Unfortunately for Cordium, simultaneous interest from an internal tenant saw the leg work of the search and negotiation process fall through. This set back was ultimately disappointing; however, it provided the business with an opportunity to re-hash their brief and explore other opportunities one last time.
The final round of inspections involved a list of previously unconsidered spaces, given their availability and pricing points at the time. Chris subsequently introduced Cordium to 127 Creek Street, which had a 77sqm existing fit-out on Level 2 available. The tenancy was occupied by the building management team as holdover space and was available immediately at a reduced rental rate.
Cordium were quick to act on this opportunity, subsequently inspecting and signing a Heads of Agreement medium term lease, within a fortnight. Delighted with the outcome, Shruti and her team were able to assume the space at the start of February with operations up and running.
Chris Jenkins negotiated this lease – for more information, or if you’ve got any questions regarding your leasing requirements please contact Chris on 0413 506 179 or chris.jenkins@caden.com.au.
