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Law Firm Expand and Take on a Full Floor at 100 Edward Street

7 April 2020

Aside from staff wages, rent is generally the next biggest outgoing cost for businesses. DSS Law were conscious of this and wanted to keep their expenditure down. They came to market and had three fit out (3) options:

  1. Take on an existing fit out ‘as is’;
  2. Construct an efficient fit out from scratch; or,
  3. Repurpose an existing fit out.

The business wanted as little disruption to their staff and their day-to-day life, which meant that they wanted to stay as close to their previous premises as possible. Not dissimilar to other businesses in the industry, DSS were interested in a more office intensive fit out which can be hard to come by in the Golden Triangle, meaning there were few tenancies in the immediate vicinity that could suit their needs.

Another option for the business was to build a fit out from scratch, however after consideration this was dismissed as the business wanted incubate most of their incentive as rental abatement. With the way incentives are structured, for an unfitted space the majority of the incentive is used on the construction of the fit out, rather than rental abatement, rendering this approach impractical.

The final option was for DSS Law to repurpose an existing fit out. Repurposing an existing fit out is when the current fit out is suitable to a point and can be recycled for the incoming business with some minor tweaks. It is most popular with businesses who are unwilling to pay the premium required to get into a spec fit out but might also have requirements that are too specific to be catered for by a standard second hand fit out.

After a detailed discussion with the Partners of the firm, Chris Chapman was able to identify a variety of options that, with some works, could tick most of DSS’s boxes.

100 Edward Street in particular had a full floor that was recently vacated and still had an office intensive fit out in situ. This shot to the front of the shortlist given the building has good fundamentals like column-free floorplates and great levels of natural light, and there was significant salvage value in the remaining fit out. The overall presentation and layout of the space was workable for the business, and with a few tweaks to the fit out, would allow the business to incubate the majority of their incentive as rental abatement.

With the assistance of Archway Commercial Interiors, DSS were able to adjust the fit out to suit their exact needs and have the works carried out prior to relocating into their new space.

This move allowed the business to more than double in size, but by repurposing the fitout allowed them to make the move cost effectively.

Chris Chapman negotiated this lease, for more information, or to discuss your lease requirement contact Chris on 0401 153 992.

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