Lloyds originally came to market thinking that they would only need 100 – 150sqm with a specific requirement for an opulent front of house that could be used for client facing and out-of-hours functions, so an integrated kitchen/breakout or one nearby was a nice-to-have. Another non-negotiable requirement Lloyds had was for three (3) individual offices to cater for separate divisions of the business for confidentiality reasons.
A requirement this specific proved hard to come by in the size bracket they were seeking, and even more so in the spec fit out market where tenancies are built very generically and in open plan fashion in order to maximise density and efficiency. Also, because they were only seeking a three (3) year lease term building a fit out was not an option within most buildings.
As the individual offices were an essential item and something the business was unable to compromise on, they were forced to expand their size requirement to accommodate their particular needs.
A few months earlier Caden had been appointed to a sublease at the Dexus-owned, Waterfront Place. Although the space was much larger than they originally specified through their brief, upon inspecting, Lloyds Auctions were so fond of the building’s fundamentals, its levels of natural light and outlook, that they somewhat discarded their pre-existing search parameters.
Lloyds have now settled into this 269sqm river-side facing tenancy, previously tenanted by Trident Corporation. As the layout was built specifically for Trident’s purposes, it did not have some of the layout issues that they had consistently noted in spec tenancies and was largely able to be reused – something that was viewed favourably as there were a lack of comparable opportunities across what they had seen and this option did not require a large contribution for altering the layout.
Waterfront Place has long stood as one of Brisbane’s classic office towers, and to achieve a sublease deal on high quality office fit out on the River aspect of the building seemed a steal for Lloyds.
Chris Chapman negotiated the sublease, for more information or, to discuss your leasing needs please contact Chris on 0401 153 992 or chris.chapman@caden.com.au
