Briad House is a privately owned 5 storey brick and concrete building with paved ground level courtyard located on the Western side of Elizabeth Street between Rutland Street and Bedford Street offering rear lane access from Little Buckingham Street and on–site parking.

The property, including retail, office and penthouse level had been available for sale by private treaty and whilst partially owner occupied, all remaining areas were vacant. In Q3 2016, we were informed 2 vacant whole floors of 238 sqm each were fitted, furnished and cabled. There was an opportunity to secure short term tenants.

We began to speak to prospective landlords & tenants. One enquiry was then received from an owner occupier located close to the subject property with a project office requirement.

The benefit of “plug and play” office space was minimised capital expenditure and this prospect secured both whole floors at an effective gross rental. The vendor, Brian Adams, was able to receive a fair and immediate rental income whilst Briad House remained for sale.

 

Lease Analysis
Lease term:Two (2) years
Area:476 sqm
Parking:Nil
Start Date:Q1 2017
Gross Rental:$209,916.00