Long-time owner-occupiers, Pivot Point, recently sought advice to maximise the potential of their vacant property located on Lonsdale Street in the Melbourne CBD. MMJ Real Estate's Melbourne office was appointed to consult on the refurbishment and leasing of the property which had been used for many years as a hairdressing school.
The owners approached Joel Wald, director of MMJ Real Estate Melbourne, to consult on the project. To be taken into consideration was the client's desire to hold the asset as a long-term investment.
'The 9B classification is valuable within the currently booming education market. The demand for certified modern small floors of between 200 m2 and 400 m2 exceeds supply. Existing certified space is like gold. Both the owner and tenants are well-placed to take advantage of this very attractive opportunity', says Joel.
The property had been vacant for years so Joel used his experience and engaged his team, including fellow-director Allison Brudenell, to create a plan that would engage and attract tenants. Their knowledge of the education sector within the leasing market identified key features specific to that industry that would assist in obtaining quality leads in a shorter period.
The renovation included upgrades to mechanical, electrical, ceiling, lighting, flooring, amenities and building security. The finishes were targeted to the education sector with clean open-plan tenancies ready for fitout.
The whole building was leased to multiple tenants within four weeks of the listing going live. Leases provided staggered expiry dates that mitigated leasing risk. Minimal lease incentives were required, further benefiting the owners in the tight leasing market.
'We were thrilled with the detailed advice provided by the MMJ team. We have future-proofed our building and maximised our returns. We have now engaged the MMJ Asset Management team to protect our building into the future', said owner Mr Aubin.