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Published by Hartigan Bolt, 2018-02-19 17:58:09

HB Small Office Guide

HB Small Office Guide

Hartigan Bolt
Small Office Guide

FEBRUARY / MARCH 2018

NORTH SHORE COMMERCIAL PROPERTY – LEASING SALES & MANAGEMENT


Contents

The Small Office Guide
North Sydney
Crows Nest
St Leonards
Chatswood
Guide to Lease Terms
The Moving Process
Summary of Small Offices

1-5 Railway Street Lobby


The Small Office Guide

For any small or new business looking to lease office space for the first time or move into a larger
office it is important to make sure that the property is the right size, at a budget that works and
is in a location that is convenient and appropriate.

Achieving the right outcome is important but can also take valuable time away from running a
business. As agents one of our objectives is to help tenants make the moving process as painless
as possible and we hope that this guide will help with this.

In addition to providing a cross section of office suites available from North Sydney to Chatswood
we include an explanation of some of the standard lease terms and a guide to the stages of a
successful move.

For further information please contact one of our leasing agents who will be happy to assist you.

David Bolt Chris Hartigan Leasing Team
0439 032 008 0410 304 496
Bill Bannerman 0451 772 455 Drew Divers 0451 662 776
Ian Fortescue 0411 697 360
Rupert Lore 0406 421 937

Adam Ray 0421 258 945

Important Note – The information contained in this publication is for general guidance purposes only and must not be relied upon.
Whilst the information has been obtained from sources that are deemed to be reliable no warranty is given as to accuracy and no
liability will be accepted. No guarantee is given as to the continued availability of any property listed. All areas are approximate. All
rents are quoted inclusive of year 1 outgoings.


North Sydney

110, Pacific Highway, North Sydney

Fully refurbished with lift
Bright & trendy offices
3 suites on level 4
27sqm - $18,225 p.a. (350/wk)
42sqm - $28,148 p.a. ($541/wk)
61sqm - $41,175 p.a. ($790/wk)

65 Walker Street, North Sydney 8 West Street, North Sydney

Corner office with partial fit out Refurbished with 2 private offices
New lift being installed Impressive 10 storey building
Level 3 office with floor to ceiling Level 3 suite
windows 89sqm - $51,920 p.a. ($998/wk)
Parking available
69sqm - $43,125 p.a. ($829/wk)

Office Leasing, Commercial Sales and Property Management 9955 9211


7-11 Clarke Street, Crows Nest Crows Nest

Fully refurbished
Close shops & cafes
3 suites on level 1
22sqm - $11,984 p.a. ($230/wk)
26sqm - $14,017 p.a. ($269/wk)
28sqm - $15,194 p.a. ($292/wk)

Artist Impression of fit out

68 Alexander Street, Crows Nest 107 Alexander Street, Crows Nest

Great location on west side of High ceilings
street Ground floor cafe
Level 2 suite Suites at rear of ground floor
25sqm - $13,000 p.a. ($250/wk) 35sqm - $18,054 p.a. ($347/wk)
78sqm - $28,188 p.a. ($542/wk)

Office Leasing, Commercial Sales and Property Management 9955 9211


Crows Nest

28 Clarke Street, Crows Nest 270-272 Pacific Highway, Crows Nest

Corner of Oxley Street Overlooking Pacific Highway
Refurbished suite Fitted out with own kitchen
Level 9 suite Level 1 suite
50sqm - $25,000 p.a. ($480/wk) 70sqm - $24,500p.a. ($471/wk)

310 Pacific Highway, Crows Nest 107 Alexander Street, Crows Nest

Office with balcony Offices above popular Café 107
Floor to ceiling windows High ceilings with exposed beams
Level 1 suite with own kitchen Potential for 2 suites on level 1
124sqm - $43,400p.a. ($835/wk) 133sqm - $61,410 p.a. ($1,180/wk)
166sqm - $76,268 p.a. ($1,467/wk)

Office Leasing, Commercial Sales and Property Management 9955 9211


31 Hume Street, Crows Nest Crows Nest

Rear of level 3
Fitted out with meeting
room & kitchen
Basement parking available
145sqm - $56,550 p.a.
($1,088/wk)

35 Hume Street, Crows Nest 9 Willoughby Road, Crows Nest

L2 suite with own kitchen Top end of Willoughby Road
L3 suite with 4 offices & open plan Board room, kitchen and open plan
155sqm - $50,375 p.a. ($968/wk) Level 1
167sqm - $54,275 p.a. ($1,043/wk) 170sqm - $55,250 p.a. ($1,063/wk)

Office Leasing, Commercial Sales and Property Management 9955 9211


St Leonards

33 Atchison Street, St Leonards 71-73 Chandos Street, St Leonards

Corner location Easy walk to St Leonards Station
Both suites with existing fit outs Reception, boardroom & open plan
Ground floor cafe Level 1 suite
106sqm - $31,800 p.a. ($650/wk) 110sqm - $33,000 p.a. ($635/wk)
145sqm - $43,500 p.a. ($836/wk)

30 Atchison Street, St Leonards 1 Chandos Street, St Leonards

Above the popular Moody Chef Cafe Opposite St Leonards Station
Fitted with 3 offices & boardroom Fitted office & 3 lifts
Level 2 suite Level 3 suite
112sqm - $56,000 p.a. ($1,077/wk) 118sqm - $64,845p.a. ($1,247/wk)

Office Leasing, Commercial Sales and Property Management 9955 9211


1-5 Railway Street, Chatswood Chatswood

South Tower
Next to Chatswood Station
2 suites on levels 3 and 10
76sqm - $46,333 p.a ($891/wk)
90sqm - $55,228 p.a. ($1,062/wk)

North Tower
Various suites many with fit outs
40sqm - $24,240 p.a. ($466/wk)
103sqm - $59,394 p.a. ($1,142/wk)
144sqm - $84,765 p.a. ($1,630/wk


44 Hampden Road, Artarmon

New carpet & paint
L3 suite with 4 offices & open plan
150sqm - $78,052 p.a. ($1,501/wk)

Office Leasing, Commercial Sales and Property Management 9955 9211


Guide to Lease Terms

The following is a simple explanation of some of the typical lease terms.

The Parties The landlord or owner may also be referred to as the lessor.
Lease Term
Option The tenant may be referred to as the lessee.
Area
Rental Most small suites are leased for terms of between 1 and 3 years. Some landlords will be
What’s Included reluctant to agree leases as short as 12 months.

What’s Excluded Lease options can sometimes be negotiated. These give the tenant or lessee the right to
an extended term which is normally exercised in writing by a certain date.

Some lessors may be reluctant to grant an option as it may affect future plans also there
is no certainty that the lessee will operate it.

The area of the suite will normally be supported by a survey which sets out the precise
area (sqm)

Office rents are quoted exclusive of GST and maybe shown as follows:

Rent per annum – p.a.

Rent per square metre or psm

For small suites the office rent will often include most costs which would be regarded as
building outgoings i.e. rates, land tax, repairs…

If these items are included the rent is referred to as being Gross.

Sometimes an owner will seek to recover, as a separate charge any increase in these
building outgoings from year 2 onwards. If this occurs the term Recovery over Base will
often be used.

The lessee’s share of increases will be based on the size of their office as a proportion of
the total building. If this applies the lessee will be told what the Base Year Outgoings are.

If a rent is quoted as being Net then there will be a charge for rent plus a charge for the
lessees share of all building outgoings which may vary as expenses change. Normally the
lessee will be provided with an estimate of what the outgoings will be.

The lessee will almost always be responsible for the following costs over and above rent:

Electricity for the suite

Cleaning of the suite

Office Leasing, Commercial Sales and Property Management 9955 9211


Car Parking In most loctions car spaces are only available at an extra cost and the lessee will also be
Rent Reviews responsible for the State Gov’t Levy which applies in many locations.

Lease Incentive Most leases allow for annual increases. CPI (inflation) is less common and many landlords
Fit Out will require fixed increases of say 3% - 4% p.a.

At Expiry Market reviews are less common with small leases but may be included if a lease option
is agreed.
Bank Guarantee /
Security Deposit An incentive may be agreed. The most common form is an initial rent free period but may
also be a capital contribution towards the cost of a tenant’s fit out.

The lessor will expect to be provided with plans of any fit out and the lessee will be
responsible for obtaining approvals which may require a Certifier to be appointed.

Particular care should be taken if a fit out impacts on fire egress or requires a building’s
sprinklers to be moved.

The lease and heads of agreement will set out what the lessee is responsible for upon
expiry. In many small suites the liability is limited to leaving the suite in the same condition
as it was when leased. If this applies it is important that the lease has a schedule of
condition attached which the leasing or managing agent will normally prepare.

Tenants should be aware that there may be a requirement at the end of the lease to make
good any damage and to re-paint and re-carpet.

Owners will require some form of security for the lease.

The most common is a Bank Guarantee which will typically be equal to between 3 and 6
months gross rent including GST. (3 to 4 months is quite common). The Bank Guarantee
will need to be handed to the owner before occupation and will have to be valid for a
period beyond the lease expiry date.

Tenants should prepare for this ahead of the lease commencement as banks take some
time to issue Bank Guarantees.

An alternative to a bank guarantee is a cash bond paid to the owner or their managing
agent. This is less common with commercial leases.

Personal guarantees are sometimes requested.

Office Leasing, Commercial Sales and Property Management 9955 9211


Guide to Lease Terms

Deposit at The usual process in agreeing a lease is to firstly agree a Leasing Proposal which the
Agreement leasing agent will draft and send to the lessee and then to the lessor. This document will
set out most of the “commercial terms” and once agreed, both parties will sign as a
Legal Costs record of intent. Upon signing the lessee will be required to pay a holding deposit normally
Insurance equal to one month’s gross rent including GST. This amount will be transferred to the
lessor once the lease has been signed and will be credited as an initial rent payment. The
lessee should be aware that this money is not lost but is effectively paying future rent.

In the event of the tenant not proceeding with the lease the lessor is often permitted to
claim part or all of the deposit towards their abortive legal costs.

The Lease Proposal will state who is paying which legal costs. It is now more common
for each party to be responsible for their own costs although this is not always the case.

Before being granted occupation most owners will require the lessee to provide a
Certificate of Public Liability Insurance noting the leased property. Cover is normally
required for $20m.

Office Leasing, Commercial Sales and Property Management 9955 9211


The Moving Process

The following is an illustration of the various stages of a typical move.

Wish list Most tenants start with their own wish list or criteria including size, budget and location.
As a rule of thumb multiply your likely number of staff x 15sqm to arrive at your size
Initial on-line search requirement.
Contact an agent and
arrange an initial tour Our agents will arrange a tour of possible options which will help to refine the wish list.
Second and third Narrow down the short list
inspections Always good to get others on board at an early stage and listen to their views.
Take colleagues /
friends The agent, although acting for the owner will normally be able to provide a guide to the
Check all the costs likely terms and provide a draft Leasing Proposal for you to fill in.
Negotiate the terms

Think about the fit out The cost of fitting out can be high although in many instances it can be kept to a
reasonable sum. If required we can put you in touch with specialists that will provide cost
effective fit outs.

Finalise and sign the At this stage a deposit is usually payable equal to one months’ rent including GST
Leasing Proposal
Instruct a solicitor Best to get a guide to their fees at the outset and make sure that they are familiar with
commercial leases.

Agree the lease While it is important to get the lease right don’t let your lawyer run wild!

Prepare other doc’s It’s important to get the Bank Guarantee arranged early as banks will take time and get
your broker ready to issue Public Liability Insurance.

Finalise fit out Advise the owner of what you are doing.
Check if a Certifier is required.
Line up Telecom – they can take longer than banks!

Sign the lease & And get the key to the door!
provide key doc’s IT etc..
Fit out And have a drink….

Move in

Office Leasing, Commercial Sales and Property Management 9955 9211


Important Note – The information contained in this publication is for general guidance purposes only and must not be relied upon.
Whilst the information has been obtained from sources that are deemed to be reliable no warranty is given as to accuracy and no
liability will be accepted. No guarantee is given as to the continued availability of any property listed. All areas are approximate. All
rents are quoted inclusive of year 1 outgoings.

Office Leasing, Commercial Sales and Property Management 9955 9211


Summary of Office Suites For Lease

Address Area sqm Rent P.A. Rent per o Note
wk

North Sydney

L4 110 Pacific Hihgway, North Sydney 27 $18,225 $350 Superb suites in refurbished building

L4 110 Pacific Hihgway, North Sydney 42 $28,148 $541 Exposed ceilings

L4 110 Pacific Hihgway, North Sydney 61 $41,175 $829

L3 65 Walker Street, North Sydney 69 $43,125 $829 Great location

LG 83 Walker Street, North Sydney 89 $31,150 $599 Affordable space in N Sydney CBD

L3 8 West Street, North Sydney 89 $51,920 $998 Impressive office building

Crows Nest / St Leonards

L1 7-11 Clarke Street , Crows Nest 22 $11,984 $230 Excellent suites in 7-11 Clarke Street

L1 7-11 Clarke Street , Crows Nest 26 $14,017 $270 Close to shops and cafes

L2 68 Alexander Street, Crows Nest 25 $13,000 $250 Convenient small suite

Grd 107 Alexander Street, Crows Nest 35 $18,054 $347 From 35sqm - High ceilings

L9 28 Clarke Street, Crows Nest 50 $25,000 $481 Corner of Oxley Street

L1 270-272 Pacific Highway, Crows Nest 70 $24,500 $471 Overlooking Pacific Highway

L2 33 Atchison Street, St Leonards 106 $31,800 $612 Terms Agreed

L1 71-73 Chandos Street, St Leonards 110 $33,000 $635 Up to 2 year lease

L2 30 Atchison Street, St Leonards 112 $56,000 $1,077 Great office above Moody Chef café

L5 1 Chandos Street, St Leonards 117 $64,845 $1,247 2 mins from St Leonards Station

L1 310 Pacific Highway, Crows Nest 124 $43,400 $835 Offices + balcony

L3 270-272 Pacific Highway, Crows Nest 129 $45,150 $868 Fitted out

L1 107 Alexander Street, Crows Nest 133 $61,410 $1,181 Polished concrete floors

L1 33 Atchison Street, St Leonards 145 $43,500 $837 Up to 2 year lease

L3 31-33 Hume Street, Crows Nest 145 $56,550 $1,088 Top floor over-looking Hume Street

L1 35 Hume Street, Crows Nest 155 $50,375 $969 Well presented offices

L1 107 Alexander Street, Crows Nest 166 $76,268 $1,467 Exposed beams

L1 9 Willoughby Road, Crows Nest 170 $55,250 $1,063 Great location

Chatswood / Artarmon

L3 1-5 Railway Street, Chatswood N Tower 40 $24,240 $466 Next to Chatswood Station

L10 1-5 Railway Street, Chatswood S Tower 76 $46,333 $891

L3 1-5 Railway Street, Chatswood S Tower 90 $55,228 $1,062

L7 1-5 Railway Street, Chatswood N Tower 103 $59,394 $1,142

L8 1-5 Railway Street, Chatswood N Tower 136 $80,056 $1,540

L4 1-5 Railway Street, Chatswood N Tower 144 $84,765 $1,630

L3 44 Hampden Road, Artarmon 150 $78,052 $1,501 Opposite Artarmon Station

Office Leasing, Commercial Sales and Property Management 9955 9211


Hartigan Bolt
www.hbproperty.com.au

Offices At: Level 7, South Tower
1-5 Railway Street,
Level 11, Chatswood NSW 2067
75 Miller St, T: 02 9410 1300
North Sydney, NSW 2060
T: 02 9955 9211

For further information on any of our properties or services
please contact us on 02 9955 9211

Directors Leasing Team 0451 772 455
David Bolt Bill Bannerman 0406 421 937
Chris Hartigan Rupert Lore 0411 697 360
Ian Fortescue – Director 0451 662 776
Drew Divers – Director 0421 258 945
Adam Ray – Director

Office Leasing, Commercial Sales 9955 9211
and Property Management


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