Omnia were a long term tenant in the building, in excess of 20 yeas and did not want to move. However their lease was above market and the building had maintenance issues.
5th Avenue Properties working exclusively on behalf of Omnia were retained to renegotiate the lease agreement on their Bryanston head office.
5th Avenue Properties undertook a comparative market study to determine the market rental in the Bryanston area and of similar buildings in the park. This information was used to renegotiate the rental which was dropped to a rental in line with market for buildings of that age. We also prepared a snagging list of all of the issues that the building had. These issues were repaired as part of the new lease agreement and a further tenant installation allowance was negotiated in order for Omnia to give their space a facelift and refresh.
A lease for an additional 6 years was negotiated, a highly competitive rental and all issues pertaining to the building were rectified according to Omnia’s requirements.