Westpac
Background:
In April 2014, Spillane Property Consulting (SPC) was engaged to work alongside Westpac’s property team to assist with major lease transactions.
| Client | Westpac |
|---|---|
| Location | Sydney CBD |
| Type | Office |
| Area | ~60,000 square metres |
Scope:
Appointed by Westpac Group Property to act as tenant adviser on a 60,000 square metre office requirement in Sydney CBD.
The project included:
Advising on the formulation of their market engagement strategy
Managing the reviews of new office space and significant lease expiries
Preparation of the market brief, carried through to market engagement
Undertaking of negotiations with landlords to establish a shortlist
Coordinating the financial evaluation of leasing options and, in conjunction with the Workplace Team, coordinate the preparation of papers required for board sign off
Managing the negotiation of the Lease and Agreement for lease, on behalf of Westpac as the tenant.
Specific projects included:
Westpac’s Sydney and Metro strategy brief
The existing lease incorporated entire office building at 275 Kent Street, circa 72,000sqm.
Future office space requirement of up to 60,000sqm was taken to market in May 2014 via a RFP
Following an exhaustive process, the decision was made to remain at the existing premises with the omission of the sky-rise floors, which were relinquished. In consultation with the property team, SPC took lead role in successfully negotiating 58,000sqm lease renewal with Mirvac/Blackstone.
This included:Base building refurbishment scope, incorporating separation of critical base building services
A complete re-design of the ground plane, retail component and arrival experience to better reflect the stature expected from Westpac's head office.
St George Head Office - Brisbane & Bank Of Melbourne Head Office - Melbourne
Whilst working with Westpac, SPC also completed reviews for future office need spaces for both St George and Bank of Melbourne Head Offices. SPC worked alongside their Workplace Team and conducted a market search via RFP.
Once suitable premises were located, SPC took the lead in negotiating a lease deal. Both spaces were in alternative premises, meaning negotiations were also required with the existing landlords regarding lease determination and make-good scope and costs.
St George Bank relocated its head office to Waterfront Place, and Bank of Melbourne to Rialto.