70 Druitt Street is located between Clarence Street and York Street, close walking distance to QVB and Cockle Bay. Known as Alphen House, the property comprises ground floor retail and 3 levels of commercial space overlooking Town Hall.
The building’s major tenant had been located at 70 Druitt Street for over 5 years and leased Level 1 and Level 2 contiguously.
This tenant, Torrag Pty Limited, subsequently leased additional premises in Sydney’s inner west & then requested assistance to dispose of their surplus space at Level 2, 70 Druitt Street.
There was still over 2 years left on term. We sought instructions from the Lessor, Alphen Investments Pty Limited, on an applicable rental for a new lease and clarified requirements upon yielding up the premises.
Marketing commenced 29 January 2015. For Lease signage on – site was not permitted as the client was still in occupation.
The whole floor tenancy, with Town Hall views, opening windows and after hour access was inspected by real estate office users more than any other type of tenant.
Golden Sands Investment Pty Limited required premises near Town Hall and leased Level 2, 70 Druitt Street for 3 years.
Their proposed fit-out works were approved prior lease commencement. Any incentive was primarily offered as reduced rent as opposed to rent free.
The Lessor was then better placed to maintain regular cash flow and it reduced the client’s requirements upon the early termination of their lease.
The outcome enabled the tenant to retain a presence in both Sydney’s CBD and suburbs with the building remaining 100% leased.
|Lease Term:||Three (3) Years|