The Brief

Schindler | Sydney, Australia | 5,000 sq m

Schindler, a Swiss-based provider of elevators, escalators and moving walks, assigned Tenant CS to investigate the financial attractiveness of renegotiating its current Sydney headquarters lease terms, versus relocating to a new building.

The Solution

• Audit of the existing premises (including lease review, site inspection and market analysis)
• South Sydney market analysis and property benchmarks
• Brief to market and open market search
• Property inspections and cash flow analysis
• Business case, including financial and qualitative analysis
• Lease negotiations with existing landlord
• Lease execution and signature

The Results

Tenant CS presented a business case that demonstrated the value of staying in the existing premises, convincing Schindler to renew their lease. However, with limited incentives typically on offer for renewals, coupled with Sydney’s tight vacancy rate, the market favoured the landlord. Despite these conditions, Tenant CS was still able to negotiate a saving of 12% on Schindler’s behalf.

“Thanks to Tenant CS” professional approach, we never missed a rent review, lease expiry date or market opportunity. Better yet, we were able to generate significant savings across our portfolio.” David McLaughlin, Chief Financial Officer – Schindler Lifts