Commercial Realty took over management of the property at 194 Station Road in 2019. At the time, the property was attracting a below market rental due to long overdue maintenance and the need for a general tidy up.
As the current tenants’ lease came to an end, we put together a programme of works and obtained quotes on the landlord’s behalf. We sat down with the owners and talked them through the plan and the costs involved in bringing the building up to standard for re-leasing. This work was key in attracting quality tenants at a higher rental. Our plans included the following:
- The full length of the warehouse had dated wooden window frames with louvre windows. These were removed and replaced with colour steel cladding. This solved the maintenance issue of the rotten window frames, whilst also providing better security, and modernising the building.
- Full electrical upgrades were carried out, including LED lighting in the warehouse and the removal of redundant cabling and fittings.
- We repaved the carpark, added bollards to protect the building and carried out a re-paint which has vastly improved the appearance and appeal of the building.
The management of this project was handled by our experienced Property Management Team who took care of the day-to-day scheduling of various contractors, vetting the quality of work and pulling everything together in a timely fashion, thus alleviating the landlord of a time-consuming task.
The property has since been re-leased by one of our agents in late 2020 at a new rental, which has increased the overall value of the property by almost half a million dollars.