16 Nov Christawood Centre
54 Baden Powell St, Maroochydore
As I recall my first contact with Ted Dimmick was him calling me after receiving a promotional letter I sent out around 2002. It took a further 2 years before he offered me the management of a small strata titled office if I could Lease it. Thankfully it did not take long and Ted was as good as his word.
After getting to know Ted better he started to get me to check out commercial property he was considering buying. The first few we looked at did not come up to scratch.
Then Ted asked me to take a look at the Christawood Centre that had been put to him at a yield of 8%. This was one that did proof up well with the rents commensurate with its original showroom approval, but not reflective of the commercial centre that it was already morphing into.
Ted secured a contract on the property and we went to work assisting with the due diligence. We took over the management of the Christawood Centre during April of 2005 and rebranded it to a corporate centre.
Another agent came up with Credit Union Australia and as is our policy, they were paid the full leasing commission. Part of that negotiation entailed Credit Union being granted the use of the large sign space at the top of the pylon for an annual consideration. The centre is currently branded Credit Union Plaza.
We picked up on Credit Unions signage and corporate colours to change the base colour across the frontage of the entire Centre to crisp white, which looks very smart. The cost was negligible.
Since taking over this Centre rents across the ground level have grown by about 40% and the upper level by around 38%. During the time of writing this case study we are entering a period of instability as we know that the Department of Fair Trading are planning to relocate to the new government highrise office building around March of 2011. In addition Building Services Authority Lease was surrendered recently.
All Agents are being offered the opportunity to Lease these premises. If successful they will receive 100% of the leasing commission. We are expecting a letter of offer from a not for profit organisation soon who will take most of the available space. In addition there are other leads that may take the balance.