iNova Pharmaceuticals

Tenant CS was appointed to help iNova decide whether to stay in their current premises or relocate to a new office.

Client Overview

No. of projects:
Multiple Projects
Single Project
Size:
1,200 sqm
Locations:
Sydney (Chatswood)
Location:
Sydney (Chatswood)
Industry:
Pharmaceuticals
Project Type:
Stay vs. Go, Lease Negotiation
Project Types:
Stay vs. Go, Lease Negotiation
About the company
iNova Pharmaceuticals distributes a wide range of market-leading, branded prescription medicines and consumer healthcare products to over 20 countries across Asia, Australasia, and Africa.

Featured Project

At a glance

Negotiated $1.4 million worth of savings
Suggested future-proof reconfiguration of existing space
Revealed the hidden costs of relocation

The Brief

Facing an upcoming lease expiry in their Chatswood location, iNova Pharmaceuticals was contemplating moving office.

Tenant CS was appointed to undertake a stay vs. go analysis to assess whether staying in their current premises or relocating was the more attractive option.

This involved:

  • Working closely with the iNova project team to establish key objectives and milestones
  • Market exploration to identify a suitable space
  • Deep financial analysis to uncover the true cost of relocation
  • Providing a detailed business case for lease renewal for iNova's approval
  • Proposing a better solution within their existing premises and negotiating revised terms

The Results

Though relocation was initially the preferred option, Tenant CS’s deep financial analysis identified the true cost of the exercise, taking into account the miscellaneous (and often overlooked) costs like changing the address on packaging.

This ultimately lead iNova Pharmaceuticals to renew their existing lease for a further five year term and provided them with the opportunity to refresh the fit-out and plan for the future. Through Tenant CS’s advocacy, iNova was able to save over the course of the lease.

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