Schindler

Faced with a lease expiry, Schindler appointed Tenant CS to assess whether it was more attractive to stay in their current premises or relocate.

Client Overview

No. of projects:
Multiple Projects
Single Project
Size:
5,000 sqm
Locations:
Sydney
Location:
Sydney
Industry:
Elevator Manufacturer
Project Type:
Stay vs. Go, Lease Negotiation
Project Types:
Stay vs. Go, Lease Negotiation
About the company
Schindler Group is a leading global mobility provider with approximately 60,000 employees operating in more than 100 countries.

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At a glance

The Brief

Schindler assigned Tenant CS to investigate the financial attractiveness of renegotiating their current Sydney headquarter lease terms, versus relocating to a new building.

The Results

Tenant CS undertook the following:

  • 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

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 Schindlers behalf.

'Significant savings across our portfolio'

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 Maclaughlin
Chief Financial Officer, Schindler Lifts

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