Founded in 1884 and one of Australia’s largest privately-owned companies, Stuart Alexander & Co. imports, markets and distributes premium global brands such as Chupa Chups, Fisherman’s Friends, Mentos, Tabasco, Monin and Duracell batteries throughout Australasia.
A privately owned and proudly Australian business, Stuart Alexander & Co. employs over 180 people nationally.
Tenant CS was appointed to find a 1,000-1,200sqm, good quality, creative, B-grade office space in the Downtown CBD, Central, Haymarket, Ultimo or Pyrmont areas.
For this Stay vs. Move project, Tenant CS benchmarked the rent and searched for alternative options. Due to record low vacancy there were no suitable alternatives. The best option was to extend the lease; however the benchmark showed the rent was not in line with market based on the building quality and the landlord intended to increase the rent.
Tenant CS and the landlord couldn’t come to an agreement on the Market Rent Review for a new option term and an independent valuer was appointed for a rental determination procedure. Based on provided market comparables by Tenant CS, the valuer ruled that the rent should not increase, and the client was entitled to a market incentive to reflect an effective rent review. As an added bonus Tenant CS discovered and ensured that the “No Make Good” clause was carried over from the old lease.