Case Histories

By: Steven Krulis Real Estate  06-Aug-2013
Keywords: Commercial

CASE HISTORY: PLUMER ROAD, SHOPPING VILLAGE, ROSE BAY PROBLEM/OPPORTUNITY: A dated strip-style local village centre was losing custom with four empty shops adding to its forlorn appearance. THE KRULIS SOLUTION: We consulted the community and existing retailers to help identify gaps in the market. We then organised and oversaw the refurbishment of the centre, which included Art Deco shopfronts, and improved signage and visibility. Negotiations were undertaken with the council to install street furniture, planters and bins to further enhance the site. We relocated existing worthwhile tenancies within the centre to maximise their potential and negotiated with retailers that didn't fit the ideal tenancy mix. Through our marketing and contacts we were able to entice a new group of tenants, including a gourmet butcher, trendy cafe and active food outlets. After setting and obtaining new rental benchmarks we successfully relaunched the site and commenced management. THE RESULT: The project resulted in a complete transformation of the site, changing its image to that of a vibrant village with 15 occupied shops and returns up 100%. CASE HISTORY NORTON PLAZA, LEICHHARDT PROBLEM/OPPORTUNITY: Maximising the commercial opportunity and sales potential of the prominent plaza in Leichhardt's famous 'eat street'. THE KRULIS SOLUTION: Originally an under-utilised factory, we worked on the redevelopment of Norton Plaza from the outset, helping to maximise the site's potential by creating an appealing retail complex. We successfully negotiated with the council for rezoning and secured adjoining land on the owner's behalf. We worked with architects to create the right retail environment, creating links via a retail walkway to a large new residential complex, The Italian Forum. We secured a major supermarket chain on a long-term lease as the anchor tenant and signed the right mix of additional speciality retailers. We combined an intelligent mix of commercial spaces on the upper two levels of the centre and secured tenant for the offices, as well as assisting with fit-outs. THE RESULT: We were charged with the ongoing management of the highly successful complex, which subsequently sold in 2007 for the highest per square metre price in Australia for shopping centres at the time. CASE HISTORY 55 GRAFTON STREET, BONDI JUNCTION THE TASK: Review for a client the true value and long-term opportunities of a property which was available for sale by tender. Advise whether to make an offer and, if so, what it should be. THE KRULIS SOLUTION We conducted a thorough feasibility study of the building and the condition of its major services such as the air conditioning and the lifts. We also studied the rental structures and potential for growth. THE RESULT: On our advice the clients purchased the building for $16 million. We were appointed managing agents and undertook a proactive re-leasing and renegotiating campaign, dramatically increasing the total rent collected. Within 12 months the building was refinanced and revalued at $24 million, a 50% increase in its value.

Keywords: Commercial

Contact Steven Krulis Real Estate


Print this page