INVICTUS 5, a 24-hour gym in Coorparoo offering a holistic approach to improving health, has relocated within the same suburb from 94 Holdsworth Street to 26 Harries Road
The asset, that came with a 458sq m* warehouse/ground-floor showroom and 70sq m* first floor office, was directly across the road from Coorparoo Square.
The leasing deal was successfully brokered by Ray White Commercial TradeCoast’s Jack Gwyn and Jared Doyle.
Mr Gwyn said the landlord of 94 Holdsworth Street activated the demolition clause on the lease to make way for the Maasra Apartments.
“We were only advertising the first-floor offices for lease on behalf of the last tenant, Frame Craft, for some time and when we were dealing with Invictus 5 I said I’d ask if Frame Craft would consider assigning their lease to them,” Mr Gwyn said.
“I spoke to Frame Craft and after a meeting they confirmed their lease expiry was coming up in 2020 anyway and they were happy to consider relocating closer to where they live.
“Because there was less than a year to run on their lease, we ended up working with Frame Craft and the landlord to rescind the existing lease, once the deal with Invictus 5 was signed.”
Mr Doyle said the terms of the deal would see Invictus 5 pay $92,000 p.a. plus outgoings plus GST on a five plus five-year lease term via an off-market approach.
“As well as the office/warehouse space and the first-floor office, the property also offered a bonus 63sq m* storage mezzanine and three car parks.
“We’re pleased we were able to facilitate the move of a popular local gym within the same area so people can take advantage of the same, if not better, access.”