30/09/2011 - New tenancy is no stretch

A Physiotherapy clinic has muscled in on new premises just down the road from its exiting practice in Brisbane’s inner north. Optima Sports Medicine has secured a 384sqm retail/office suite at 232 Kelvin Grove Road, Kelvin Grove

It is relocating from a similar sized space at 190 Kelvin Grove Road.  Elliott O’Shea, from Raine & Horne Commercial, negotiated the five-year leasing deal with a five-year option at a rental rate of $128,040 a year.

Mr O’Shea said the deal came “out of the blue” after the new tenant drove past the premises and spotted the vacancy sign. “Until then I think they were looking at renegotiating the lease where they were,” he said.

Mr O’Shea said Optima Sports Medicine was attracted to the tenancy by its very high exposure location and significantly more car parking spaced than their existing premises.

The new premises offer more than 40 car parking bays – many of them undercover – compares with only about 15 spaces at 190 Kelvin Grove Road.

“Ideally, for a consulting business the requirement is for 20-plus car parks. So that was a major factor in the deal,” Mr O’Shea said. He said the premises has been vacant for about 12 months and was previously split into three tenancies before being converted into an open plan space.

“The open-plan nature of it appealed to the new tenant because it was more flexible and meant the use of the space could be maximised. “There was a fair bit of work that still needed to be done but that all formed part of the negotiations.”

Mr O’Shea said he has fielded a number of inquiries, including from a couple of gym operators. But he said the landlord was keen to secure a single tenant for the whole space.

Optima Sports Medicine is a multi-disciplinary physiotherapy practice offering general physiotherapy services as well as specialist sports physio and sports doctors.

It also offers remedial massage therapy, podiatry and gait assessment, acupuncture and dry needling, clinical Pilates stress testing and fitness evaluations, and adolescents in sports programs.