VennCap are pleased to welcome ISEG Halal to 87 Marsden Street, Parramatta. ISEG Halal leased a tenancy of 213 square metres with a brand new speculative fit out on a 3-year lease term and they join a number of tenants to take up the option of a speculative fit out in recent years.
ISEG Halal is headquartered in New Jersey, USA and was set up by the Egyptian Government in 2020 to provide certification for meat imports. ISEG Halal is committed to practices that support an ethical supply chain and organic and sustainable living.
Flexibility has become more important than ever when taking up office spaces and as a result, speculative fit outs have increased in popularity and importance over the last decade.
“Giving tenants the ability to save on time and costs means that speculative fit outs are usually the best option, especially for areas smaller than 500 square metres as it saves time and costs for tenants” said VennCap Real Estate Property Asset Manager Erina Shin.
For VennCap Director Tim McEnallay, one of the biggest benefits of speculative fit outs is not only the time frames and less capital outlay, but the fact that tenants can struggle to visually anticipate what the finished product will look like.
In ISEG Halal’s case, 87 Marsden Street met their requirements for their Australian Head Office.
“With ISEG Halal, the existing fit out at 87 Marsden Street was perfectly suited to their needs. They had been in the market for some time but when they saw that the new fitout in 87 Marsden Street required no modifications, they agreed terms from there and moved in within 3 months,” said Tim McEnallay.
“When fitting out you certainly need to take a long-term approach, the fit out should be designed in such a way to accommodate future tenants’ requirements well beyond the initial lease term. Therefore, you can maintain the benefit of offering fitted out space to potential future tenants. We are in the process of speculatively fitting several other tenancies at 87 Marsden Street.’’