How adjusting retail tenancy lease lines can grow rental returns
THE SERVICE REQUEST
Our shopping centre client was under pressure to deliver rental growth from its retail shops while also updating the allowable shopfront out-go’s and in-go’s so that they had a more streamlined, consistent Mall Line. Realserve were asked to assist by preparing as built documentation while the tenant was still occupying the tenancy.
The Tenancy Lease Line is normally considered limit of the tenant space, either physically demarcated (by a demising partition or demising wall) or imaginary, controlled by the tenant of a leased (typically retail) space in a multi-tenant establishment.
A Retail Tenancy Plan Set is a series of drawings that outline the base building of a tenancy and its relationship to its surrounds. It would typically include a;
- Location Plan
- Floor Plan
- Reflected Ceiling Plan
- Section and Elevation(s)
This set provides critical information for determining where and how a tenancy fits within the larger space on the site. We know from our experience working with many retail design managers that their biggest headache is identifying the ‘Mall Line’ or Tenancy Lease Lines when determining a shop’s area
We worked during busy trading periods to prepare the required documentation for the Centre Manager and Retail Design Manager to use. Our final Lease Plan Document Set included;
- Location Plan.
- Floor Plan.
- Services Plan.
- Shopfront Elevation.
- Longitudinal Section through tenancy.
With countless limitations to the design, Realserve proposed a secondary site visit to ensure the suitability of the new Mall Line location. With the tenant vacated and de-fit complete, complex services were exposed and visible for precise clarification. Realserve were able to collect additional data on the roof structure and A/C services. Then, with this new data, the proposed new Mall Line could be verified and final documentation prepared.
- Accuracy was delivered with drawings documenting the existing conditions in the shopping centre to help determine the tenancy lease lines.
- Time saved by fit out designers who couldn’t do multiple site visits but were able to use our plans to complete their required work.
- Drawings suitable for use by shopfitters, interior designers or builders.
- Flexibility for the shopping centre to adjust their Mall Lines with accuracy and precision to maximise floor usage and rental returns.
WHAT ELSE COULD HAVE BEEN DONE?
- Matterport 3D Virtual Tour – if the Shopping Centre needed to create materials to use in local area marketing campaigns to find a new Tenant a Matterport 3D Virtual Tour could have been created to give prospects their own private tour of the space. It could even allow collaboration across multiple stakeholders to determine the shop’s suitability for renting.
- Reflected Ceiling Plan – could have been created to give a full visualisation of the interaction between ceilings, services and the structure below. These drawings incorporate the dominant features of lighting, air conditioning and extraction, including fire/evacuation fixtures, enabling efficient planning for new fit-outs.