LIBERTY LAUNCH NEW LANDLORD SOLUTIONS
Liberty, the flexible working provider and long-time supporter of the Property Council Office Market Report in WA, presented two new service offerings at the OMR Breakfast: ‘Concierge Solutions’ and ‘Partnership Solutions’. Both of these new initiatives are focused on helping landlords differentiate their assets in what remains a very competitive market.
The ‘flight to quality’ is a real phenomenon and is a hot topic in the sector. Liberty have noticed many landlords investing heavily in physically upgrading their buildings but under investing in the human element.
“Having invested heavily in the design and refurbishment of ground floor lobbies to create the right design aesthetic and ambience as people enter the building, many Landlords then fail to complete the overhaul by using the same security contractor as before. Even though many have years of experience in ‘security’ they generally have little or no customer service experience” said Jamie Vine, Liberty’s CEO.
Liberty believes, to attract and retain quality tenants, buildings also need to deliver an unforgettable hospitality experience. Liberty’s Concierge Solutions provides fully trained and managed Front of House professionals to deliver service excellence to all a building’s tenants and visitors.
These dedicated ‘concierges’ enable Landlords to create a truly memorable first impression, and a real point of difference. They can be brought in to replace or work alongside existing security personnel to convey a warmer, more hospitable and professional environment in which the building’s guests are welcomed.
Liberty’s second initiative is Partnership Solutions. Here they work with landlords to activate space and generate income within their buildings.
“A conventional lease isn’t always possible. In some circumstances the landlord may have other plans for the building, such as refurbishment or redevelopment, and locking in a 5-year lease may not provide the flexibility they require. In other situations the market may be performing badly and the likelihood of finding a tenant on acceptable terms is greatly reduced” added Jamie Vine.
Landlords of larger buildings are also having to constantly reinvent their tenant offering and provide more innovative onsite solutions to keep ahead of the pack. That’s where Liberty partnerships can help.
There are many benefits to landlords and property developers in partnering with Liberty. For example:
- Differentiated offer – to attract & retain corporate occupiers to the remaining floors
- Source of new tenants – incubator
- Removal of marketing voids – certainty
- Early income – low occupancy breakeven
- Profit share – increased yields over market expectations
- Flexibility – allowing for future redevelopment at short notice
Through a partnership arrangement landlords provide access to real estate assets and fit-out funding in lieu of market incentives. After overheads are covered (which includes all local costs; outgoings, staff, corporate, utilities, cleaning etc.), and there is a profit share arrangement in which landlords often benefit from returns which far exceed rental expectations. Landlords also remove costly marketing voids and facilitate the delivery of world class flexible working facilities within their portfolio to attract and retain tenants.
The structure of the partnership agreements is flexible and Liberty is happy to work with landlords to try and identify a structure that works for both parties.