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Datamine Australia Break Ground, Finding New Sublease Office Space On Creek St

Datamine Australia, a subsidiary of Global Tech Company Constellation Software, have recently secured a 341sqm sublease at one of Brisbane’s most popular B-Grade buildings, 127 Creek Street. 

The move comes after Datamine Australia acquired a variety of smaller Mining Software groups that were all mainly based in the fringe suburbs of the Brisbane CBD. Datamine wanted to unite these groups under one roof to reap the benefits of synergy associated by merging into one office.

  • 127 Creek Street, Datamine

 

Prior to settling on the sublease at 127 Creek Street, Datamine came close to constructing a custom fit out at 100 Edward Street. Given the Mining/Resource Sector’s volatility, the business was only able to commit to a three (3) year lease which was a sticking point between both parties. It is typically difficult for Landlords to justify the high incentive needed for a fit out when the term is less than 5 years. The landlord was unable to accommodate the business’s effective rent requirement and fit out needs, leading them to seek alternative options.

In light of this, the only two options for the business were to either find an existing fit out that suited them perfectly, to the point where the business could take it on as is and incubate the incentive for rental abatement. Alternatively, they could attempt to find a sublease that would enable them to negotiate a deal that would get them in on budget, and for a shorter lease term.

Datamine Australia floated between a few different options but were unable to bed anything down. Given they were on a month-to-month agreement at 167 Eagle Street, they were able to sit tight until something suitable came up.

Caden had come across a tenant who was wanting to downsize and sublease their space that, in essence, would suit Datamine perfectly and allow them to grow over the term of the sublease.

Not long after inspecting the sublease space at 127 Creek Street, the business signed off on the tenancy. The size and layout of the suite enabled Datamine to take it on as is. Because the space was taken on a sublease, they were able to get in on budget and benefit from the flexibility for growth of the arrangement.

Contact Chris Chapman on 0401 153 992 or chris.chapman@caden.com.au for more information on this deal.