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Case Study

Codan

2 Second Avenue
Mawson Lakes, SA

Building Type / Sector: Office/Manufacturing

MRS were initially retained to provide advice on lease versus buy strategies for this Adelaide based ASX listed technology company.  The result of this work was the disposal of two industrial properties at Torrensville, acquired as a result of a company merger, which were surplus to requirements.  CBRE were engaged to market the properties for sale with MRS overseeing the disposal process on Codan’s behalf.

Whilst the Torrensville disposals were underway, MRS also assisted Codan with the lease negotiations to secure a new Head Office and hi-tech manufacturing accommodation at Mawson Lakes.  The outcome of these negotiations saw Codan commit to fully refurbished accommodation at 2 Second Avenue, Mawson Lakes for a fifteen (15) year term and included the securing of the Landlord’s agreement to undertake works which brought the building to an “as new” standard and included the provision of a state of the art fitout, together with space for expansion which will allow Codan to continue to grow its business without the need to secure additional accommodation for many years.

MRS have also undertaken an options study on potential alternative uses for Codan’s former premises, on approximately two (2) hectares of land, at Graves Street, Newton.  CBRE were subsequently appointed to market the land and buildings as a single parcel or as sub-divided allotments.

Codan case study