‘Covetrus/Provet’ Case study

Mark Cadman from Link Property Services in Sydney, being one of our ICP members, was in contact with Covetrus’ Vice President of Logistics for the Asia Pacific Region. Mark and Graham Watts had met many years ago when Graham was a senior executive within DHL’s Healthcare Business. Graham had a requirement to find new premises for Sydney’s Provet business (part of the Covetrus group), however Covetrus’ global real estate advisor (T3 Advisors) already had an existing arrangement with a global corporate real estate agency. Mark Cadman and Matthew Herrett of Link had lengthy discussions with T3 Advisors, who ultimately decided Link had the experience and strategy to represent Provet’s interests and therefore did not require the global real estate provider to represent them.

Mark & Matthew, in conjunction with T3 Advisors and Graham, established a strategy and entered the the market to source a modern/new circa 8,000sqm office/warehouse. Several options were already known to Mark & Matthew whilst other off market options were introduced to Mark & Matthew by owners and agents alike. Ultimately, a short list was created and a near new freestanding building of 7,577sqm was secured by Provet on a 10 year lease term. The process of securing the building was highly successful, so much so, that Covetrus & T3 Advisors engaged ICP to renew leases in Brisbane (4,651sqm on a new 8 year lease term), Townsville (1,200sqm on a new 6 year lease term), Adelaide (1,742sqm on a new 5 year lease term) and Christchurch in New Zealand (2,300sqm on a new 10 year lease). All were mutually successful outcomes, whereby the various owners of the Provet leased premises, were rewarded with renewals for longer term leases, whilst Provet was rewarded with revised commercial terms reflecting market conditions. So successful was the commercial relationship between Link/ICP/T3 Advisors and Provet, that Link were subsequently appointed to market for sale 4,600sqm office/warehouse facility in Cameron Park (Newcastle). The public offering by way of an Expressions of Interest campaign resulted in significant demand for the income producing property and through a competitive process, a sale price in excess of Provet’s expectations was achieved, being $6m.

Covetrus/Provet received the benefits of superb collaboration between the ICP network and unrivalled local market intelligence on a national level. Professional guidance and advice was paramount, along with a highly personalised approach.