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SERVICES & ORGANISATION COMMITTEE MEETING 8 JULY 2025
and culture of the Hub.
The criteria included:
Assessment Criteria Weighting
Commercial Terms 20%
Business Track Record 20%
Capability and Resources 20%
Suitability and/or
20%
Compatibility
Contribution to Local
20%
Economy
Colliers has provided Council an outline of the procurement process, timeline and assessment
criteria, refer Confidential Attachment 1 - Leasing Overview and Recommendation. Further, Colliers
has provided a Lease Proposal agreed by Cova AI Pty Ltd (Attachment 2).
Lease Provision Proposal
Lessee Name Cova AI Pty Ltd
Lease C being part of Lot 95 on SP137431 as shown on the Plan in
Premises Attachment 2 (Leasing Proposal) – 253 David Low Way, Peregian
Beach.
Nett Lettable Area Approx. 75m2
Lease Commencement
16/07/2025 Indicative
Date
Lease Expiry Date 15/07/2026 Indicative
Initial Lease Terms 1 year
Option to Extend 1 option of 2 years
Rent Reviews CPI reviews annually with Market review at exercise of option.
$39,375 excluding GST per annum (to be paid in monthly
Base Rent
instalments in advance)
A fixed annual contribution of $5,000 per annum towards outgoings –
Recoverable Outgoings
indexed annually by CPI.
Air Conditioning Maintained by Lessor
Permitted Use Professional Office only
Rental Free Period Nil
Three month’s rent plus Outgoings plus GST to be paid by the
Bond lessee to the lessor by cash or bank guarantee upon execution of the
lease.
Following evaluation of the applications, Cova AI Pty Ltd was identified as the most advantageous
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