GARDA Property Group has secured tenants for two key assets in its Melbourne office portfolio.
Two new leases have been executed at Botanicca 9 for a total of 1,332m² of office space. The leases are due to commence in the next two months and both are for seven year terms and will increase occupancy at Botanicca 9 (by gross income) to 66% and WALE (by gross income) at 31 December 2021 to 6.1 years.
Matthew Madsen, GARDA’s Executive Chairman observed: “The Melbourne city-fringe leasing market is experiencing substantial improvement in activity, both in terms of tenant inquiry and lease transactions, following the lifting of restrictions.”
Botanicca 9 has a further 2,769m² of available NLA that is expected to be leased during FY22.
At Box Hill, Planet Innovation, which commenced a seven-year, whole of building lease in December 2020, has extended its lease by a further three years. Its lease will now expire in November 2030, increasing the building’s WALE (by gross income) of 9.0 years.
Matthew Madsen commented: “GARDA is proud to be able to accommodate Planet Innovation for the next decade. Since its initial occupation of one of three floors in 2014, Planet Innovation, a regular recipient Australia’s Most Innovative Company award, has expanded to occupy the full building. The quality of tenant and long WALE has resulted in recent positive valuation outcomes.”
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