Charter Hall Long Wale Signs NSW Govt to Balance of Mac Park Asset

17 May 2021
Charter Hall Long Wale Signs NSW Govt to Balance of Mac Park Asset

Charter Hall Long WALE REIT is pleased to announce that a lease has been signed with NSW Government for 8,600sqm NLA of office accommodation at The Glasshouse, 45-61 Waterloo Road, Macquarie Park, Sydney.

At the time of acquisition in November 2019, the property was under construction with 70% (by net income) pre-committed to NSW Government on a 12-year lease. This new lease over levels 7 and 8 of the building will be co-terminus with the existing NSW Government lease.

The property reached practical completion in March 2020.

The deal announced today results in 100% of the office component of the building now being leased to NSW Government for a remaining lease term of 10.8 years.

CLW Fund Manager, Avi Anger said, “This lease agreement significantly improves the income security and lease expiry profile of The Glasshouse, which now has a WALE in excess of 10 years. The building is projected to achieve a 5 star NABERS rating and 5 Star Green Star Design and As Built ratings. This lease transaction also increases the proportion of income from government tenants in the CLW portfolio to 16% (by net income).”