Garda Property finds Leasing Success in Suburban Melbourne

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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About Warwick Petschack

Warwick has over 25 years of property investment and management experience. Principally responsible as Managing Director for Capital Management Australia and Joint Managing Director for Chauvel Capital Partners and Editor of Australian Property Markets News.

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