Centuria Metropolitan REIT has provided an update to the market in relation to leasing progress across its portfolio.
PROPERTY PORTFOLIO AND LEASING
Since 30 June 2019, CMA has completed 21,985 sqm of leasing transactions, comprising 18,576 sqm of renewals (6.7% of NLA) and 3,409 sqm of new leases (1.2% of NLA).
Notable leasing transactions include:
- 144 Stirling Street, Perth WA (10,875sqm): A new ten year lease has been agreed with the WA Government (Western Australia Police), which has expanded its tenancy across the entire building (excluding the café). Building occupancy retained at 100.0%, WALE increased to 9.0 years (30 June 2019 2.0 years)
- 203 Pacific Highway, St Leonards NSW (3,528sqm): Verizon have renewed their tenancy for a five-year term. Building occupancy remains at 99.6%, WALE increased to 5.2 years (30 June 2019 4.3 years)
- 555 Coronation Drive, Toowong QLD (1,963sqm): The portfolio’s largest vacancy as at 30 June 2019 has been leased, with Data #3 leasing the 1,963 sqm suite for an eight year term. The building has now been repositioned with building occupancy increasing to 95.9% (30 June 2019 60.7%) and the WALE increasing to 5.6 years (30 June 2019 3.2 years)
The lease renewal to the WA Government at 144 Stirling Street, Perth WA and acquisition of William Square, 235 William Street, Northbridge WA, have combined to improve CMA’s portfolio in Western Australia, with the WALE increasing from 2.7 years (30 June 2019) to 6.9 years, and the occupancy increasing to 99.9%.
As a result of the new lease to the WA Government, they become the second largest tenant in the portfolio, representing 5.1% of income. As a proportion of total revenue, government now accounts for 21% of total portfolio income.
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