This article is from the Australian Property Journal archive
PROPERTYLINK has resolved a key expiry within its industrial portfolio, signing a deal with manufacturer New Age Caravans, a division of Walkinshaw Automotive, for a facility at Epping in Melbourne’s north.
New Age Caravans has signed a new three-year lease over 10,590 sqm at 82 Taryn Drive Epping. This lease results in no downtime on the property and removes a key lease expiry occurring in June 2018.
In total, Propertylink has leased or reached agreed terms on a further 28,584 sqm since 31 December 2017 across 11 transactions comprising nine new deals and two renewals, including:
- A new five-year lease over 4,902 sqm at 7 Modal Crescent, Canning Vale, WA to Leeuwin Transport.
- A new four-year lease to Global Industrial over 2,444 sqm at 57-101 Balham Road, Archerfield, Queensland.
Propertylink’s chief investment officer Peter McDonald said strong leasing results had been delivered by the in-house asset and property management team.
“By retaining the management of our tenant relationships in-house, we foster strong and enduring partnerships that enable us to work closely with our tenants to meet their changing needs.
“We have demonstrated this with the extension of our successful relationship with Walkinshaw Automotive, working collaboratively on space requirements for their New Age Caravans business. Through this transaction we have provided New Age Caravans with high quality industrial accommodation in a sought-after location and managed a key FY18 expiry in our wholly owned industrial portfolio with no downtime, delivering a great outcome for both parties,” he added.
“Since 1 July last year, we have transacted on 52,022 sqm or 11.3% of the portfolio, which has delivered excellent outcomes evidenced in our near full occupancy and low expiry profile,” McDonald said.
As at 30 April 20181, Propertylink’s wholly owned industrial portfolio had a WALE of 3.9 years, occupancy of 99.4% and remaining lease expiry of 1.8% for FY18.
Meanwhile across assets held in external funds, Propertylink has leased or reached agreed terms on 64,852 sqm across the portfolio since 31 December 2017 with key leasing deals including:
- Agreed terms over approximately 11,000 sqm of modern industrial warehousing in north western Sydney for a six-year period, prior to the commencement of marketing and with no downtime;
- Two five-year leases at 495 Victoria Street, Wetherill Park NSW to Auspods Holdings and Yamaha Motor Australia over a combined area of 13,925sqm acquired vacant as part of the growth of the PAIP II portfolio; and
- Agreed terms over approximately 24,000 sqm for two properties in Tullamarine, Victoria to third party logistic providers on long term leases.
CEO Stuart Dawes said there is continued strong appetite for international investors seeking exposure to Australian office and industrial real estate.
“Investor demand combined with our strong performance and strategies surrounding the emerging market trends of urbanisation and e-commerce positions us well for growth across our investment management platform,” he said.
Propertylink reaffirmed its FY2018 guidance of distributable Earnings per Security of 9.0 cents; and distribution per Security of 7.3 cents per security.
Australian Property Journal
