This article is from the Australian Property Journal archive
CENTURIA Property Funds No. 2 has announced a raft of changes at board level, with the turnover of three non-executive directors and appointment of Jason Huljich as an executive director.
Darren Collins, Peter Done and Matthew Hardy have taken up positions on the board in place of Michael Figg, Robert Lloyd and John Slater.
Meanwhile, Centuria Industrial REIT has announced leasing agreements over 8% of its portfolio’s gross lettable area, from a combination of new tenants and tenant renewals, taking occupancy to 90.4%.
New tenants have been signed for 8 Penelope Crescent, Arndell Park over 11,420sqm on a 10-year lease; and at 39-45 Wedgewood Drive, Hallam over 10,631sqm on a deal of 15 months.
Incumbent tenant Sekisui House has signed a two-year renewal over 7,185 sqm at 6 MacDonald Road, Ingleburn; and Visy agreed to a four-year renewal over the entirety of the27,599 sqm at 37-51 Scrivener Street, Warwick Farm.
“This leasing activity is a combination of leasing up existing vacancies within the trust, as well as mitigating FY18 lease expiry risk,” trust manager Ross Lees said.
“With FY18 lease expiry now reduced to 5.4% from 11.4%, the team will continue to be focused on mitigating the remaining existing vacancies in the portfolio,” he added.
However Lees said that the leasing activity has been offset by the unexpected insolvency of Elite Logistics Pty Ltd at the Trust’s asset, 457 Waterloo Road, Chullora occupying 16,051sqm.
The trust has drawn 100% of the associated bank guarantee and there will be no impact to FY17 earnings.
“The location and condition of the premises together with an active leasing market are fundamental in securing a replacement occupier in the near term,” Lees said.
Australian Property Journal
