Fujifilm snaps up Bowen Hills space

FUJIFILM has signed a lease within Charter Hall Long WALE REIT (CLW) Bowen Hills office building in Brisbane’s inner north east.

FUJIFILM Business Innovation Australia Pty Ltd, which is a subsidiary of FUJIFILM Business Innovation Asia Pacific Pte Ltd, and a company within the FUJIFILM Holdings Corporation group, entered the lease for Building C at 56 Edmondstone Road in Bowen Hills.

The REIT holds three buildings at the site across a total of 12,427sqm, which were formerly occupied by Virgin Australia, before the company vacated in September 2020, as the company entered voluntary administration.

“It’s pleasing to be able to announce today’s leasing success at 56 Edmondstone Road, Bowen Hills. It takes place against a backdrop of reduced tenant demand and uncertainty arising from the COVID-19 environment,” said Avi Anger, fund manager.

FUJIFILM’s lease term is for eight years, set to commence in September of 2021, occupying Building C’s total space of 2,865sqm.

“It reflects the attractive location and amenity available at this property and is the result of a concerted effort by Charter Hall to improve the occupancy and WALE at this property,” added Anger.

The REIT expects this new tenancy to have a positive effect on the valuation of this property.

“We remain in discussion with other tenants about leasing up the remainder of the available space at this property and are optimistic about the opportunity for further leasing success in the near term.”

Charter Hall Long WALE REIT, along with Abacus Property Group recently took one-third stakes in Myer’s Melbourne flagship store for $135.2 million each.

While in June, the REIT  brought its its investment capacity up to approximately $330 million, by securing of $200 million of additional long-term notes.

CLW has also reaffirmed its FY22 operating EPS guidance of at lease 4.5% growth over the forecast FY21 operating EPS of 29.2 cps.

CLW’s FY21 results will be posted on 9 August 2021.