This article is from the Australian Property Journal archive
GARDA has secured two new leases at its Botanicca 9 commercial office buildings in Melbourne’s city fringe, as well as an extension to a whole building lease in Box Hill.
The tenancies combined will cover 1,332sqm of office space, at Garda’s 588 Swan Street, Richmond development, with both due to begin within the coming two months, commencing seven year lease terms.
Community service organiser Berry Street has signed on for 630sqm of level three at the site, with its term set to begin from December 2021.
While pharmaceuticals company Servier has leased 702sqm level four at Botanicca 9, to commence from January of 2022.
These new tenancies will bring occupancy at Botanicca 9, by gross income, up to 66% and its WALE to 6.1-years, as at 31 December 2021.
This means the building now has 2,769sqm of NLA available, which GARDA anticipates will be fully leased throughout FY22.
“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,” said Matthew Madsen, executive chairman at GARDA.
At 436 Elgar Road in Melbourne’s suburb of Box Hill, 13km east from the CBD ,engineering consultant Planet Innovation has extended its seven-year lease for an additional three years.
“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,” said Madsen.
Having commenced the lease in December of 2020, the expiry is now scheduled for a November 2030 expiry, bringing the building’s WALE up to 9.0-years.
“The quality of tenant and long WALE has resulted in recent positive valuation outcomes.”
