14/11/2016 - 15:05

Investa finds major leasing success

14/11/2016 - 15:05

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Investa Property Group has inked Perth’s largest office leasing deal for 2016, one of three new leases totalling 13,639 square metres.

Investa finds major leasing success
Investa's Wellington Central, designed by local architects Cameron Chisolm Nicol.

Investa Property Group has inked Perth’s largest office leasing deal for 2016, one of three new leases totalling 13,639 square metres.

The ASX-listed office owner and fund manager said today the largest deal was at 836 Wellington Street, where the federal government signed on for a 10-year extension, covering 11,973sqm.

Research by commercial property agency Savills showed that up until September 30, the biggest leasing deal in Perth was the state government signing a 5,936sqm lease at 144 Stirling Street, which is owned by Charter Hall.

Investa said in a statement to the ASX that the Wellington Central deal extended the building’s weighted average lease expiry (WALE) from 2.8 years as of June 30, to more than 10 years.

Meanwhile, two leases were signed at 66 St Georges Terrace, with RSL WA taking 1,007sqm for five years, and SAI Global extending its 659sqm lease by one year.

The deals will result in Investa’s Perth portfolio WALE increasing from 2.9 years to 7.7 years, with occupancy moving from 79 per cent to 83 per cent.

“Delivering a 10-year renewal in Perth is a great achievement in what remains a challenging market, and reflects the strength of the relationships cultivated by the Investa platform," Investa fund manager Penny Ransom said.

“This lease secures a long-term income stream to a high-quality tenant and significantly reduces the risk profile of our Perth portfolio.”

 

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