Two leases in Perth as recovery continues

23 Mar 03:30 PM
Su-Lin Tan
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Perth's office leasing is on the mend, with AFD Power Engineering pre-leasing the whole of level 16 at 200 St Georges Terrace in the CBD.

The company signed a three-year lease for the 1084sq m space to accommodate their operations, ahead of the departure of the incumbent lessee, QBE. QBE gave up that level to renew an "extend and blend" lease at the same building to over 3500 square metres.

The A-grade lease was struck at gross annual rent of about $625 a square metre with a market level incentive.

CBRE director Lachlan Lewis negotiated the lease.

Two in Perth

Also in Perth, architectural facade supply and installation company ABS Façade has relocated to an 947sq m office/warehouse with a yard in Herdsman Business Park on a two-year lease.

Savills Lachlan Webster negotiated the two-year lease with options at 34 Walters Drive, Osborne Park, at a gross annual rent of $105 a square metre for a private landlord.

"After more than 12 months on the market, the office is now leased for the full asking price, showing improving signs in Perth's industrial market, which is firmly in recovery mode," Mr Webster said.

True blue deal

True Blue Timber has secured a five-year lease over a 2580sq m industrial property at 9 Walker Place, Wetherill Park in Sydney's west, from landlord Fairfield City Council.

The company has agreed to a gross annual rent $340,000.

LJ Hooker's Marcel Elias acted for the council.

Wes-side lease

Also in Sydney's west, WesTrucks has leased a 4205sq m industrial facility at 324 Woodpark Road from Goodman Group, paying a gross annual rent of $131 a square metre over five years.

Knight Frank's John Swanson brokered the deal.

CBD core

Financial services business Cuscal has taken out a four-year lease for a 516sq m whole office floor at Level 1, 89 York in the Sydney CBD, for four years.

The business will pay a gross annual rent of about $800 to $900 a square metre for the property, which it will use for its business.

Pymble package

In Sydney's north, Shirley Consulting Engineers will move into a newly leased 368sq m commercial space on the ground floor of 19-23 Bridge Street, Pymble, after agreeing to a four-year lease.

JLL's Francesco Princi negotiated the four-year lease at a gross annual rent of $345 a square metre.

Power play

Romak Hardware Distributors will move into a newly leased 3041sq m two-level office/warehouse at Goodman Group's Power Park in Dandenong in Melbourne.

Romak struck a five-year deal at a net annual rent of $90 a square metre for 2/24 Columbia Court.

The property has hardstand and parking.

Savills' Kosta Filinis and Alexander Andrews brokered the deal.

Footscray frenzy

Government-funded training provider Odyssey House Victoria has agreed terms on a five-year deal with options over a a 788sq m office at Level 1, 202-208 Nicholson Street in Melbourne's Footscray.

Fitzroys's facilitated the struck at an annual rent of $200,000 per annum.

Scoresby scores

Pellicano has signed up new tenant Solberg International on a 10-year lease over the 570sq m office/warehouse at 42 Jellico Drive, Scoresby in Melbourne.

The property comprises a 311sq m clear span warehouse and 259sq m of flexible office/showroom space, with nine car spaces.

Colliers International's Sam Hibbins closed the deal on the unusually long lease at a gross annual rent of $131 square metre.

Popular CBD

Market and user experience research expert GfK Australia has agreed terms over a 117sq m office at part of Level 6, 50 Queen Street in the Melbourne CBD.

The business relocated from East Melbourne and will pay a gross annual rent of $61,308 over five years.

JLL's Alexandra Harper and Edward Robinson marketed the property for a private owner.

GfK was represented by CBRE's Jon Barkla.

Melegant move

Property developer and investor Melegant Group has struck a three-year lease over 280sq m of office space at part of Level 3, 990 Whitehorse Road, Box Hill in Melbourne.

The deal at the former ATO building will cost the company a net annual rent of $98,250.

JLL's Tim Sugar negotiated the deal for landlord Trendwell Investments Pty Ltd.

Dental deal

A Melbourne CBD dentist has opened a second practice at the mixed-use project at 804 Heidelberg Road in Alphington in Melbourne after signing a five-year lease with options at a net annual rent of $42,500.

The 127sq m ground-floor commercial property, unit 3, is at the base of a 14-unit apartment building, Editor Apartments.

Gray Johnson's Rory White has negotiated a three-month rent-free period for the new tenant.
 
 
Read more: http://www.afr.com/real-estate/two-leases-in-perth-as-recovery-continues-20180319-h0xnq7