Major office lease extension in Brisbane

16 September 2015

Growthpoint Properties Australia ("Growthpoint") is pleased to announce an eight year extension to Jacobs Group (Australia) at 32 Cordelia Street, South Brisbane (part of the SW1 complex).

The previous lease of 9,595sqm was due to expire in October 2018. A replacement 11.4 year lease of 8,207sqm commencing from 1 May 2015 has been entered into with Growthpoint. The lease provides for annual fixed 3.75% increases in the rent.

Jacobs Group (Australia) has also re-leased the floor it surrendered as part of this transaction until August 2016 at a slightly higher rent than the larger lease noted above.

Growthpoint now has only 1% of its portfolio (by rent) potentially expiring this financial year, the potential lease expiries in FY19 are now 3% (down from 6% at 30 June 2015) and the weighted average lease expiry ("WALE") for the SW1 complex has been extended from 5.2 years at 30 June 2015 to 6.6 years at 31 August 2015.

Download the full ASX Announcement to find out more.