Slower leasing market in Perth inspires turn to religion
The Furqan Islamic Association of Western Australia has leased a 1100-square-metre office/warehouse in the Perth suburb of Belmont that was listed more than a year ago.
The asset on a 3865-square-metre parcel of land at 91 Robinson Avenue was leased for two years at a fair market rate and with an option to buy.
The slower Perth market has led to creative leasing options, with the Furqan Islamic Association likely to use it as a place of worship. Having on-site parking meets the local council’s requirements for such use.
Ray White’s Chris Matthews, who closed the deal, said the property was under-developed.
Renovations pay
Perth real estate investment manager Realside has attracted three new tenants across a combined 1220-square-metre to its newly renovated three-level office complex at 87 Colin Street, in West Perth.
Realside bought the vacant property for $8.5 million in an off-market deal in 2018, and has since introduced new end-of-trip facilities and full-height window glazing, among other refurbishments.
Its new tenants are design and engineering consultants CDM Smith, Connective Home Loans, and natural product specialists Quintis. Lease commitments range between three to five years at annual rents of between $375 and $385 per square metre.
LJ Hooker’s Brian Neo and Jack Bradshaw, and Sheffield Property’s Roly Egerton-Warburton and Harry Wise managed the campaign.
Home to food
Large format retail landlord HomeCo has leased a 4000-square-metre retail store in Joondalup, in Perth’s northern suburbs, to independent supermarkets chain Spudshed.
The 20-year lease at 11 Injune Way will return a gross rent of $820,000.
Vend Property managing director Jeff Klopper was the agent.
Taped together
Lendlease-managed Australian Prime Property Fund Industrial has secured a new tenant, adhesive tape and packing company Emjay Products at its industrial facility at Bessemer Street, Blacktown, in Sydney’s west.
Unit 2 is a 1539-square-metre office/warehouse with an extra-large roller door, parking, and 8.2 metres clearance.
The six-year lease with options was struck at a net annual rent of $135 a square metre.
CBRE’s Matthew Alessi and Brendan Wein oversaw the deal.
Skin corner
Clear Skincare Clinics has committed to a five-year lease over a corner shop in North Sydney at a gross annual rent of about $1250 a square metre.
Clear Skincare signed a lease over the 189-square-metre Shop 7 at 111 Pacific Highway, at the base of a commercial office tower.
CBRE’s Amy Pfeiffer and Leif Olson negotiated the lease.
Lounge lease
The Custom Sofa Centre is the latest tenant in property investor Primewest’s newly completed $100 million large-format retail centre in North Lakes, Queensland.
Custom Sofa Centre signed a five-year lease over a 457-square-metre retail space. The rent is confidential but sources indicate a gross annual rent of between $300 and $400 a square metre.
The deal follows recent commitments by tenants such as The Good Feet, Carpet Court, and Outdoor Living, which have brought the occupancy rate for the 2.65-hectare property to 95 per cent.
Colliers International’s Chris Alcock was responsible for the lease.
Drugstore lease
National Pharmacy has leased a 400-square-metre retail asset in the south-west Melbourne suburb of Williamstown for ten years at a gross annual rent of $190,000.
Allard Shelton’s Martin Huang leased the property at 42-44 Douglas Parade.
