- ASX 200-lister Growthpoint Properties Australia (GOZ) has secured Australian retailer, Bunnings, as a key tenant for its Botanicca 3 building
- The building is located just five kilometres from Melbourne’s CBD, has high green credentials and boasts a $142.5 million book value
- Bunnings will lease 71 per cent of the total building for 10 years and seven months
- The lease will allow Bunnings to compile its Victoria-based operations and manage its teams in one spot rather than across six offices
- While the rent and incentive haven’t been disclosed, Growthpoint says it’s in line with the market
- Growthpoint is hopeful it can lease the remaining office space by the end of next year
- Company shares ended the day down a slight 0.29 per cent to trade for $3.40
Growthpoint Properties Australia (GOZ) has secured wholly-owned subsidiary of Wesfarmers, Bunnings, as a key tenant for around 71 per cent of the Botanicca 3 building.
The ‘A-grade’ building was completed in February this year and is located just five kilometres from the Melbourne CBD at 570 Swan Street, Richmond, Victoria.
The building boasts a $142.5 million book value, has high green credentials and covers 19,447 square metres.
Bunnings has signed the lease for 10 years and seven months from October 1 2020. Its lease includes 13,886 square metres of the total building. While the agreed rent and incentive haven’t been disclosed, Growthpoint states it’s in line with the market.
The lease will allow Bunnings to compile its Victoria-based operations and manage its teams in one spot rather than across six offices.
“We are pleased to have agreed a long lease with Bunnings at Botanicca 3, particularly during these uncertain times, highlighting our ability to achieve leasing success in a challenging environment,” Growthpoint Managing Director Timothy Collyer said.
“We are confident that Bunnings will enjoy their new office and we look forward to welcoming additional tenants in the near future,” he said.
Growthpoint is hopeful that it can lease the remaining office space by the end of next year.
Company shares ended the day a slight 0.29 per cent to trade for $3.40.