Lease renewals ‘an excellent result’: Cromwell
The Cromwell Property Group is closing out the financial year strongly, having secured 60 leases totalling over 80,000m2.
In an announcement to the Australia Securities Exchange (ASX), Cromwell chief executive, Paul Weightman, revealed the group had secured a number of new leases and renewals in recent weeks.
Weightman said the Australian Taxation Office (ATO) had commenced a lease at the ATO Box Hill building and Metro Trains had agreed a 10-years for three floors totalling 7577m2 at 700 Collins Street, Melbourne, while construction group, Leighton Holdings had signed up to renew its lease at 475 Victoria Avenue, Chatswood.
"These are just a few examples of what has been a busy year for the leasing team," he said.
"As a result of recent leasing activity, Cromwell's weighted average lease expiry (WALE) has been maintained at just under six years… this is an excellent result."
Weightman added that two properties owned by the Cromwell Property Trust 12 (C12) had been sold, while construction of the Trust's ATO Dandenong building was "on time and on budget".
AUTHOR
Nicholas O'Donoghue
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