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GARDA PROPERTY GROUP — Capital/Financing Update 2022
Jun 15, 2022
64972_rns_2022-06-15_bdb81049-8972-48b9-ae50-d9c840d7475f.pdf
Capital/Financing Update
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GARDA Property Group
Level 21, 12 Creek Street W gardaproperty.com.au Brisbane QLD 4000 E [email protected] GPO Box 5270 P +61 7 3002 5300 Brisbane QLD 4001
16 June 2022
FULLY LEASED - PINNACLE WEST, WACOL
GARDA Property Group (“GARDA”) is pleased to advise that its Pinnacle West industrial development at 498 Progress Road, Wacol has been fully leased.
The 6,000m[2] Building C was completed and leased to YHI Corporation in 2021 while tenants have been secured for Buildings A and B ahead of their imminent construction:
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Building A (3,360m²): a Heads of Agreement has been executed with a multi-national (Tenant A) for a term of seven years, with leasing documentation issued; and
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Building B (8,050m²): Rydell Beltech, a global market leader in conveyor belts assembly and servicing (executed Agreement for Lease), and a national freight business (Tenant B) (Heads of Agreement and issued Lease documents) have together committed to the entire Building B for seven and 10 years, respectively.
| Tenant | Building | NLA (m²) | Start Date | Term | Rent ($/m²) | AnnualisedRent |
|---|---|---|---|---|---|---|
| Tenant A | A | 3,360 | Q1 CY2023 | 7years | $140 | $0.47m |
| Rydell Beltch | B | 3,564 | 23 January2023 | 10years | $125 | $0.45m |
| Tenant B | B | 4,486 | 23 January2023 | 7years | $125 | $0.56m |
| YHI Corporation | C | 6,000 | 1 June 2021 | 10years | $112 | $0.67m |
| $2.15m | ||||||
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The lease up of Building B was achieved shortly after GARDA engaged the construction firm for this approximate $9.8 million build.
GARDA is now working with the same firm to ensure Buildings A and B are completed simultaneously.
When completed in January 2023, Buildings A and B will deliver additional annualised net property income of approximately $1.5 million.
GARDA will instruct an updated ‘on completion’ valuation to capture Buildings A on completion.
The current independent valuation report included an ‘on-completion’ valuation for Building B & C and the residual land for Building A of $39.4 million at a 4.25% capitalisation rate, comprising $36.0 million for Buildings B and C and $3.4 million (or $460/m²) for the balance of developable land (future Building A).
Figure1: Aerial view of 498 Progress Rd, Wacol
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GARDA Property Group
Level 21, 12 Creek Street W gardaproperty.com.au Brisbane QLD 4000 E [email protected] GPO Box 5270 P +61 7 3002 5300 Brisbane QLD 4001
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Authorised for release by: Matthew Madsen (Executive Chairman)
For more information please contact:
Paul Brown
Head of Treasury and Investor Relations GARDA Property Group Phone: 07 3002 5362 [email protected]
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