Optus renews Macquarie Park lease with Stockland and AA REIT
Telco company Optus has renewed its office lease at Macquarie Park in Sydney’s north with landlords Stockland and AIMS APAC REIT (AA REIT) for another 12 years with options.
Optus has been a tenant at the 84,194sq m office campus at 1-5 Lyonpark Road, also known as Optus Centre, for 12 years.
The A-grade property with six low-rise buildings sit on a 7.6-hectare block.
The rent on the new lease is confidential but net annual rents in the area hover around mid-$400 a square metre.
Stockland will upgrade the property with end-of-trip facilities, new access roads, drop-off areas, a pedestrian link from the car park, new bathrooms and utility infrastructure upgrades.
“Our development plans for this campus are consistent with our strategy to upweight our logistics and workplace exposure, optimise security holder returns and ensure we have long term options in the growing Macquarie Park precinct,” Stockland chief executive Mark Steinert said.
The new Optus lease will improve the weighted average lease expiry at the property to 13.6 years, compared with 2.75 years in September.
Not snoozing
Retailer Snooze will open its eighth West Australian store at 11 Magenta Terrace, Mandurah, after agreeing terms on a 10-year lease over a 1001-square-metre large-format retail space.
Landlord property group BWP agreed on a net annual rent of $215,215. Vend Property’s Jeff Klopper closed the deal.
Radioing in
Information and audio communication systems business R2P Asia-Pacific has set up new headquarters at a newly-leased office-warehouse strata unit in Bella Vista in Sydney’s north-west.
The company signed a five-year lease with options for the 1759-square-metre property at 18 Lexington Drive at a net annual rent of $156 a square metre.
Part of the building can be converted into a laboratory.
CBRE’s Matthew Alessi and Brendan Wein and THiiNK Commercial’s Greg and Aleesa Langford brokered the deal.
New bar
New restaurant and bar Longsong will open at a newly leased shop at 263 Lygon Street in Carlton, Melbourne. The five-year 95-square-metre lease was struck at an annual rent of $83,000.
Fitzroys’ Chris James negotiated for a private owner.
Strong lease
Sports medicine, health and performance centre Absolute Health Performance has inked a 10-year lease over two shops at 948-960 High Street, Armadale, in Melbourne.
The 330sq m property on the ground floor of mixed-use building The Chronicle was struck with its developer, Bensons Development. It was leased at an annual rent of $180,000. Morley Commercial’s Tom Larwill marketed the property.
One building
Digital payment company Vend has secured a lease over a whole office building at 359-361 City Road, Southbank, in Melbourne.
The 850-square-metre warehouse conversion was leased at a gross annual rent of $500 a square metre for four years.
Colliers International’s Chris Meehan and Tristan Parker were involved.
Three-in-one
In Brisbane, engineering company Olitek has signed a new lease over a 1750sq m office-warehouse in Brisbane’s Northgate to amalgamate its business from three locations into.
The new 1750-square-metre tile panel property at 252 Earnshaw Road was leased at a net annual rent of $151 a square metre. The lease is seven years and six months.
The property has a 5-tonne gantry crane.
JLL’s Gibson Leembruggen and Nick Bandiera represented landlord Felton Property Group.
