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Charter Hall Long WALE REIT (ASX: CLW) (CLW or the REIT) is pleased to announce that a lease has been signed with NSW Government for 8,600sqm NLA of office accommodation at The Glasshouse, 45-61 Waterloo Road, Macquarie Park, Sydney1.
At the time of acquisition in November 2019, the property was under construction with 70% (by net income) pre-committed to NSW Government on a 12-year lease. This new lease over levels 7 and 8 of the building will be co-terminus with the existing NSW Government lease.
The property reached practical completion in March 2020.
The deal announced today results in 100% of the office component of the building now being leased to NSW Government for a remaining lease term of 10.8 years.
CLW Fund Manager, Avi Anger commented:
“This lease agreement significantly improves the income security and lease expiry profile of The Glasshouse, which now has a WALE in excess of 10 years. The building is projected to achieve a 5 star NABERS rating and 5 Star Green Star Design and As Built ratings. This lease transaction also increases the proportion of income from government tenants in the CLW portfolio to 16% (by net income).”
1 CLW owns a 50% interest in the property
Announcement authorised by the Chair
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