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56 Edmondstone Rd, Bowen Hills. Source: Chater Hall
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  • Charter Hall leases of a portion of its Bowen Hills facility, which has been vacant since Virgin Australia’s departure in September 2020
  • FUJIFILM Business Innovation Australia has entered into a lease for Building C, 56 Edmonstone Road, Bowen Hills, occupying 2855 sqm
  • CLW believes the leasing transaction is expected to have a positive impact on the valuation of this property
  • The three buildings at 56 Edmondstone Road totalling 12,427 sqm were formerly occupied by Virgin Australia before they relocated
  • Shares in CLW are up 0.45 per cent, trading at $4.92 at 12:23 pm AEST

After sitting empty since Virgin Australia left in September 2020, Charter Hall Long WALE REIT (CLW) has leased part of its Bowen Hills asset.

FUJIFILM Business Innovation Australia has entered into a lease for Building C, 56 Edmonstone Road, Bowen Hills, occupying 2855 sqm of space for an eight-year term, commencing in September.

CLW believes the leasing transaction is expected to have a positive impact on the valuation of this property.

The three buildings at 56 Edmondstone Road totalling 12,427 sqm were formerly occupied by Virgin Australia before they relocated to Flight Centre’s corporate headquarters in South Bank.

Virgin decided to move despite its lease not being set to expire until May 2026 having entered voluntary administration in April 2020.

CLW fund manager Avi Anger said the company was pleased to announce the new lease.

“It takes place against a backdrop of reduced tenant demand and uncertainty arising from the COVID-19 environment,” he said.

“It reflects the attractive location and amenity available at this property and is the result of a concerted effort by Charter Hall to improve the occupancy and WALE at this property.

“We remain in discussion with other tenants about leasing up the remainder of the available space at this property and are optimistic about the opportunity for further leasing success in the near term.”

CLW reiterated its earlier FY22 operating earnings per share target of at least 4.5 per cent growth above anticipated FY21 operating earnings per share of 29.2 cents per share.

Shares in CLW are up 0.45 per cent, trading at $4.92 at 12:23 pm AEST.

CLW by the numbers
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