Propertylink’s results reflect Australia’s strong east coast economy, increasing population and healthy industrial markets. “It’s not by coincidence that we remain in those markets. They were markets that we targeted,” Mr Dawes said.Average lease
rewards on renewals were falling and four fifths of vacant space was re-leased with absolutely no downtime, the group said.At least 68 percent of Propertylink’s forthcoming lease expirations will remain in the more powerful Sydney market, with the bulk falling due in the second half of next year.The group
‘s weighted typical lease expiry (WALE) for sheds in NSW was 2.8 years, compared to 5.4 years in Victoria. “Now is the right time to have a brief WALE in Sydney,” primary investment officer Peter McDonald said.With job throughout the portfolio at just 0.8 percent, there was” little risk to that earnings in the future “. Mr McDonald singled out properties like the Melbourne
Markets center in Epping where a rise in base leas for 52″sticky”renters saw a 16 per cent increase in book value.The group’s biggest and most efficient facility, rented to Walkinshaw Automotive in Melbourne’s Clayton, was offered a$1.4 million, 860 kilowatt photovoltaic panel facelift which offered 80 per cent of Walkinshaw’s energy needs.The solar upgrade’s amortised expense over the lease term supplied increased earnings and a typical yield on expense of
11.2 per cent.Propertylink’s crucial commercial exposure has actually seen its shares become a play area for two competing suitors. One, Centuria Industrial REIT, said last Friday it had offered its entire 7.7 per cent holding.While Centuria REIT’s ardour has actually cooled, its parent Centuria Capital still holds a substantial 10 per cent stake on the share register, as does Asian funds platform e-Shang Redwood Group.Mr Dawes would not discuss the share manoeuvres, but Centuria’s sale might open the method for e-Shang to broaden its 19.9 percent stake.Propertylink was focused on 3 strategies for driving future growth, he said.It will value include
to workplace investments in Sydney and Melbourne, capitalise on redevelopment opportunities on existing websites, and value include to- and rearrange-industrial assets.Propertylink issued guidance around 7.6 to 7.7 cents on distributable profits for the next half
year.”We are well placed for another strong year ahead, “Mr Dawes said.The group’s shares were up 0.49 percent to $1.035 at close of trade.
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