Aspen Group Confident it Can Lease Pacific Brands Holeproof Factory, Nunawading
A spokeswoman for the Aspen Diversified Property Fund, which owns the Nunawading asset, said it expects to start marketing the property for lease shortly, and hopes to find a new tenant before June next year, when Pacific Brands has given notice to vacate.
Aspen paid $28 million for the Station Street property in late 2005, when Pacific Brands was ten years into a 15 year lease. But the property’s most recent book valuation – from December 2008 – estimated the Nunawading property was worth just $22.4 million. The valuation factored in the considerable risk that Pacific Brands, the only tenant in the building, may not renew its lease after 2010.
