Garda fills more of Burnley office

Bunnings recently committed to 13,886 square metres of a distinctive Botanicca office.

Garda Property Group has secured two more tenants to one of its offices at Burnley’s Botanicca Corporate Park.

In the biggest deal, Servier has committed to 702 square metres on the fourth floor of 588A Swan Street, also known as Botanicca 9 within the business park.

Not for profit group Berry Street has also taken space – 630 sqm – on the third level.

Both agreements are for an initial seven years.

In January, Fuji Xerox Australia committed to 2400 sqm of the building.

JLL’s Matt BrownGreaves and Mario Nobrega are the leasing agents.

Garda holds the asset in its Diversified Property Fund.

Botanicca 9

Garda paid $9.67 million for the 3621 sqm site which made way for Botanicca 9 in 2017 (story continues below).

Construction was completed the year later.

Over five floors the asset contains 7109 sqm of A-grade area and 232 car parks.

It was last valued, last month, for $62.5m, which assumed a 5.25 per cent capitalisation rate.

“[By gross income] the two new leases will increase occupancy at Botanicca 9 to 66pc and Weighted Average Lease Expiry to 6.1 years,” Garda executive chairman Matthew Madsen said.

“The Melbourne city fringe leasing market is experiencing substantial improvement in activity, both in terms of tenant inquiry and lease transactions, following the lifting of [lockdown] restrictions,” he added.

Elsewhere in the business park, Garda owns a six level, 6587 sqm fully leased office – Building 7, 572-576 Swan St – valued at $58.5m last month.

Servier sold its headquarters of two decades, 8 -10 Cato St, Hawthorn East, earlier this year.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of