Fuji Xerox Australia has rented a third of an office just completed by Garda Property Group at Burnley’s Botanicca Corporate Park.
The subsidiary of Japan’s $21 billion FUJIFILM Holdings Corporation will take 2400 square metres and 65 car spaces at 588A Swan Street, also known as Botanicca 9.
The seven year agreement kicks in this July 1.
Garda still has 167 car parks and 4709 sqm of the five-level, A-grade office to fill.
Held by its Diversified Property Fund, the manager valued 588A Swan St at $57 million last month.
Elsewhere at the Burnley business park, the landlord owns Botanicca 7 – a five-floor, 6587 sqm office with 177 car parks.
The Fuji Xerox Australia deal comes three months after Growthpoint secured Bunnings to part of another recently completed commercial investment there: Botanicca 3 at 570 Swan St.
Country Road, David Jones, Forever New, Mimco and Witchery also occupy buildings within the estate in a pocket of Richmond near the Yarra River, five kilometres east of Melbourne (story continues below).
Deal increases Garda’s portfolio occupancy
Brisbane based Garda’s real estate portfolio – 18 Australian assets – is worth $430.5m.
The only investment valued higher than 588A Swan St is at Cairns (7-19 Lake St, a 15-level office, was recently priced at $61.3m).
Twelve of its properties are industrial.
Outside of Botanicca, its holds another Melbourne commercial asset, 436 Elgar Road, Box Hill.
Following the Fuji Xerox Australia deal, the Weighted Average Lease Expiry of Garda’s portfolio is unchanged at 5.5 years but occupancy increases to 84 per cent.