14 May 2008
A successful releasing programme coupled with the addition of a prominent new tenant has seen Bennelong Property Funds Management continue its record of high tenant retention and low vacancy, with a 96% occupancy rate across its Bennelong Real Estate Equity Fund (BREEF).
ASX listed company, BOOM Logistics, a leading Australian lifting solutions company, has recently leased the entire 947m2 of level 6 at 55 Southbank Boulevard, Southbank inMelbourne, for a term of five years.
Due to organic growth, Oliver Hume has built on its five year occupancy of the Southbank Boulevard property, resigning for a further 5 years and taking an additional 245m2 of space on level 3, giving the real estate company a total of 1,100m2 across two floors.
Long term tenant, Telstra Corporation, which has been in occupation of 2 Luton Lane, Hawthorn for over 13 years, has resigned for a further five years leasing 85% of the entire building.
The heritage listed Sans McDougal Building at 355 Spencer Street, West Melbourne has also benefited from Bennelong's successful tenant retention program, with IR Gurus releasing the whole of level 3, totaling 1,278m2 for a further two years.
"Bennelong places great importance on the provision of buildings that continue to meet the needs of our high quality tenants and the success of this is evident with our excellent retention rate" said James Wilton, Managing Director of Bennelong PFM, the fund manager of BREEF. "This retention is of even greater importance in an uncertain property environment like the one currently being experienced".
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