Mirvac Secures a 15 Year Lease Renewal with Woolworths

Mirvac Group ("Mirvac") [ASX: MGR] is pleased to announce Woolworths Limited has renewed its lease at Norwest Business Park for 15 years, expiring in 2031*.

Located in the Norwest Business Park, approximately 30 kilometres North West of the Sydney CBD, the 44,800 square metre office building is 100 per cent leased to Woolworths and had a remaining lease term of approximately five years. 

The new 15 year lease is expected to commence in August 2016 following the construction of additional onsite car parking. 

Mirvac’s Group Executive, Office and Industrial, Andrew Butler, said the agreement was an excellent example of the Group’s leasing capability to actively manage significant lease expiry ahead of time to secure future recurring income for the Group. 

“This is one of Australia’s largest non-CBD office lease renewals, and strengthens the lease profile of our office portfolio, extending the weighted average lease expiry from 4.3 years to 4.9 years, by income. 

“The strong relationship we have with Woolworths is the result of a long-term partnership based on an alignment of the business objectives of both groups”, added Mr Butler.

Woolworths also occupy approximately 128,000 square metres of industrial space at Mirvac’s Hoxton Park distribution facility in Sydney and is a tenant in a number of Mirvac shopping centres around the country. 

Read more about 1 Woolworths Way, Norwest Business Park

*Lease will commence on practical completion of the carpark.