The tenant is Simonds Assets Pty Ltd (trading as Simonds Homes), which is a wholly-owned subsidiary of the ASX-listed company Simonds Group Limited.
In 2015, when venturing from Victoria to set up their Queensland head office … Simonds Homes initially entered into a 5-year lease for this property – with five 3-year options.
Obviously, everything worked out for them as planned.
Because, instead of merely exercising their first 3-year option in September 2020 … Simonds Homes decided to enter into a new 5-year lease – with three 5-year options.
So clearly, they are now here for the long haul. And you will also be able to enjoy built-in growth, with automatic 4% rental increases each year.
Current Lease Summary
Tenant: Simonds Assets Pty Ltd
Premises: 3894 Pacific Highway, Loganholme
Net Area: 1064.4 m²
Starting: 24 September 2020
Expiring: 23 September 2025
Net Rent: $435,000 (+GST)
Increases: Automatic 4% annually
Options: Three 5-year options
Reviews: To market at each option
Outgoings: Tenant responsible for ALL outgoings
Security: Bank guarantee for 6 months’ rental
Parking: 16 designated car bays
And the current rental increases to $452,400 on 24 September 2021.