Garda Property Group Says Pinkenba Lease Disclaimed
Garda Property Group (ASX:GDF) said it had been notified that the liquidators of Pinkenba Operations had disclaimed the lease for its industrial property at 70-82 Main Beach Road, Pinkenba, according to an Australian bourse filing on Wednesday after market hours.The company said the disclaimer will have no immediate financial impact because rent has been paid through June 22, and it holds a AU$2.3 million bank guarantee that covers around 11 months of rent and outgoings, per the filing.The company has launched a leasing campaign for the 40,434 square meters Trade Coast asset, with tenant inspections already underway and strong demand expected due to its prime location and scarce supply of large-format hardstand sites, the filing said.The property was independently valued at AU$34 million as of June 30, and its assessed market rent of AU$55 per square meter, compared with the previous passing rent of AU$48 per square meter, indicates potential for higher rental income upon re-leasing, the filing added.
