Two-year lease extension for Newcastle asset
Cerno is pleased to announce that it has successfully negotiated a two-year lease extension with Lion Dairy and Drinks Pty Ltd (Lion) at its Newcastle facility located at 16 Galleghan Street, Hexham. The successful lease renewal, pertaining to 4,481 sqm of industrial space, was finalised four months ahead of Lion's lease expiry, showcasing Cerno Real Estate Investors' value-add approach and commitment to its unit holders.
The extended lease tenure with Lion highlights the value of the Galleghan Street asset, with an increased WALE which remains 100% leased to two quality tenants, Downer and Lion. Downer EDI Engineering Power Pty Limited, a wholly owned subsidiary of Downer EDI Limited, provides engineering and infrastructure management services. Lion Dairy and Drinks is a wholly owned subsidiary of Lion Pty Ltd, operating in the beverage and food market.
Cerno Property Services is responsible for managing all properties owned by Cerno Real Estate Investors. Recognising the importance of leasing, and its value-add to an asset, Cerno Property Services remains committed to its high-quality management of the 16 Galleghan Street site for existing tenants, Lion and Downer.