The GPT Group (GPT) today announced it had secured National Australia Bank (NAB) on an 11 year lease extension from 2016 to 2027 in a whole of building transaction at 800-808 Bourke Street Docklands in Melbourne.
 

The agreement, signed at the end of 2012, covers an area almost 60,000 square metres in the GPT Wholesale Office Fund (GWOF) asset, making it one of the largest leases signed in Australia for 2012.
 

GPT Wholesale Office Fund Manager, Martin Ritchie said the re-signing of NAB at Docklands marked the first large scale lease renewal since the development of the precinct.
 

“The state-of-the-art design of this building offers NAB the ability to deliver a best practice office environment for its employees. It is also an excellent example of our leasing strategy, where we proactively look to lease significant expiries ahead of time and manage the risk of the portfolio,” Mr Ritchie said.
 

NAB General Manager of Property Trevor Moore said the decision to extend the tenancy is part of NAB’s wider commitment to Bourke Street and the Docklands.
 

“When NAB came together with GPT ten years ago, this building was the first commercial development in the precinct.
 

“NAB is very pleased to cement our position in the Docklands and we’re excited to soon open a second site.”
 

The lease agreement was managed directly between GPT and NAB by GPT’s National Director Leasing - Office, Logistics and Business Parks, Luke Briscoe.
 

“GPT has maintained a good relationship with NAB since first entering into the Docklands partnership in 2001. This relationship meant we were able to understand what was important to the tenant and deliver on that,” Mr Ritchie said.
 

“This lease achieves great outcomes, with long security of tenure at a fair rent for NAB and lower risk and enhanced building valuation for GWOF.”

For further information please contact:

Brett Zarb
Group Media Manager
+61 2 8239 3979
+61 417 256 563

Wendy Jenkins
Group Investor Relations Manager
+61 2 8239 3732
+61 418 226 889

www.gpt.com.au