GARDA Property Group advised that its Pinnacle West industrial development at 498 Progress Road, Wacol has been fully leased. The 6,000 m Building C was completed and leased to YHI Corporation in 2021 while tenants have been secured for Buildings A and B ahead of their imminent construction: Building A (3,360 m): a Heads of Agreement has been executed with a multi-national (Tenant A) for a term of seven years, with leasing documentation issued; and Building B (8,050 m): Rydell Beltech, a global market leader in conveyor belts assembly and servicing (executed Agreement for Lease), and a national freight business (Tenant B) (Heads of Agreement and issued Lease documents) have together committed to the entire Building B for seven and 10 years, respectively. The lease up of Building B was achieved shortly after GARDA engaged the construction firm for this approximate $9.8 million build.

GARDA is now working with the same firm to ensure Buildings A and B are completed simultaneously. When completed in January 2023, Buildings A and B will deliver additional annualised net property income of approximately $1.5 million. GARDA will instruct an updated `on completion' valuation to capture Buildings A on completion.