Desane Group Holdings Limited (ASX:DGH) Extends Lease with Brisbane City Council
Lease Extension Details
Desane Group Holdings Limited has agreed to extend its lease with Brisbane City Council at 16 Industrial Avenue, Wacol until 30 June 2030, securing approximately $4.5 million in rental income over the period.
Future Development
In 2024, Desane secured modified development consent for an additional 3,250m² industrial warehouse on 8,000m² of land behind the existing facility. The company plans to tender the project once construction costs stabilise relative to rents.
Executive Comments
CEO Mr Rick Montrone said, “The lease extension confirms the confidence Brisbane Council has with the asset and with Desane’s investment strategy for this location. In addition to the security of having the largest local government tenant in Australia until 2030, the agreement offers our company a significant and stable income stream for the years ahead”.
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