Garda locks in seven-year Lindsay Australia lease at Acacia Ridge
Garda Property Group (ASX:GDF) has secured a new seven-year lease at 69 Peterkin Street, Acacia Ridge, with Lindsay Australia (ASX:LAU).
The lease delivers total rent of $1.4 million per annum, plus outgoings recoveries, and commences on 1 January 2027. The transaction also activates previously unleased balance land as hardstand.
Following the deal, both of Garda’s Acacia Ridge properties are now 100% occupied.
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The lease terms and what Garda has secured
The agreement combines the existing warehouse with the balance land, converting an unused portion of the site into a rent-generating asset. The warehouse component is leased at $190/m², while the newly activated hardstand is leased at $40/m².
| Component | Area | Rate | Use |
|---|---|---|---|
| Warehouse | 6,262m² | $190/m² | Existing warehouse |
| Balance land | 5,581m² | $40/m² | Hardstand (previously unleased) |
| Total rent | — | $1.4M p.a. + outgoings | Commencing 1 January 2027 |
The key point for investors is that the deal monetises previously unleased balance land. This represents a new income stream rather than a simple lease renewal.
How the tenant reshuffle removed a vacancy
The transaction is structured as a two-property chain that both secures a long lease and fills an existing vacancy.
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Lindsay Australia commits to 69 Peterkin Street on a new seven-year lease from 1 January 2027.
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The existing tenant, Tasman KB, which currently leases the 6,262m² warehouse only through to May 2027, relocates to the vacant 8,018m² tenancy at 38–56 Peterkin Street, on unchanged existing financial terms, with its lease extended to 31 January 2028.
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This removes the existing vacancy at 38–56 Peterkin Street.
A single transaction therefore addresses two objectives at once. Garda has confirmed it will actively market for lease the 8,018m² tenancy during Tasman KB’s occupancy period.
Transaction summary
Both Acacia Ridge properties are now 100% occupied, with the WALE at 69 Peterkin Street extended to 7.0 years.
Why WALE and hardstand income matter to property investors
Activating the balance land as hardstand also matters. It turns previously unproductive ground into rent-generating space at $40/m².
Brisbane industrial portfolio valuations across Garda’s eight properties produced an $8.253 million uplift in June 2026, with Acacia Ridge identified as one of the strongest contributors, driven by rent growth and rising land values.
What this means for Garda’s income outlook
Based on the outcomes disclosed in the announcement, the transaction delivers several confirmed benefits:
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Increased income from the newly leased balance land
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WALE at 69 Peterkin Street extended to 7.0 years
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Existing vacancy at 38–56 Peterkin Street removed
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Both Acacia Ridge properties now 100% occupied
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The 8,018m² tenancy to be actively marketed during the Tasman KB occupancy period, offering potential future leasing upside
The announcement was authorised for release by Matthew Madsen, Executive Chairman of Garda Property Group.
For readers interested in how this leasing activity fits Garda’s broader earnings picture, our full explainer on Garda’s FY26 financial results covers the 54% FFO per security increase, gearing movements, and FY27 distribution guidance in detail.
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