Fairfax renews lease at
Darling Park
SYDNEY, July 29, 2002 -- John Fairfax Holdings Limited [ASX:FXJ] announced
today that it had signed a long term extension with AMP and General Property Trust [ASX:GPT] for its office space at Darling Park, 201 Sussex
Street, Sydney.
The new lease is a 12 year extension, through 2017, of the existing 17,200sqm tenancy in the high rise of Tower 1, Darling Park.
Mr Peter Graham, Director, Fairfax Group Operations, said:
"Our new long-term lease agreement generates a significant rationalisation
on current and future cost levels, and provides real savings. We have extensive flexibility built in to the agreement, and it will prove very cost-effective for the company. Darling Park is a very efficient building and provides our staff with excellent space and amenities in a prime location that will continue to serve us for many years to come."
Peter Murphy, the Manager of the AMP Office Trust (ASX:AOF) said:
"We are delighted to have agreed terms with Fairfax for a new long term lease in Darling Park. The new lease effectively increases the weighted
average lease duration of the complex from 6.9 years to 8.6 years and reinforces the strength of Darling Park to attract and retain key corporate
tenants."
Tony Cope, GPT's Office Portfolio Manager, said:
"Darling Park is an impressive development, and retaining a blue chip tenant such as Fairfax, reinforces the quality of the product. With Fairfax
secured to 2017, IBM to 2008, Nestle to 2009, and PricewaterhouseCoopers to 2012, Darling Park offers a long term secure income stream for our unitholders."
Darling Park provides the offices for Fairfax's corporate headquarters, and
the editorial offices of The Sydney Morning Herald, The Sun-Herald, The Australian Financial Review, and Fairfax's magazines, including Good
Weekend. The Fairfax offices also contain the sales and marketing staff, finance, human resources, IT, legal, a library, and other corporatefunctions and support facilities. Approximately 1,500 Fairfax
employees work at the Darling Park offices.
-- ENDS --
for further information, please contact:
Peter Graham (02) 9282 2833
Peter Murphy (02) 9257 6155
Tony Cope (02) 9236 6003
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