Desane Group Holdings Limited (ASX: DGH) announced on 20 April 2026 that it has entered into a binding long-term lease agreement for its property at 322 Norton Street, Leichhardt, NSW. Desane Group Holdings Limited is a property investment and development company based in Sydney, Australia, committed to maximising shareholder value. The agreement is with a leading non-discretionary national retailer, marking a significant step in the repositioning of this asset.
The principal terms of the lease include a 10-year duration, with additional 5-year renewal options available. The commencing rental is set at $340,273 per annum gross plus GST, subject to annual fixed and market reviews, ensuring robust returns over the lease period. To accommodate the tenant’s operational requirements, Desane has appointed Sydney-based SFN Build to undertake necessary alterations and additions to the property. The tenant will manage its own internal fit-out works, with the overall construction expected to be completed within six to eight months.
Funding for the required asset enhancements is being supported by a $2.0 million equity facility provided by National Australia Bank (NAB). Rick Montrone, CEO of Desane, commented on the development, stating that “The long-term leasing outcome represents a significant milestone in the repositioning of this asset and further strengthens Desane’s portfolio through the addition of a high-quality, blue-chip national tenant.” This strategic move underscores Desane’s commitment to enhancing its property portfolio with stable, high-calibre tenancies.
