Growthpoint Properties Australia (Growthpoint) announced that it has entered into a new 25-year lease with the New South Wales Police Force (NSWPF) commencing 1 January 2020. NSWPF occupy 32,356 square metres of A-grade office space and 444 car spaces at the Curtis Cheng Centre, 1 Charles Street, Parramatta, NSW (NSWPF headquarters). The new lease will replace the current lease which was due to expire in May 2024. The NSWPF are Growthpoint's single tenant. Approximately 8% of Growthpoint's income is derived from their lease. Under the new lease, the commencing annual rent will be approximately $21.1 million (excluding GST) and the rental income will continue to escalate by 3.5% per annum. The new 25-year lease will increase Growthpoint's pro-forma portfolio weighted average lease expiry (WALE) from 4.9 years as at 30 September 2019 to 6.5 years. As part of the new lease arrangements, Growthpoint has entered into a Refurbishment Works Deed with NSWPF. Growthpoint expects to fund $44 million of works to enhance the NSWPF headquarters, which the NSWPF plan to undertake over the next few years. The works may include a new office fitout, as well as upgrading the existing bathrooms and base building services.