Webcentral Group (ASX:WCG) to surrender Sydney office lease

Digital service provider, Webcentral Group (ASX:WCG) advises that it has signed a heads of agreement in relation to the surrender of its property lease with the landlord of Levels 22 and 23 at 680 George Street, Sydney.

The company provides domain management, website development and hosting, office and productivity applications and online marketing.

The lease wasn’t due to expire until November of 2022, however this deal would see them leave the Sydney building on 14 March 2021.

Webcentral expects the net surrender fee to be around $435,000 and estimates that the net annualised saving will be around $2 million.

The agreement is subject to the execution of a binding contract with the property lessor.

Shares in Webcentral Group (ASX:WCG) are trading 4 per cent lower at 59 cents.
 
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Source: Finance News Network