Portfolio Overview

Key Metrics

As at 1 October 2016

  Industrial Office1 Total1
Number of properties 33 26 59
Total value
$1,098.8m $2,096.0m

$3,194.7m

% of portfolio value 34% 66% 100%
Occupancy 100% 98% 99%
Total lettable area 765,061 sqm 300,562 sqm 1,065,623 sqm
Weighted average property age 10.4 years  8.4 years  9.1 years
Weighted average valuation cap rate 7.1% 6.5% 6.7%
WALE
5.3 years 6.9 years 6.3 years
WARR1 2.8% 3.5% 3.3%
Average value (per sqm) $1,436  $6,973  $2,998
Average rent (per sqm, per annum) $109 $534 $227
HY17 net propety income
$46.5m   $67.0m $113.5m
Number of tenants2
35  109  144
Major tenants Woolworths,
Linfox & StarTrack
NSW Police, Commonwealth
of Australia & GE Capital Finance
 

1. Assumes CPI change of 1.5% per annum as per Australian Bureau of Statistics release for CY16.
2. Fuji Xerox and Orora are both industrial and office tenants.

Sector diversity

Geographic diversity

Top ten tenants

Portfolio lease expiry profile

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Latest Acquisitions

15 Green Square Close, Fortitude Valley, QLD

Located within the growing Fortitude Valley precinct, two kilometres from the Brisbane CBD. This A-Grade office building is 5 star Green Star (by design) rated and features large 1,500 sqm floor plates.

   
Interest Freehold
Book Value as at 31/12/2016: $129.8 million
Valuer: Directors' valuation
Cap Rate: 6.50%
Discount Rate: 7.50%
Major tenant: Queensland Urban Utilities
Weighted Average Lease Expiry: 5.2 years
Lettable area: 16,442 sqm
Site area: 2,519 sqm

5 Murray Rose Avenue, Sydney Olympic Park, NSW

The building comprises five levels and is 6 star Green Star (as built) and 6 star NABERS Energy and Water rated. The asset was recognised by the Property Council of Australia in 2014 Best Sustainable Development 2014.

   
Interest Leasehold expiring 2096
Book Value as at 31/12/2016: $93.5 million
Valuer: Savills
Cap Rate: 6.25%
Discount Rate: 7.50%
Major tenant: Lion
Weighted Average Lease Expiry: 7.3 years
Lettable area: 12,386 sqm
Site area: 3,826 sqm

3 Murray Rose Avenue, Sydney Olympic Park, NSW

This A-Grade office building, completed in 2015, comprises five levels and was developed as the national headquarters for Samsung. The property is 5 star Green Star (as built) rated and 5 star NABERS Energy and Water rated.

   
Interest Leasehold expiring 2096
Book Value as at 31/12/2016: $91.6 million
Valuer: Directors' valuation
Cap Rate: 6.50%
Discount Rate: 7.50%
Major tenant: Samsung
Weighted Average Lease Expiry: 5.2 years
Lettable area: 13,423 sqm
Site area: 3,980 sqm

109 Burwood Road, Hawthorn, VIC

This A-Grade office building has five office floors and a car park for 455 vehicles. The property benefits from its prominent corner location, is close to a range of amenities and is easily accessible by car, tram or train.

   
Interest Freehold
Book Value as at 31/12/2016: $81.5 million
Valuer: Directors' valuation
Cap Rate: 6.75%
Discount Rate: 7.50%
Major tenant: Orora
Weighted Average Lease Expiry: 4.5 years
Lettable area: 12,555 sqm
Site area: 3,529 sqm

Quad 3, 102 Bennelong Parkway, Sydney Olympic Park, NSW

Quad 3 is part of the Quad Business Park. The building comprises three levels and is located close to significant infrastructure, public recreational and retail amenities. The property has 5.5 star NABERS Energy and 6 star Water rating.

   
Interest Leasehold expiring 2103
Book Value as at 31/12/2016: $29.3 million
Valuer: Directors' valuation
Cap Rate: 7.25%
Discount Rate: 8.00%
Major tenant: Alstom Australia
Weighted Average Lease Expiry: 2.5 years
Lettable area: 5,244 sqm
Site area: 6,635 sqm

Quad 2, 6 Parkview Drive, Sydney Olympic Park, NSW

Quad 2 is part of the Quad Business Park. The building comprises four levels and is located close to significant infrastructure, public recreational and retail amenities. The property has 6 star NABERS Energy and Water rating.

   
Interest Leasehold expiring 2101
Book Value as at 31/12/2016: $28.5 million
Valuer: Savills
Cap Rate: 7.25%
Discount Rate: 8.00%
Major tenant: Universities Admissions Centre
Weighted Average Lease Expiry: 2.5 years
Lettable area: 5,145 sqm
Site area: 7,788 sqm