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CENTURIA OFFICE REIT Fund Information / Factsheet 2020

Aug 4, 2020

64683_rns_2020-08-04_f86ef984-4655-42a5-b199-99d273b1b7e5.pdf

Fund Information / Factsheet

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Centuria Office REIT FY20 PROPERTY COMPENDIUM

ASX | COF

1 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

Directory

NSW

NSW
PAGE Property
7 8 Central Avenue, Eveleigh
8 201 Pacifc Highway, St Leonards
9 203 Pacifc Highway, St Leonards
10 9 Help Street, Chatswood
11 465 Victoria Avenue, Chatswood
12 77 Market Street, Wollongong
VIC
PAGE Property
14 818 Bourke Street, Docklands
15 576 Swan Street, Richmond
16 2 Kendall Street, Williams Landing
QLD

ACT

ACT
PAGE Property
25 Nishi 2 Phillip Law Street, Canberra
26 60 Marcus Clarke Street, Canberra
27 54 Marcus Clarke Street, Canberra
WA
PAGE Property
29 235 William Street, Northbridge
30 144 Stirling Street, Perth
31 42-46 Colin Street, West Perth
SA
PAGE Property
33 1 Richmond Road, Keswick
34 131-139 Grenfell Street, Adelaide
QLD
PAGE Property
18 825 Ann Street, Fortitude Valley
19 154 Melbourne Street, South Brisbane
20 100 Brookes Street, Fortitude Valley
21 483 Kingsford Smith Drive, Hamilton
22 35 Robina Town Centre Drive, Robina
23 555 Coronation Drive, Toowong

2 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

Australia’s largest domestic pure-play Office REIT

Centuria Office REIT

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3 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

Overview

Key portfolio metrics[1]

Top 10 tenants (by gross income)[1]

Metric Total
Assets (qty) 23
Book value ($m) 2,053
Capitalisation rate (%) 5.93
Net Lettable Area (sqm) 304,586
Occupancy (by Income) 98.1
WALE (by Income) 4.7
Rank Tenant % Total Income
1 Government (Aust) 13.6%
2 Government (WA) 4.6%
3 Infosys Technologies 4.5%
4 Laing O’Rourke 3.7%
5 Foxtel 3.1%
6 Insurance Australia Ltd 3.0%
7 Ericsson Australia 3.0%
8 Government (NSW) 2.9%
9 Government (QLD) 2.7%
10 Target Australia 2.7%

Portfolio Overview[1]

Portfolio Overview1
Book
Value Cap. NLA $ WALE1 Occupancy2
Property State Share ($m) Rate ( sqm) ( sqm) (by income) (100%)
9 Help Street, Chatswood NSW 100% $86.0m 5.75% 9,395 9,154 2.3 95.2%
203 Pacifc Highway, St Leonards NSW 50% $69.5m 5.88% 11,734 11,846 4.7 100.0%
201 Pacifc Highway, St Leonards NSW 50% $106.5m 5.63% 16,498 12,911 3.7 99.6%
77 Market Street, Wollongong NSW 100% $35.5m 7.25% 6,756 5,255 5.0 100.0%
465 Victoria Avenue, Chatswood NSW 25% $41.9m 5.75% 15,664 10,693 3.7 99.8%
8 Central Avenue, Eveleigh NSW 50% $189.0m 5.38% 37,274 10,141 8.2 100.0%
54 Marcus Clarke Street, Canberra ACT 100% $20.9m 7.50% 5,227 3,999 3.3 93.8%
60 Marcus Clarke Street, Canberra ACT 100% $62.3m 7.00% 12,097 5,146 2.4 87.5%
2 Phillip Law Street, Canberra ACT 100% $253.0m 5.13% 27,411 9,230 7.5 99.5%
555 Coronation Drive, Toowong QLD 100% $34.5m 7.00% 5,567 6,197 5.3 100.0%
35 Robina Town Centre Drive, Robina QLD 100% $52.0m 7.25% 9,814 5,298 0.8 100.0%
154 Melbourne Street, South Brisbane QLD 100% $88.0m 6.00% 11,292 7,793 3.0 100.0%
483 Kingsford Smith Drive, Hamilton QLD 100% $77.5m 6.25% 9,228 8,398 5.1 96.2%
825 Ann Street, Fortitude Valley QLD 100% $163.0m 6.00% 19,151 8,511 3.3 97.1%
100 Brookes Street, Fortitude Valley QLD 100% $78.5m 6.25% 9,533 8,235 3.7 80.9%
576 Swan Street, Richmond VIC 100% $66.5m 5.50% 8,331 7,982 2.0 100.0%
2 Kendall Street, Williams Landing VIC 100% $64.5m 6.00% 12,961 4,977 8.4 100.0%
818 Bourke Street, Docklands VIC 100% $223.0m 5.13% 23,273 9,582 2.3 99.2%
131-139 Grenfell Street, Adelaide SA 100% $17.3m 7.75% 4,052 4,258 1.4 100.0%
1 Richmond Road, Keswick SA 100% $36.0m 7.25% 8,085 4,453 3.0 100.0%
42-46 Colin Street, West Perth WA 100% $35.0m 7.25% 8,467 4,134 2.8 100.0%
144 Stirling Street, East Perth WA 100% $65.0m 6.25% 11,042 5,887 8.5 100.0%
235 William Street, Northbridge WA 100% $188.0m 6.50% 21,736 8,649 7.0 98.9%
Total / Average $2,053.3m 5.93% 304,586 7,895 4.7 98.1%

1) Weighted by gross income

2) By area

4 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

Portfolio diversification (by value)

Geographic Diversification

Tenant composition (by income)

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25.8% NSW
24.0% Queensland
17.2% Victoria
16.4% ACT
14.0% WA
2.6% SA
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25.1% ASX Listed 25.4% Government 11.4% Listed Multinational 17.3% Multinational 8% National 12.8% Other

Tenant industry sector diversification

Tenant profile by size (cohort by no. tenants)

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100% Office
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9.7% < 500sqm 6.2% 500-1,000sqm 8.2% 1000- 2,000sqm 74.7% > 2,000sqm 1.2% Parking

Weighted average lease expiry (by income)

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58.4%
17.7%
15.2%
6.8%
1.8%
Vacant FY21 FY22 FY23 FY24+
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5 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

Centuria Office REIT

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3
Chatswood 5
M2
A8
Artarmon
M2
M1
Lane Cove M2
M2M2
2 4
St Leonards
M1
A8
M2M2
Wollstonecraft
Waverton North Sydney M2M2
Milsons Point
M4
M1
Wynard
A4 SYDNEY
A4
Town Hall
WOLLONGONG
Central M1
M1
6
1
KEY Property Location Train Line Train Station Highway
Pacif i c Highway
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New South Wales Portfolio

1 8 Central Avenue, Eveleigh
3 201 Pacifc Highway, St Leonards
4 203 Pacifc Highway, St Leonards
2 9 Help Street, Chatswood
5 465 Victoria Avenue, Chatswood
6 77 Market Street, Wollongong

6 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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8 Central Avenue, Eveleigh, NSW

Location

Located within the ‘South Eveleigh Precinct’, four kilometres south of the Sydney CBD, 900 metres from Redfern station which is Sydney’s sixth busiest train station with over 30,000 entries and exits per day. The property sits on a large 17,269 sqm site in a rapidly gentrifying area adjacent to significant office development and within close proximity to the University of Sydney and Newtown Entertainment Precinct.

Description

This A-grade office building was completed in 2010. The asset comprises 10 upper office levels with multiple television broadcasting / recording studios, a ground level lobby, café and retail suite, and basement and mezzanine level parking.

Asset summary

Asset summary
Property type Offce
NABERS energy rating 5.0 stars
Ownership interest 50%
Title Freehold
Site area 17,269 sqm
Buildingconstructed 2010
Latest refurbishment N/A
Car park spaces 350

Tenancy summary

Tenancy summary
Net lettable area (by NLA) 37,274
Occupancy (by NLA) 100.0%
WALE (by income) 8.2 years

Major tenants (by gross income)

Expiry profile (by income)

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86%
10%
4%
0% 0%
Vacant FY21 FY22 FY23 FY24+
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Major tenants (by gross income)
State Government (NSW) 35%
Pacifc Magazines 24%
Seven Network 14%
NEP Australia 14%

Valuation summary

Valuation summary
Book value (50%) $189.0m
Most recent valuation (50%) $189.0m
Valuation date 30 June 2020
Valuer C&W
Capitalisation rate 5.38%

7 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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201 Pacific Highway, St Leonards, NSW

Location

Located in the heart of the St Leonards business precinct directly above the entrance to the railway station, approximately five kilometres north of the Sydney CBD. The asset is well-serviced by public transport and by the retail and food offerings contained within the Forum complex. It adjoins COF’s 203 Pacific Highway asset.

Description

This modern A-Grade asset, constructed in 2000 and has a net lettable area of 16,498 sqm. The property, part of the Forum complex, has a diversified tenancy mix including Cisco Systems Australia, IMS Health and Healius.

Asset summary

Asset summary
Property type Offce
NABERS energy rating 4.0 stars
Ownership interest 50%
Title Freehold
Site area 4,718 sqm
Buildingconstructed 2000
Latest refurbishment N/A
Car park spaces 145

Tenancy summary

Tenancy summary
Net lettable area (by NLA) 16,498
Occupancy (by NLA) 99.6%
WALE (by income) 3.7 years

Expiry profile (by income)

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72%
13%
9%
5%
1%
Vacant FY21 FY22 FY23 FY24+
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Major tenants (by gross income)

Major tenants (by gross income)
Cisco Systems Australia 39%
IMS Health Australia (Quintiles) 16%
Healius 8%
National Australia Bank 7%

Valuation summary

Valuation summary
Book value (50%) $106.5m
Most recent valuation (50%) $107.5m
Valuation date 31 December 2019
Valuer Colliers
Capitalisation rate 5.63%

8 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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203 Pacific Highway, St Leonards, NSW

Location

Located in the heart of the St Leonards business precinct, directly above the entrance to the railway station, approximately five kilometres north of the Sydney CBD. The asset is well-serviced by public transport and the amenity provided by the retail and food offerings contained within the Forum complex. It adjoins COF’s 201 Pacific Highway asset.

Description

This consists of a modern, 11 level commercial office building with seven retail tenancies on the ground floor, together with secure basement parking forapproximately 150 vehicles. The property was constructed in 2000 and forms part of the Forum complex incorporating the central plaza area of the development.

The property was constructed in 2000 and forms part of the Forum complex incorporating the central plaza area of the development.

Expiry profile (by income)

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62%
31%
5%
0% 2%
Vacant FY21 FY22 FY23 FY24+
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Asset summary

Asset summary
Property type Offce
NABERS energy rating 4.5 stars
Ownership interest 50%
Title Leasehold
Site area 4,690 sqm
Buildingconstructed 2000
Latest refurbishment Periodic
Car park spaces 150

Tenancy summary

Tenancy summary
Net lettable area (by NLA) 11,734
Occupancy (by NLA) 100%
WALE (by income) 4.7 years

Major tenants (by gross income)

Major tenants (by gross income)
Verizon Australia 30%
Healius 30%
Cardno 29%
Valuation summary
Book value (50%) $69.5m
Most recent valuation (50%) $69.5m
Valuation date 30 June 2020
Valuer JLL
Capitalisation rate 5.88%

9 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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9 Help Street, Chatswood, NSW

Location

Located in the northern Sydney suburb of Chatswood, approximately 10 kilometres from the Sydney CBD. It is in close proximity to retail, including major shopping centres - Westfield Chatswood, Chatswood Chase and the Victoria Avenue shopping strip. The transport interchange at Chatswood Railway Station is also close.

Description

This modern office building, located in the core of the Chatswood CBD has a 5.0 star NABERS energy rating. It comprises a ground floor entry, eight levels of office accommodation and three levels of basement parking for 140 vehicles.

Expiry profile (by income)

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35%
23%
22%
16%
4%
Vacant FY21 FY22 FY23 FY24+
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Asset summary

Asset summary
Property type Offce
NABERS energy rating 5.0 stars
Ownership interest 100%
Title Freehold
Site area 2,488 sqm
Buildingconstructed 1991
Latest refurbishment 2010
Car park spaces 140

Tenancy summary

Tenancy summary
Net lettable area (by NLA) 9,395
Occupancy (by NLA) 95.2%
WALE (by income) 2.3 years

Major tenants (by gross income)

Major tenants (by gross income)
Pacifc National Poperties 13%
Appen Butler Hill 9%
Church Resources 8%
Visionstream Australia 7%

Valuation summary

Valuation summary
Book value $86.0m
Most recent valuation $86.0m
Valuation date 30 June 2020
Valuer Colliers
Capitalisation rate 5.75%

10 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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465 Victoria Avenue, Chatswood, NSW

Location

Located in the heart of Chatswood CBD, approximately 10 kilometres north of Sydney CBD. The asset has direct access to Chatswood’s Transport Interchange and is in close proximity to surrounding retail amenity and the Pacific Highway.

Description

A contemporary 15-level, A-grade commercial building located on a prominent corner block, adjacent to the Chatswood Railway station. Constructed in 1995, the property was substantially refurbished in 2012.

Expiry profile (by income)

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48%
43%
8%
0% 1%
Vacant FY21 FY22 FY23 FY24+
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Asset summary

Asset summary
Property type Offce
NABERS energy rating 4.5 stars
Ownership interest
Title
25%
Freehold
Site area 3,198 sqm
Buildingconstructed 1995
Latest refurbishment 2012
Car parkingspaces 220
Tenancy summary
Net lettable area (by NLA) 15,664
Occupancy (by NLA) 99.8%
WALE (by income) 3.7 years

Major tenants (by gross income)

Major tenants (by gross income)
The Hollard Insurance Company 47%
Carnival PLC 19%
Interpark 8%
Alsco 6%

Valuation summary

Valuation summary
Book value (25%) $41.9m
Most recent valuation (25%) $41.9m
Valuation date 30 June 2020
Valuer C&W
Capitalisation rate 5.75%

11 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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77 Market Street, Wollongong, NSW

Location

Wollongong is 69 kilometres south east of the Sydney CBD. The property is in a prominent, Woollongong CBD location, close to amenities including Wollongong Central Shopping Centre and Wollongong Railway Station, which has an interconnecting train line to the Sydney Metropolitan network.

Description

The A-Grade office building, constructed in 2008, has a net lettable area of 6,756 sqm and includes five levels of commercial office accommodation, ground floor reception and car parking. It accommodates a number of high-quality blue-chip tenancies and is regarded as one of the premier commercial buildings in the region.

Expiry profile (by income)

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91%
9%
0% 0% 0%
Vacant FY21 FY22 FY23 FY24+
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Asset summary

Asset summary
Property type Offce
NABERS energy rating 4.0 stars
Ownership interest
Title
100%
Freehold
Site area 2,544 sqm
Buildingconstructed 2008
Latest refurbishment N/A
Car park spaces 131

Tenancy summary

Tenancy summary
Net lettable area (by NLA) 6,756
Occupancy (by NLA) 100.0%
WALE (by income) 5.0 years
Major tenants (by gross income)
Illawarra Retirement Trust 33%
Australian Health Management Group 33%
Illawarra Newspapers Holdings 13%
State Government (NSW) 12%

Valuation summary

Valuation summary
Book value $35.5m
Most recent valuation $35.5m
Valuation date 30 June 2020
Valuer MMJ
Capitalisation rate 7.25%

12 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

Centuria Office REIT

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M2
West Footscray
North Melbourne
MELBOURNE
Yarraville
Richmond Hawthorn
M1 M1 M1 1 Burnley 2
Spotswood Southbank
M1
North Melbourne
Laverton
3
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KEY Property Location Train Line Train Station Highway

Victoria Portfolio

1 818 Bourke Street, Docklands 2 576 Swan Street, Richmond 3 2 Kendall Street, Williams Landing

13 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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818 Bourke Street, Docklands, VIC

Location

Situated in the Docklands precinct adjoining the Melbourne CBD, with uninterrupted river views and immediate river frontage. It is in close proximity to key infrastructure including the Westgate Freeway, Southern Cross Station and its surrounding retail amenity. The property provides a large site area of 4,150 sqm and is one of the few Melbourne buildings that provides immediate waterfront access and a northerly aspect.

Asset summary

Asset summary
Property type Offce
NABERS energy rating 5.0 stars
Ownership interest 100%
Title Freehold
Site area 4,150 sqm
Buildingconstructed 2007
Latest refurbishment N/A
Car parkingspaces 163

Description

Constructed in 2007, this A-grade property comprises 10 levels with large, efficient floorplates averaging 3,575 sqm, ground floor retail and parking for 163 vehicles. With large efficient floorplates, the building maximises its waterfront location, offering extensive water and district views.

Tenancy summary

Tenancy summary
Net lettable area (by NLA) 23,273
Occupancy (by NLA) 99.2%
WALE (by income) 2.3 years

Major tenants (by gross income)

Expiry profile (by income)

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48%
47%
1% 2% 2%
Vacant FY21 FY22 FY23 FY24+
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Major tenants (by gross income)
Infosys Technologies 47%
Ericsson Australia 31%
Federal Government (Australia) 14%

Valuation summary

Valuation summary
Book value $223.0m
Most recent valuation $225.5m
Valuation date 31 December 2019
Valuer CBRE
Capitalisation rate 5.13%

14 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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576 Swan Street, Richmond, VIC

Location

Located approximately six kilometres east of the Melbourne’s CBD within Botanica Corporate Park. The site is well-serviced by public transport with Hawthorn Railway Station approximately one kilometre north. Trams operating along Swan Street and Power Street are also in close proximity. The asset is situated a short distance to the Swan Street retail precinct.

Description

Completed in 2013, the property comprises a five level, A-grade commercial office building with NLA of 8,331 sqm. The property incorporates office accommodation across levels one to four, as well as ground floor retail and basement car parking. Typical office floorplates range from approximately 1,500 sqm to 2,300 sqm.

Expiry profile (by income)

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49%
39%
12%
0% 0%
Vacant FY21 FY22 FY23 FY24+
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Asset summary

Asset summary
Property type Offce
NABERS energy rating 5.0 stars
Ownership interest 100%
Title Freehold
Site area 4,499 sqm
Buildingconstructed 2013
Latest refurbishment N/A
Car park spaces 209

Tenancy summary

Tenancy summary
Net lettable area (by NLA) 8,331
Occupancy (by NLA) 100.0%
WALE (by income) 2.0 years
Major tenants (by gross income)
General Electric International Inc. 49%
Forever New Clothing 39%

Valuation summary

Valuation summary
Book value $66.5m
Most recent valuation $68.0m
Valuation date 30 June 2019
Valuer Colliers
Capitalisation rate 5.50%

15 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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2 Kendall Street, Williams Landing, VIC

Location

Williams Landing is a new suburb located on the northern side of the Princess Freeway approximately 20 kilometres south west of the Melbourne CBD. The immediate locale features a town square complemented by the Williams Landing Shopping Centre and Williams Landing Railway Station.

Description

The property is a multi-level, A-Grade suburban office building with a net lettable area of 12,961 sqm. The building was completed in November 2018 and is 100% leased to Target Australia for 10 years. Target is a wholly owned subsidiary of Wesfarmers (ASX: WES). The building provides a 4.0 star NABERS energy rating, 384 car spaces, a ground floor cafe and modern end of trip facilities.

Expiry profile (by income)

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100%
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100%
0% 0% 0% FY23
FY24+
0%
Vacant FY21 FY22

Asset summary[1]

Asset summary1
Property type Offce
NABERS energy rating 4.0 stars
Ownership interest 100%
Title Freehold
Site area 4,401 sqm
Buildingconstructed 2018
Latest refurbishment N/A
Car park spaces 384
Tenancy summary
Net lettable area (by NLA) 12,961
Occupancy (by NLA) 100.0%
WALE (by income) 8.4 years
Major tenants (by gross income)
Target 100%
Valuation summary
Book value $64.5m
Most recent valuation $64.5m
Valuation date 30 June 2020
Valuer Savills
Capitalisation rate 6.00%

16 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

Centuria Office REIT

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M5
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Laverton
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Milton
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M5
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M7
4
M7
M7
3
M3
Fortitude 1
M5 Valley
China Town
Roma Street
Parkland
Central
M3
M7
BRISBANE
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M3
AuchenFlower 2 South
Brisbane
South
Bank
6
Toowong
GOLD COAST
M3
5
KEY Property Location Train Line Train Station Highway
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Queensland Portfolio

1 825 Ann Street, Fortitude Valley
2 154 Melbourne Street, South Brisbane
3 100 Brookes Street, Fortitude Valley
4 483 Kingsford Smith Drive, Hamilton
5 35 Robina Town Centre Drive, Robina
6 555 Coronation Drive, Toowong

17 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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825 Ann Street, Fortitude Valley, QLD

Location

Situated in Fortitude Valley, approximately seven kilometres from the Brisbane CBD and in close proximity to the Fortitude Valley train station, transport links and the James Street retail precinct.

Description

The A-grade asset, completed in 2013, comprises 11 levels of commercial office space with ground floor retail and two levels of underground parking. The modern exterior architecture is striking with floor to ceiling glass windows spread across large efficient floorplates, offering extensive district views.

Expiry profile (by income)

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73%
24%
3% 0% 0%
Vacant FY21 FY22 FY23 FY24+
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Asset Summary

Asset Summary
Property type Offce
NABERS energy rating 5.0 stars
Ownership interest 100%
Title Freehold
Site area 5,429 sqm
Buildingconstructed 2013
Latest refurbishment N/A
Car parkingspaces 206

Tenancy summary

Tenancy summary
Net lettable area (by NLA) 19,151
Occupancy (by NLA) 97.1%
WALE (by income) 3.3 years
Major tenants (by gross income)
LaingO’Rourke 45%
Ergon Energy Corporation 26%
Macquarie Group Services 22%

Valuation summary

Valuation summary
Book value $163.0m
Most recent valuation $165.0m
Valuation date 31 December 2019
Valuer Savills
Capitalisation rate 6.00%

18 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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154 Melbourne Street, South Brisbane

Location

Located less than two kilometres south west of the Brisbane CBD, on the corner of Melbourne Street and Manning Street, and close to the eclectic retail and restaurant precinct. It is within walking distance to the South Brisbane rail station, Queensland Performing Arts Centre (QPAC), Queensland Museum, Brisbane Convention & Exhibition Centre and Southbank Parklands.

Description

The 11 storey A-Grade office building was completed in 2009 and provides flexible floorplates of approx. 1,000 sqm. The building incorporates two basement levels of car parking for 102 vehicles, ground level foyer and retail accomodation, as well as 10 upper levels of office space.

Expiry profile (by income)

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40%
38%
20%
2%
0%
Vacant FY21 FY22 FY23 FY24+
----- End of picture text -----

Asset summary

Asset summary
Property type Offce
NABERS energy rating 5.0 stars
Ownership interest
Title
100%
Freehold
Site area 1,845 sqm
Buildingconstructed 2009
Latest refurbishment N/A
Car park spaces 102
Tenancy summary
Net lettable area (by NLA) 11,292
Occupancy (by NLA)
WALE (by income)
100%
3.0 years

Major tenants (by gross income)

Major tenants (by gross income)
State Government (QLD) 60%
Tabcorp 11%
Frasers Property 11%
Klohn Crippen Berger (KCB) 9%

Valuation summary

Valuation summary
Book value $88.0m
Most recent valuation
Valuation date
$88.0m
31 December 2019
Valuer JLL
Capitalisation rate 6.00%

19 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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100 Brookes Street, Fortitude Valley, QLD

Location

Situated in Fortitude Valley, approximately seven kilometres from the Brisbane CBD, in close proximity to the Fortitude Valley train station, transport links and retail amenity. The Emporium retail and restaurant precinct is immediately adjacent to the property.

Description

Constructed in 2008 to a high specification, this A-grade property comprises six levels of commercial office with efficient floorplates averaging 1,700 sqm, a large site area and high parking ratio.

Asset Summary

Asset Summary
Property type Offce
NABERS energy rating 3.0 stars
Ownership interest 100%
Title Freehold
Site area 2,100 sqm
Buildingconstructed 2008
Latest refurbishment N/A
Car parkingspaces 92

Tenancy summary

Expiry profile (by income)

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43%
37%
18%
2%
0%
Vacant FY21 FY22 FY23 FY24+
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Tenancy summary
Net lettable area (by NLA) 9,533
Occupancy (by NLA) 80.9%
WALE (by income) 3.7 years
Major tenants (by gross income)
DXC 52%
Aurizon 45%
Valuation summary
Book value $78.5m
Most recent valuation $78.5m
Valuation date 30 June 2020
Valuer Savills
Capitalisation rate 6.25%

20 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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483 Kingsford Smith Drive, Hamilton, QLD

Location

Located on the southern alignment of Kingsford Smith Drive within the established suburb of Hamilton, approximately six kilometres north east of the Brisbane CBD and approximately nine to ten kilometres south west of the Brisbane International and Domestic airports.

Description

The property comprises two modern commercial office buildings completed in May 2013. Building One, referred to as Kingsford Smith Drive 1 (KSD1) includes ground floor retail anchored by a Metro Woolworths Supermarket and supported by five retail tenancies. The asset also has five upper levels of office space. Building Two, referred to as Central Retail Building (CRB) includes five ground floor retail tenants and one upper level of office space. Basement parking is provided for 192 vehicles. Additional parking is provided within the ‘Plaza’ for 69 vehicles.

Expiry profile (by income)

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70%
22%
3% 4%
1%
Vacant FY21 FY22 FY23 FY24+
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Asset summary

Asset summary
Property type Offce
NABERS energy rating 5.0 stars
Ownership interest 100%
Title Freehold
Site area 15,300 sqm
Buildingconstructed 2013
Latest refurbishment N/A
Car parkingspaces 261

Tenancy summary

Tenancy summary
Net lettable area (by NLA) 9,228
Occupancy (by NLA) 96.2%
WALE (by income) 5.1 years

Major tenants (by gross income)

Major tenants (by gross income)
Domino’s Pizza 41%
Devine 20%
Collins Restaurants Management 15%
Woolworths Group 10%

Valuation summary

Valuation summary
Book value $77.5m
Most recent valuation $78.5m
Valuation date 30 June 2019
Valuer Colliers
Capitalisation rate 6.25%

21 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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35 Robina Town Centre Drive, Robina, QLD

Location

Located approximately 10 kilometres south west of Surfers Paradise, approximately 85 kilometres south east of the Brisbane CBD and within the Robina commercial precinct. The property is directly opposite Robina Town Centre, one of the largest shopping centres in Queensland, and close to Bond University.

Foxtel have surrendered their lease effective from 31 August 2020, with COF to receive a surrender payment equivalent to rent payable under the remaining Foxtel lease term discounted to present day in July 2020. Existing subtenants have converted to direct leases (23.3% of building NLA), with the balance of the building to be repositioned.

Description

The property consists of a modern commercial office tower with six levels of office accommodation and average floorplates of 1,600 sqm. The property also contains a generous 268 above and below ground parking spaces.

Expiry profile (by income)

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79%
21%
0% 0% 0%
Vacant FY21 FY22 FY23 FY24+
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Asset summary

Asset summary
Property type Offce
NABERS energy rating Exempt
Ownership interest 100%
Title Freehold
Site area 6,760 sqm
Buildingconstructed 2001
Latest refurbishment 2015
Car park spaces 268

Tenancy summary

Tenancy summary
Net lettable area (by NLA) 9,814
Occupancy (by NLA) 100.0%
WALE (by income) 0.8 years
Major tenants (by gross income)
Foxtel
100%

Valuation summary

Valuation summary
Book value $52.0m
Most recent valuation $53.0m
Valuation date 30 June 2020
Valuer Colliers
Capitalisation rate 7.25%

22 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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555 Coronation Drive, Toowong, QLD

Location

Located in the Brisbane suburb of Toowong three kilometres south west of the Brisbane CBD, which is an established near city precinct well-serviced by bus, rail, river ferry and road transport. Toowong houses many national headquarters for engineering, information technology, mining and communications companies. Coronation Drive is a major vehicular carriageway connecting the western suburbs with Brisbane CBD. Toowong Village shopping centre and railway station are also located within 400 metres of the property.

Description

555 Coronation Drive, Brisbane is a prominent three storey office building featuring two and a half levels of basement parking for 175 vehicles. Constructed in 1990 and progressively refurbished, the building contains open floorplates of approximately 2,000 sqm with good natural light and river views. Further enhancements to improve the appeal of the property to tenants, such as end of trip facilities, lifts, bathrooms and foyer, were completed in 2020.

Expiry profile (by income)

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93%
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4%
0% 3% 0%
Vacant FY21 FY22 FY23 FY24+
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Asset summary

Asset summary
Property type Offce
NABERS energy rating 3 star
Ownership interest 100%
Title Freehold
Site area 3,104 sqm
Buildingconstructed 1989
Latest refurbishment 2020
Car park spaces 175
Tenancy summary
Net lettable area (by NLA)
Occupancy (by NLA)
5,567
100.0%
WALE (by income) 5.3 years
Major tenants (by gross income)
Panthera Finance 39%
Data #3 33%
Chandler Macleod Serv. 19%

Valuation summary

Valuation summary
Book value $34.5m
Most recent valuation $33.5m
Valuation date 31 December 2019
Valuer Savills
Capitalisation rate (current) 7.00%

23 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

Centuria Office REIT

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2
3
Alinga Street
A23
CANBERRA
1
A23
KEY Property Location Train Line Train Station Highway
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Australian Capital Territory Portfolio

1 Nishi, 2 Phillip Law Street, Canberra ACT
2 60 Marcus Clarke Street, Canberra ACT
3 54 Marcus Clarke Street, Canberra ACT

24 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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Nishi, 2 Phillip Law Street, Canberra, ACT

Location

Located in the major renewal precinct of New Acton, within the western part of Canberra’s Civic. The area provides new and improving amenity including a variety of food and beverage outlets and two future tram stops. The building is situated at the intersection of Phillip Law Street, Edinburgh Avenue and Parkes Way. The New Acton precinct features a diverse mix of commerce, art, architecture and culture within an established community.

Description

This A-grade office building, completed in 2012, has a striking design and has won numerous awards including ‘Best International Project of the Year’ as awarded by the Building Awards in London. The building is an 11-level commercial building with standard office floorplates of approximately 1,900 sqm, along with a hotel and cinema on the ground and mezzanine. The office floorplates can be divided with two lift banks allowing a secure private entrance to suit the specific security requirements of Government and corporate tenants, while still offering the option for multiple tenancies.

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Expiry profile (by income) 88%
7% 5%
0% 0%
Vacant FY21 FY22 FY23 FY24+
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Asset summary

Asset summary
Property type Offce
NABERS energy rating 5.5 stars
Ownership interest 100%
Title Leasehold
Site area 36,125 sqm
Buildingconstructed 2012
Latest refurbishment N/A
Car parkingspaces 283
Tenancy summary
Net lettable area (by NLA)
Occupancy (by NLA)
27,411
99.5%
WALE (by income) 7.5 years

Major tenants (by gross income)

Major tenants (by gross income)
Federal Government (Australia) 56%
Ovolo HH 11%
Clayton Utz 8%
Palace CInema 6%

Valuation summary

Valuation summary
Book value $253.0m
Most recent valuation $253.0m
Valuation date 30 June 2020
Valuer
Capitalisation rate
KF
5.13%

25 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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60 Marcus Clarke Street, Canberra, ACT

Location

Located next to COF’s 54 Marcus Clarke Street, in the western core of the Canberra CBD. It is directly opposite the Australian National University and within close proximity to the Australian Taxation Office, Department of Education and Department of Infrastructure.

Description

60 Marcus Clarke Street is a 13-level, multi-tenanted commercial office building featuring a ground floor foyer, five retail tenancies and a combination of basement and deck car parking. The property recently underwent extensive capital works, which included the foyer, atrium, lift lobbies, exterior re-paint, new end of trip facilities and signage.

Asset summary

Asset summary
Property type Offce
NABERS energy rating 4.0 stars
Ownership interest 100%
Title Leasehold
Site area 3,847 sqm
Buildingconstructed 1988
Latest refurbishment 2016
Car parkingspaces 133

Tenancy summary

Tenancy summary
Net lettable area (by NLA) 12,097
Occupancy (by NLA) 87.5%
WALE (by income) 2.4 years

Major tenants (by gross income)

Expiry profile (By Income)

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28% 29%
24%
10%
9%
Vacant FY21 FY22 FY23 FY24+
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Major tenants (by gross income)
St George Bank 15%
Hays Specialist Recruitment (Australia) 10%
Moray and Agnew 9%
Maliganis Edwards Johnson 8%

Valuation summary

Valuation summary
Book value $62.3m
Most recent valuation $62.0m
Valuation date 30 June 2019
Valuer Colliers
Capitalisation rate 7.00%

26 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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54 Marcus Clarke Street, Canberra, ACT

Location

Located next to COF’s 60 Marcus Clarke Street, in the western core of the Canberra CBD. The property is directly opposite the Australian National University and in close proximity to the Australian Taxation Office, Department of Education and Department of Infrastructure.

Description

This multi-tenanted, mid-rise asset includes nine levels of office space including a podium-level, ground floor retail, and 53-vehicle basement parking. The property recently underwent major capital works, which included the ground floor foyer, lift lobbies, signage and external paving. Built in the late 1980s to a high standard, the property still presents well with its high bespoke interior architecture.

Asset summary

Asset summary
Property type Offce
NABERS energy rating 3.5 stars
Ownership interest 100%
Title Leasehold
Site area 1,667 sqm
Buildingconstructed 1986
Latest refurbishment 2016
Car parkingspaces 53

Tenancy summary

Tenancy summary
Net lettable area (by NLA) 5,227
Occupancy (by NLA) 93.8%
WALE (by income) 3.3 years

Major tenants (by gross income)

Expiry profile (by income)

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45%
28%
13%
8%
6%
Vacant FY21 FY22 FY23 FY24+
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Major tenants (by gross income)
Key Chambers 13%
Clarity Financial Group 12%
Technology One 11%

Valuation summary

Valuation summary
Book value $20.9m
Most recent valuation $20.9m
Valuation date 30 June 2020
Valuer Colliers
Capitalisation rate 7.50%

27 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

Centuria Office REIT

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City West
PERTH
1
2
Claisebrook
3
Perth
McIver
Perth Underground
KEY Property Location Train Line Train Station Highway
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Western Australia Portfolio

1 William Square, 235 William Street, Northbridge WA 2 144 Stirling Street, Perth WA 3 42-46 Colin Street, West Perth WA

28 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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William Square, 235 William Street, Northbridge

Location

Centrally located just north of Perth’s CBD, approximately 350 metres from Perth bus and train interchange. William Square features a substantial corner site, surrounded by the significant amenity of Northbridge, including a number of new hotels and retail offerings, which improve the appeal to tenants. The area is subject to approximately $6 billion of Government and private investment, with access to the Perth CBD enhanced by sinking the railway line that had acted as an artificial barrier for the precinct.

Description

William Square is an A-grade office building completed in 1992 with approximately $25 million spent in a recent refurbishment, including all building services. The asset comprises five upper office levels with floorplates ranging from approximately 3,400–4,100 sqm; ground level lobby and retail suites; and basement level parking (128 cars). The asset features one of the largest floorplates in Perth and is ideally suited for Government occupiers who desire large and efficient floorplates.

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96%
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Expiry profile (by income)

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1% 1% 2% 0%
Vacant FY21 FY22 FY23 FY24+
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Asset summary

Asset summary
Property type Offce
NABERS energy rating 5.5 stars
Ownership interest 100%
Title Freehold
Site area 6,767 sqm
Buildingconstructed 1992
Latest refurbishment
Car parkingspaces
2018
128

Tenancy summary

Tenancy summary
Net lettable area (by NLA)
Occupancy (by NLA)
21,736
98.9%
WALE (by income) 7.0 years
Major tenants (by gross income)
Federal Government (Australia)
67%
WeWork Inc 14%
State Government (WA) 13%

Valuation summary

Valuation summary
Book value $188.0m
Most recent valuation $188.0m
Valuation date 30 Jun 2020
Valuer JLL
Capitalisation rate 6.50%

29 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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144 Stirling Street, Perth

Location

Located on Perth’s city fringe, the precinct has progressively transformed from light industrial to a mixed-use amenity, with various surrounding high density residential developments and commercial office buildings. The property is 700 metres south west of the Perth Railway Station.

Description

The property is an A-Grade office building, comprising four levels. The ground level includes a foyer, café and provides connective access to the adjoining warehouse facility. The configuration of the building is well suited to the use of the full building tenant (WA Government), who use it as a Police facility.

Expiry profile (by income)

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93%
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7%
0% 0% 0%
Vacant FY21 FY22 FY23 FY24+
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Asset summary

Asset summary
Property type Offce
NABERS energy rating 5.0 stars
Ownership interest 100%
Title Freehold
Site area 5,057 sqm
Buildingconstructed 1975
Latest refurbishment 2001
Car parkingspaces 240

Tenancy summary

Tenancy summary
Net lettable area (by NLA) 11,042
Occupancy (by NLA) 100.0%
WALE (by income) 8.5 years
Major tenants (by gross income)
State Government (WA) 89%

Valuation summary

Valuation summary
Book value $65.0m
Most recent valuation $64.0m
Valuation date 31 December 2019
Valuer JLL
Capitalisation rate 6.25%

30 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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42-46 Colin Street, West Perth

Location

Located within the prime commercial and residential suburb of West Perth, approximately 1.3 kilometres west of the Perth CBD, on the eastern side of Colin Street and 400 metres from the intersection of Kings Park Road.

Description

The property is a modern, A-grade commercial office building in close proximity to the Western Australia parliamentary precinct. The building comprises five levels and is well-serviced by public transport. It contains substantial end of trip facilities.

Expiry profile (by income)

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83%
10%
7%
0% 0%
Vacant FY21 FY22 FY23 FY24+
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Asset summary

Asset summary
Property type Offce
NABERS energy rating 4 stars
Ownership interest 100%
Title Leasehold
Site area 5,147 sqm
Buildingconstructed 2002
Latest refurbishment 2017
Car parkingspaces 145

Tenancy summary

Tenancy summary
Net lettable area (by NLA) 8,467
Occupancy (by NLA) 100.0%
WALE (by income) 2.8 years

Major tenants (by gross income)

Major tenants (by gross income)
Insurance Australia 83%
Valuation summary
Book value $35.0m
Most recent valuation $35.0m
Valuation date 30 June 2020
Valuer JLL
Capitalisation rate 7.25%

31 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

Centuria Office REIT

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University
Adelaide Railway Art Gallery
Station
City West
Rundle Mall
2
Pirie
Victoria
ADELAIDE Square
City South
South Terrace
ANZAC HIGHWAY
1
Greenhill Rd
KEY Property Location Train Line Train Station Highway
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South Australia Portfolio

1 1 Richmond Road, Keswick SA 2 131-139 Grenfell Street, Adelaide SA

32 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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1 Richmond Road, Keswick, SA

Location

Prominently located on the edge of the Adelaide parklands, on one of Adelaide’s main arterial roads approximately four kilometres south west of Adelaide’s CBD. It is within close proximity to the established office precincts of Greenhill Road and the Adelaide CBD.

Description

This five-level office building, adjoining on-grade parking for 326 vehicles which provides future development potential. External and common area upgrades were completed in 2016. The asset’s tenant profile has been substantially remixed in recent years and now comprises diverse corporate occupiers.

Expiry profile (By Income)

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48%
45%
7%
0% 0%
Vacant FY21 FY22 FY23 FY24+
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Asset summary

Asset summary
Property type Offce
NABERS energy rating 4.5 stars
Ownership interest 100%
Title Freehold
Site area 19,310 sqm
Buildingconstructed 1985
Latest refurbishment 2011
Car parkingspaces 326

Tenancy summary

Tenancy summary
Net lettable area (by NLA) 8,085
Occupancy (by NLA) 100.0%
WALE (by income) 3.0 years
Major tenants (by gross income)
Royal District NursingService of SA Inc 45%
Naval Group Australia 27%
SA Power Networks 27%

Valuation summary

Valuation summary
Book value $36.0m
Most recent valuation $36.0m
Valuation date 30 June 2020
Valuer KF
Capitalisation rate 7.25%

33 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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131-139 Grenfell Street, Adelaide, SA

Location

Located in the heart of the Adelaide CBD, overlooking Hindmarsh Square and within easy walking distance to Adelaide’s major retail precinct, Rundle Mall. The property’s location is ideal for both private sector and government tenants.

Description

Built in 2009, the property comprises five levels of high quality office space, together with 10 secure car parks. Located on a corner site, the building offers excellent natural light and city views.

Expiry profile (by income)

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75%
17%
8%
0% 0%
Vacant FY21 FY22 FY23 FY24+
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Asset summary

Asset summary
Property type Offce
NABERS energy rating 4.5 stars
Ownership interest 100%
Title Freehold
Site area 1,253 sqm
Buildingconstructed 2009
Latest refurbishment N/A
Car parkingspaces 10
Tenancy summary
Net lettable area (by NLA) 4,052
Occupancy (by NLA) 100.0%
WALE (by income) 1.4 years
Major tenants (by gross income)
State Government (SA) 92%
Valuation summary
Book value (equity share) $17.3m
Most recent valuation (equity share) $17.0m
Valuation date 30 June 2019
Valuer Savills
Capitalisation rate (current) 7.75%

34 | Centuria Office REIT | ASX:COF | FY20 Property Compendium

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Centuria Office REIT

FURTHER INFORMATION

Tim Mitchell

Grant Nichols FUND MANAGER – COF +61 2 8923 8923

GROUP HEAD OF INVESTOR RELATIONS +61 2 8923 8923

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centuria.com.au/cof

35 | Centuria Office REIT | ASX:COF | FY20 Property Compendium