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CENTURIA OFFICE REIT — Fund Information / Factsheet 2021
Aug 2, 2021
64683_rns_2021-08-02_cbdce177-deb7-419e-bc78-c53248d64f26.pdf
Fund Information / Factsheet
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FY21 Property Compendium
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Centuria Office REIT | ASX:COF
Contents
New South Wales
Queensland
Western Australia
| 8 Central Avenue, Eveleigh 08 9 Help Street, Chatswood 09 201 Pacifc Highway, St Leonards 10 203 Pacifc Highway, St Leonards 11 77 Market Street, Wollongong 12 Victoria 818 Bourke Street, Docklands 14 576 Swan Street, Richmond 15 2 Kendall Street, Williams Landing 16 |
825 Ann Street, Fortitude Valley 18 154 Melbourne Street, South Brisbane 19 100 Brookes Street, Fortitude Valley 20 483 Kingsford Smith Drive, Hamilton 21 35 Robina Town Centre Drive, Robina 22 555 Coronation Drive, Toowong 23 Australia Capital Territory 2 Phillip Law Street, Canberra 25 60 Marcus Clarke Street, Canberra 26 54 Marcus Clarke Street, Canberra 27 |
235 William Street, Northbridge 29 |
|---|---|---|
| 144 Stirling Street, Perth 30 |
||
| 42-46 Colin Street, West Perth 31 |
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| South Australia | ||
| 1 Richmond Road, Keswick 33 |
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| 131-139 Grenfell Street, Adelaide 34 |
||
The artwork on the cover of this report was commissioned by Centuria and created by Toby Bishop, a young Kungarakan artist who lives on the South Coast of NSW. The design uses dots and lines to represent tracks and journeys. It depicts people walking in similar directions towards a positive future.
555 CORONATION DRIVE, TOOWONG, QLD
235 WILLIAM STREET, NORTHBRIDGE, WA
Overview
| TENANT COMPOSITION (BY INCOME)2 NATIONAL - 6% ASX-LISTED - 26% LISTED MULTINATIONAL - 10% MULTINATIONAL - 19% GOVERNMENT- 27% OTHER - 12% |
2 GEOGRAPHIC DIVERSIFICATION (BY VALUE) NSW - 25% ACT - 17% QLD - 23% VIC - 18% WA - 14% SA - 3% |
| WEIGHTED AVERAGE LEASE EXPIRY (BY INCOME) 10 20 30 40 50 PERCENTAGE (%) 6.9% 7.2% 13.4% 9.4% 19.5% 43.6% |
KEY PORTFOLIO METRICS METRIC FY21 Assets 22 Book value ($m) 2,014.3 Capitalisation rate (%) 5.81 Net Lettable Area (sqm) 287,007 Occupancy (% by income) 93.1% WALE (by income) 4.3 NABERS Energy rating (stars) 4.7 NABERS Water rating (stars) 3.2 Age of building (years) 16.8 |
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50
43.6%
40
30
19.5%
20
13.4%
9.4%
10 6.9% 7.2%
0
VACANT FY22 FY23 FY24 FY25 FY26+
PERCENTAGE (%)
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Centuria Office REIT – Property Compendium FY21[| ] 4
Overview
| PROPERTY | STATE | SHARE | BOOK VALUE ($) | CAP RATE | NLA (SQM) | $ (SQM) | WALE (INCOME)¹ | OCCUPANCY (INCOME)¹ |
|---|---|---|---|---|---|---|---|---|
| 8 Central Avenue, Eveleigh | NSW | 50% | $200.0m | 5.13% | 36,619 | 10,923 | 9.4 | 99.4% |
| 201 Pacifc Highway, St Leonards | NSW | 50% | $107.0m | 5.63% | 16,498 | 12,971 | 2.9 | 98.7% |
| 9 Help Street, Chatswood | NSW | 100% | $92.5m | 5.38% | 9,384 | 9,858 | 2.2 | 90.9% |
| 203 Pacifc Highway, St Leonards | NSW | 50% | $68.0m | 5.75% | 11,735 | 11,590 | 3.8 | 99.3% |
| 77 Market Street, Wollongong | NSW | 100% | $36.0m | 6.75% | 6,755 | 5,330 | 4.0 | 100.0% |
| 2 Phillip Law Street, Canberra | ACT | 100% | $252.0m | 5.00% | 27,411 | 9,193 | 6.9 | 99.9% |
| 60 Marcus Clarke Street, Canberra | ACT | 100% | $61.0m | 6.75% | 12,094 | 5,044 | 2.1 | 76.9% |
| 54 Marcus Clarke Street, Canberra | ACT | 100% | $22.8m | 7.25% | 5,200 | 4,384 | 4.0 | 89.8% |
| 825 Ann Street, Fortitude Valley | QLD | 100% | $155.0m | 6.00% | 19,151 | 8,094 | 2.7 | 100.0% |
| 100 Brookes Street, Fortitude Valley | QLD | 100% | $82.0m | 6.00% | 9,533 | 8,602 | 4.9 | 100.0% |
| 154 Melbourne Street, South Brisbane | QLD | 100% | $80.5m | 6.00% | 11,292 | 7,129 | 2.0 | 99.0% |
| 483 Kingsford Smith Drive, Hamilton | QLD | 100% | $77.0m | 6.25% | 9,241 | 8,332 | 4.8 | 96.3% |
| 35 Robina Town Centre Drive, Robina | QLD | 100% | $42.0m | 7.50% | 9,003 | 4,665 | 1.0 | 88.6% |
| 555 Coronation Drive, Toowong | QLD | 100% | $39.0m | 6.75% | 5,567 | 7,006 | 5.7 | 100.0% |
| 818 Bourke Street, Docklands | VIC | 100% | $220.0m | 5.13% | 23,096 | 9,525 | 1.8 | 60.7% |
| 2 Kendall Street, Williams Landing | VIC | 100% | $69.0m | 5.75% | 12,961 | 5,324 | 7.4 | 100.0% |
| 576 Swan Street, Richmond | VIC | 100% | $65.5m | 5.50% | 8,240 | 7,949 | 2.8 | 66.6% |
| 1 Richmond Road, Keswick | SA | 100% | $39.2m | 7.00% | 8,085 | 4,848 | 4.1 | 100.0% |
| 131-139 Grenfell Street, Adelaide (Held For Sale) | SA | 100% | $19.0m | 7.00% | 4,059 | 4,681 | 3.3 | 100.0% |
| 235 William Street, Northbridge | WA | 100% | $181.8m | 6.50% | 21,575 | 8,424 | 4.3 | 94.9% |
| 144 StirlingStreet, East Perth | WA | 100% | $70.0m | 6.00% | 11,042 | 6,340 | 7.5 | 100.0% |
| 42-46 Colin Street, West Perth | WA | 100% | $35.0m | 7.00% | 8,467 | 4,134 | 2.0 | 100.0% |
| Total² | $2,014.3m | 5.81% | 287,007 | 7,912 | 4.3 | 93.1% |
(1) By gross income (equity share)
(2) Investment properties $2,014.3m, excludes $32.0m leasehold asset under AASB 16.
Centuria Office REIT – Property Compendium FY21[| ] 5
COF provides a geographically diversified portfolio, without single market concentration that is leased to quality tenants.
2 PHILLIP LAW STREET, CANBERRA, ACT
New South Wales Portfolio
1 8 CENTRAL AVENUE, EVELEIGH
-
2 9 HELP STREET, CHATSWOOD
-
3 201 PACIFIC HIGHWAY, ST LEONARDS
-
4 203 PACIFIC HIGHWAY, ST LEONARDS
-
5 77 MARKET STREET, WOLLONGONG
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Centuria Office REIT – Property Compendium FY21[| ] 7
8 Central Avenue, Eveleigh
| he ‘South Eveleigh Precinct’, four kilometres ney CBD and 900 metres from Redfern station ’s sixth busiest train station with over 30,000 s per day. The property sits on a large 17,269 sqm gentrifying area, adjacent to significant office d within close proximity to the University of wtown Entertainment Precinct. DESCRIPTION This A-grade office building was completed in 2010. The asset comprises ten 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 | ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY | |
|---|---|---|---|---|---|---|
| Property type | Office | |||||
| NABERS Energy rating | 4.5 stars | |||||
| NABERS Water rating | 3.0 stars | |||||
| Ownership interest | 50% | |||||
| Title | Freehold | |||||
| Site area | 17,269 sqm | |||||
| Building constructed | 2010 | |||||
| Latest refurbishment | N/A | |||||
| Car park spaces | 350 | |||||
| TENANCY SUMMARY | ||||||
| Net lettable area (by NLA) | 36,619 | |||||
| Occupancy (by NLA) | 99.4% | |||||
| WALE (by income) | 9.4 years | |||||
| MAJOR TENANTS (by gross income) | ||||||
| Seven Network | 36% | |||||
| Government (NSW) | 24% | |||||
| NEP Australia | 16% | |||||
| SpeeDx | 10% | |||||
| VALUATION SUMMARY | ||||||
| Book value (50%) | $200.0m | |||||
| Most recent valuation (50%) | $200.0m | |||||
| Valuation date | 30 June 2021 | |||||
| Valuer | CBRE | |||||
| Capitalisation rate | 5.13% | |||||
| EXPIRY PORTFOLIO (BY INCOME) | ||||||
| 0 20 40 60 80 100 PERCENTAGE (%) |
2026+ 2025 2024 7.6% 91.6% 0.0% |
|||||
| 0.6% | 0.2% | 0.0% | 7.6% 91.6% 0.0% |
|||
| VACANT | 2022 | 2023 | ||||
| Cent | uria Offce R | EIT– Property Compendium FY21 |
LOCATION
Located within the ‘South Eveleigh Precinct’, four kilometres south of the Sydney CBD and 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.
9 Help Street, Chatswood
LOCATION
Located in the northern Sydney suburb of Chatswood, approximately ten 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.
| ASSET SUMMARY | ASSET SUMMARY |
|---|---|
| Property type Office |
|
| NABERS Energy rating 5.0 stars |
|
| NABERS Water rating 3.5 stars |
|
| Ownership interest 100% |
|
| Title Freehold |
|
| Site area 2,488 sqm |
|
| Building constructed 1991 |
|
| Latest refurbishment 2010 |
|
| Car park spaces 140 |
|
| TENANCY SUMMARY | |
| Net lettable area (by NLA) 9,384 |
|
| Occupancy (by income) 90.9% |
|
| WALE (by income) 2.2 years |
|
| MAJOR TENANTS (by gross income) | |
| Pacific National Properties 14% |
|
| Appen Butler Hill 11% |
|
| Visionstream Australia 8% |
|
| Scalabrini Village 8% |
|
| VALUATION SUMMARY | |
| Book value $92.5m |
|
| Most recent valuation $92.5m |
|
| Valuation date 30 June 2021 |
|
| Valuer Colliers |
|
| Capitalisation rate 5.38% |
|
| EXPIRY PORTFOLIO (BY INCOME) | |
| 0 5 10 15 20 25 30 35 40 PERCENTAGE (%) |
2026+ 2025 2024 2023 2022 VACANT 9.1% 35.1% 10.3% 7.5% 11.7% 26.3% |
Centuria Office REIT – Property Compendium FY21[| ] 9
201 Pacific Highway, St Leonards
LOCATION
Located in the heart of the St Leonards business precinct directly above the entrance to the railway station, approximately four kilometres north of the Sydney CBD. The asset is wellserviced 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 was 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 | ||
|---|---|---|
| Property type | Office | |
| NABERS Energy rating | 4.0 stars | |
| NABERS Water rating | 0.5 stars | |
| Ownership interest Title |
50% Freehold |
|
| Site area | 4,718 sqm | |
| Building constructed | 2000 | |
| Latest refurbishment | N/A | |
| Car park spaces | 145 | |
| TENANCY SUMMARY | ||
| Net lettable area (by NLA) | 16,498 | |
| Occupancy (by income) | 98.7% | |
| WALE (by income) | 2.9 years | |
| MAJOR TENANTS (by gross income) | ||
| Cisco Systems Australia | 40% | |
| IMS Health Australia (Quintiles) | 16% | |
| Healius | 8% | |
| VALUATION SUMMARY | ||
| Book value (50%) | $107.0m | |
| Most recent valuation (50%) | $106.5m | |
| Valuation date | 31 December 2020 | |
| Valuer | Knight Frank | |
| Capitalisation rate | 5.63% | |
| EXPIRY PORTFOLIO (BY INCOME) |
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60 56.1%
50
40
30
20
13.6%
11.2% 11.3%
10 6.5%
1.3%
0
VACANT 2022 2023 2024 2025 2026+
PERCENTAGE (%)
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Centuria Office REIT – Property Compendium FY21[| ] 10
203 Pacific Highway, St Leonards
LOCATION
Located in the heart of the St Leonards business precinct, directly above the entrance to the railway station, approximately four kilometres north of the Sydney CBD. The asset is wellserviced 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 building consists of a modern 11 level commercial office building with seven retail tenancies on the ground floor, together with secure basement parking for approximately 150 vehicles.
| ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY | |
|---|---|---|---|
| Property type | Office | ||
| NABERS Energy rating | 5.0 stars | ||
| NABERS Water rating | 4.0 stars | ||
| Ownership interest | 50% | ||
| Title | Leasehold | ||
| Site area | 4,690 sqm | ||
| Building constructed | 2000 | ||
| Latest refurbishment | Periodic | ||
| Car park spaces | 150 | ||
| TENANCY SUMMARY | |||
| Net lettable area (by NLA) | 11,735 | ||
| Occupancy (by income) | 99.3% | ||
| WALE (by income) | 3.8 years | ||
| MAJOR TENANTS (by gross income) | |||
| Healius | 30% | ||
| Verizon Australia | 30% | ||
| Cardno | 29% | ||
| VALUATION SUMMARY | |||
| Book value (50%) | $68.0m | ||
| Most recent valuation (50%) | $68.0m | ||
| Valuation date | 30 June 2021 | ||
| Valuer | JLL | ||
| Capitalisation rate | 5.75% | ||
| EXPIRY PORTFOLIO (BY INCOME) | |||
| 0 5 10 15 20 25 30 35 PERCENTAGE (%) |
2026+ 2025 2024 0.0% 31.2% 33.0% |
||
| 0.7% 3.8% 31.3% |
0.0% 31.2% 33.0% |
||
| 2023 2022 VACANT |
Centuria Office REIT – Property Compendium FY21[| ] 11
77 Market Street, Wollongong
LOCATION
Wollongong is a regional city located 70 kilometres south of the Sydney CBD. The property is in a prominent, 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 tenants and is regarded as one of the premier commercial buildings in the region.
| ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY |
|---|---|---|
| Property type Office |
||
| NABERS Energy rating 4.0 stars |
||
| NABERS Water rating 3.0 stars |
||
| Ownership interest 100% |
||
| Title Freehold |
||
| Site area 2,544 sqm |
||
| Building constructed 2008 |
||
| Latest refurbishment N/A |
||
| Car park spaces 131 |
||
| TENANCY SUMMARY | ||
| Net lettable area (by NLA) 6,755 |
||
| Occupancy (by income) 100.0% |
||
| WALE (by income) 4.0 years |
||
| MAJOR TENANTS (by gross income) | ||
| Illawarra Retirement Trust 33% |
||
| Australian Health Management Group 33% |
||
| Illawarra Newspapers Holdings 13% |
||
| Government (NSW) 12% |
||
| VALUATION SUMMARY | ||
| Book Value $36.0m |
||
| Most recent valuation $36.0m |
||
| Valuation date 30 June 2021 |
||
| Valuer MMJ |
||
| Capitalisation rate 6.75% |
||
| EXPIRY PORTFOLIO (BY INCOME) | ||
| 0 10 20 30 40 50 PERCENTAGE (%) |
2026+ 2025 2024 2023 2022 9.5% 0.0% 12.5% 44.8% 33.2% |
|
| 0.0% | 9.5% 0.0% 12.5% 44.8% 33.2% |
|
| VACANT |
Centuria Office REIT – Property Compendium FY21[| ] 12
Victoria Portfolio
| 1 | 818 BOURKE STREET, DOCKLANDS | |
|---|---|---|
| 2 | 576 SWAN STREET, RICHMOND | |
| 3 | 2 | KENDALL STREET, WILLIAMS LANDING |
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Centuria Office REIT – Property Compendium FY21[| ] 13
818 Bourke Sreet, Docklands
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.
DESCRIPTION
Constructed in 2007, this A-grade property comprises nine levels with large, efficient floorplates averaging 3,575 sqm, ground floor retail and parking for 163 vehicles. Due to its waterfront location, the building offers extensive water and district views, with excellent natural light. The building rooftop is currently being enhanced to create exercise areas, outdoor meeting and breakout spaces, along with quiet zones. This will provide tenants with outstanding amenity and wellbeing facilities.
| ASSET SUMMARY | |
|---|---|
| Property type | Office |
| NABERS Energy rating | 5.0 stars |
| NABERS Water rating | 5.0 stars |
| Ownership interest | 100% |
| Title | Freehold |
| Site area | 4,150 sqm |
| Building constructed | 2007 |
| Latest refurbishment | N/A |
| Car parking spaces | 163 |
| TENANCY SUMMARY | |
| Net lettable area (by NLA) | 23,096 |
| Occupancy (by income) | 60.7% |
| WALE (by income) | 1.8 years |
| MAJOR TENANTS (by gross income) | |
| Ericsson Australia | 59% |
| Government (Aust) | 25% |
| VALUATION SUMMARY | |
| Book value | $220.0m |
| Most recent valuation | $220.0m |
| Valuation date | 31 December 2020 |
| Valuer | CBRE |
| Capitalisation rate | 5.13% |
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EXPIRY PORTFOLIO (BY INCOME)
39.3%
40 36.1%
35
30
25
20 17.0%
15
10
5.4%
5 2.2%
0.0%
0
VACANT 2022 2023 2024 2025 2026+
PERCENTAGE (%)
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Centuria Office REIT – Property Compendium FY21[| ] 14
576 Swan Street, Richmond
LOCATION
Located approximately six kilometres east of 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 8,185 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.
| ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY |
|---|---|---|---|
| Property type Office |
|||
| NABERS Energy rating 5.5 stars |
|||
| NABERS Water rating 5.0 stars |
|||
| Ownership interest 100% |
|||
| Title Freehold |
|||
| Site area 4,499 sqm |
|||
| Building constructed 2013 |
|||
| Latest refurbishment N/A |
|||
| Car park spaces 209 |
|||
| TENANCY SUMMARY | |||
| Net lettable area (by NLA) 8,240 |
|||
| Occupancy (by income) 66.6% |
|||
| WALE (by income) 2.8 years |
|||
| MAJOR TENANTS (by gross income) | |||
| Forever New Clothing 46% |
|||
| General Electric International Inc. 28% |
|||
| Wells Fargo 19% |
|||
| VALUATION SUMMARY | |||
| Book value $65.5m |
|||
| Most recent valuation $65.5m |
|||
| Valuation date 31 December 2020 |
|||
| Valuer CBRE |
|||
| Capitalisation rate 5.50% |
|||
| EXPIRY PORTFOLIO (BY INCOME) | |||
| 0 5 10 15 20 25 30 35 PERCENTAGE (%) |
334% | 2026+ 2025 2024 2023 4.5% 0.0% 31.0% 31.1% |
|
| . | 0.0% | 4.5% 0.0% 31.0% 31.1% |
|
| VACANT | 2022 |
Centuria Office REIT – Property Compendium FY21[| ] 15
2 Kendall Street, Williams Landing
LOCATION
Williams Landing is a new suburb located on the northern side of the Princes 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 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 5.0 star NABERS Energy rating, 384 car spaces, a ground floor cafe and modern end of trip facilities.
| ASSET SUMMARY | |
|---|---|
| Property type | Office |
| NABERS Energy rating | 5.0 stars |
| NABERS Water rating | 4.0 stars |
| Ownership interest | 100% |
| Title | Freehold |
| Site area | 4,401 sqm |
| Building constructed | 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) | 7.4 years |
| MAJOR TENANTS (by gross income) | |
| Target Australia | 99% |
| VALUATION SUMMARY | |
|---|---|
| Book Value | $69.0m |
| Most recent valuation | $69.0m |
| Valuation date | 30 June 2021 |
| Valuer | C&W |
| Capitalisation rate | 5.75% |
EXPIRY PORTFOLIO (BY INCOME)
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VACANT 2022 2023 2024 2025 2026+
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Centuria Office REIT – Property Compendium FY21[| ] 16
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
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- 5 35 ROBINA TOWN CENTRE DRIVE, ROBINA 6 555 CORONATION DRIVE, TOOWONG
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Centuria Office REIT – Property Compendium FY21[| ] 17
825 Ann Street, Fortitude Valley
| LOCATION Situated in Fortitude Valley, approximately two 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. WA ACT QLD SA VIC NSW |
ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY | |
|---|---|---|---|---|
| Property type | Office | |||
| NABERS Energy rating | 5.0 stars | |||
| NABERS Water rating | 4.0 stars | |||
| Ownership interest | 100% | |||
| Title | Freehold | |||
| Site area | 5,429 sqm | |||
| Building constructed | 2013 | |||
| Latest refurbishment | N/A | |||
| Car parking spaces | 206 | |||
| TENANCY SUMMARY | ||||
| Net lettable area (by NLA) | 19,151 | |||
| Occupancy (by NLA) | 100.0% | |||
| WALE (by income) | 2.7 years | |||
| MAJOR TENANTS (by gross income) | ||||
| Laing O’Rourke | 45% | |||
| Macquarie Group Services | 21% | |||
| Ergon Energy Corporation | 16% | |||
| VALUATION SUMMARY | ||||
| Book value | $155.0m | |||
| Most recent valuation | $155.0m | |||
| Valuation date | 31 December 2020 | |||
| Valuer | Savills | |||
| Capitalisation rate | 6.00% | |||
| EXPIRY PORTFOLIO (BY INCOME) | ||||
| 0 10 20 30 40 50 60 70 80 PERCENTAGE (%) |
2026+ 2025 2024 0.0% 14.3% 23.5% |
|||
| 0.0% | 0.5% 61.7% |
0.0% 14.3% 23.5% |
||
| VACANT | 2023 2022 |
Centuria Office REIT – Property Compendium FY21[| ] 18
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 of the West End. 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 accommodation, as well as ten upper levels of office space.
| ASSET SUMMARY | |
|---|---|
| Property type | Office |
| NABERS Energy rating | 5.0 stars |
| NABERS Water rating | 2.0 stars |
| Ownership interest | 100% |
| Title | Freehold |
| Site area | 1,845 sqm |
| Building constructed | 2009 |
| Latest refurbishment | N/A |
| Car park spaces | 102 |
| TENANCY SUMMARY | |
| Net lettable area (by NLA) | 11,292 |
| Occupancy (by income) | 99.0% |
| WALE (by income) | 2.0 years |
| MAJOR TENANTS (by gross income) | |
| Government (QLD) | 62% |
| Frasers Property | 11% |
| Tabcorp | 10% |
| Klohn Crippen Berger (KCB) | 10% |
| VALUATION SUMMARY | |
| Book value | $80.5m |
| Most recent valuation | $80.5m |
| Valuation date | 30 June 2021 |
| Valuer Capitalisation rate |
Savills 6.00% |
| EXPIRY PORTFOLIO (BY INCOME) |
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40
36.2%
35
30 28.1%
25
20.2%
20
14.5%
15
10
5
1.0% 0.0%
0
VACANT 2022 2023 2024 2025 2026+
PERCENTAGE (%)
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Centuria Office REIT – Property Compendium FY21[| ] 19
100 Brookes Street, Fortitude Valley
| LOCATION Situated in Fortitude Valley, approximately two 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. WA ACT QLD SA VIC NSW |
ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY | ||
|---|---|---|---|---|---|---|
| Property type | Office | |||||
| NABERS Energy rating | 5.0 stars | |||||
| NABERS Water rating | 3.0 stars | |||||
| Ownership interest | 100% | |||||
| Title | Freehold | |||||
| Site area | 2,100 sqm | |||||
| Building constructed | 2008 | |||||
| Latest refurbishment | N/A | |||||
| Car parking spaces | 92 | |||||
| TENANCY SUMMARY | ||||||
| Net lettable area (by NLA) | 9,533 | |||||
| Occupancy (by income) | 100.0% | |||||
| WALE (by income) | 4.9 years | |||||
| MAJOR TENANTS (by gross income) | ||||||
| DXC | 42% | |||||
| Northrop Grumman | 19% | |||||
| KBR | 18% | |||||
| Cornerstone Medical Recruitment | 8% | |||||
| VALUATION SUMMARY | ||||||
| Book value | $82.0m | |||||
| Most recent valuation | $82.0m | |||||
| Valuation date | 30 June 2021 | |||||
| Valuer | Savills | |||||
| Capitalisation rate | 6.00% | |||||
| EXPIRY PORTFOLIO (BY INCOME) | ||||||
| 0 20 40 60 80 100 PERCENTAGE (%) |
2026+ 2025 0.0% 98.0% |
|||||
| 0.0% | 0.0% | 2.0% | 0.0% | 0.0% | ||
| VACANT | 2022 | 2023 | 2024 |
Centuria Office REIT – Property Compendium FY21[| ] 20
483 Kingsford Smith Drive, Hamilton
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.
| ASSET SUMMARY | ASSET SUMMARY |
|---|---|
| Property type Office |
|
| NABERS Energy rating 5.0 stars |
|
| NABERS Water rating 4.5 stars |
|
| Ownership interest 100% |
|
| Title Freehold |
|
| Site area 15,300 sqm |
|
| Building constructed 2013 |
|
| Latest refurbishment N/A |
|
| Car parking spaces 261 |
|
| TENANCY SUMMARY | |
| Net lettable area (by NLA) 9,241 |
|
| Occupancy (by income) 96.3% |
|
| WALE (by income) 4.8 years |
|
| MAJOR TENANTS (by gross income) | |
| Domino’s Pizza 46% |
|
| Collins Restaurants Management 17% |
|
| Woolworths 10% |
|
| VALUATION SUMMARY | |
| Book value $77.0m |
|
| Most recent valuation $76.5m |
|
| Valuation date 31 December 2020 |
|
| Valuer M3 |
|
| Capitalisation rate 6.25% |
|
| EXPIRY PORTFOLIO (BY INCOME) | |
| 0 10 20 30 40 50 60 PERCENTAGE (%) |
2026+ 2025 2024 2023 2022 VACANT 1.8% 3.7% 6.1% 6.8% 28.4% 53.2% |
Centuria Office REIT – Property Compendium FY21[| ] 21
35 Robina Town Centre Drive, Robina
LOCATION
Located approximately ten 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 adjacent Robina Town Centre, one of the largest shopping centres in Queensland, and close to Bond University.
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.
The building is currently undergoing a refurbishment to reposition the asset following the Foxtel surrender.
| ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY | ||
|---|---|---|---|---|
| Property type | Office | |||
| NABERS Energy rating | N/A | |||
| NABERS Water rating | 2.5 stars | |||
| Ownership interest | 100% | |||
| Title | Freehold | |||
| Site area | 6,760 sqm | |||
| Building constructed | 2001 | |||
| Latest refurbishment | 2015 | |||
| Car park spaces | 268 | |||
| TENANCY SUMMARY | ||||
| NNet lettable area (by NLA) | 9,003 | |||
| Occupancy (by income) | 88.6% | |||
| WALE (by income) | 1.0 years | |||
| MAJOR TENANTS (by gross income) | ||||
| RConcentrix | 63% | |||
| RFG | 21% | |||
| Infinity Group Finance | 10% | |||
| DJ Health | 6% | |||
| VALUATION SUMMARY | ||||
| Book value | $42.0m | |||
| Most recent valuation | $42.0m | |||
| Valuation date | 30 | June 2021 | ||
| Valuer | JLL | |||
| Capitalisation rate | 7.50% | |||
| EXPIRY PORTFOLIO (BY INCOME) | ||||
| 0 10 20 30 40 50 60 PERCENTAGE (%) |
2026+ 0.0% |
|||
| 55.9% 11.4% |
32.7% 0.0% |
0.0% | 0.0% | |
| 2022 VACANT |
2024 2023 |
2025 |
Centuria Office REIT – Property Compendium FY21[| ] 22
555 Coronation Drive, Toowong
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 1989 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.
| ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY |
|---|---|---|
| Property type Office |
||
| NABERS Energy rating 3.0 stars |
||
| NABERS Water rating 4.0 stars |
||
| Ownership interest 100% |
||
| Title Freehold |
||
| Site area 3,104 sqm |
||
| Building constructed 1989 |
||
| Latest refurbishment 2020 |
||
| Car park spaces 175 |
||
| TENANCY SUMMARY | ||
| Net lettable area (by NLA) 5,567 |
||
| Occupancy (by income) 100.0% |
||
| WALE (by income) 5.7 years |
||
| MAJOR TENANTS (by gross income) | ||
| Data #3 40% |
||
| Panthera Finance 37% |
||
| Chandler Macleod Serv. 14% |
||
| VALUATION SUMMARY | ||
| Book value $39.0m |
||
| Most recent valuation $38.8m |
||
| Valuation date 31 December 2020 |
||
| Valuer M3 |
||
| Capitalisation rate (last external valuation) 6.75% |
||
| EXPIRY PORTFOLIO (BY INCOME) | ||
| 0 10 20 30 40 50 60 70 80 PERCENTAGE (%) |
2026+ 2025 2024 2023 0.0% 3.0% 72.4% 21.7% |
|
| 0.0% 2.9% |
0.0% 3.0% 72.4% 21.7% |
|
| 2022 VACANT |
Centuria Office REIT – Property Compendium FY21[| ] 23
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
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2
3
1
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Centuria Office REIT – Property Compendium FY21[| ] 24
Nishi, 2 Phillip Law Street, Canberra
| 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. WA ACT QLD SA VIC NSW |
ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY | |
|---|---|---|---|---|
| Property type | Office | |||
| NABERS Energy rating | 5.5 stars | |||
| NABERS Water rating | 4.0 stars | |||
| Ownership interest | 100% | |||
| Title | Leasehold | |||
| Site area | 36,125 sqm | |||
| Building constructed | 2012 | |||
| Latest refurbishment | N/A | |||
| Car parking spaces | 283 | |||
| TENANCY SUMMARY | ||||
| Net lettable area (by NLA) | 27,411 | |||
| Occupancy (by income) | 99.9% | |||
| WALE (by income) | 6.9 years | |||
| MAJOR TENANTS (by gross income) | ||||
| Government (Aust) | 57% | |||
| Canberra Ovolo HH | 11% | |||
| Clayton Utz | 8% | |||
| Palace Cinema Nominees | 6% | |||
| VALUATION SUMMARY | ||||
| Book value | $252.0m | |||
| Most recent valuation | $252.0m | |||
| Valuation date | 30 June 2021 | |||
| Valuer | Colliers | |||
| Capitalisation rate | 5.00% | |||
| EXPIRY PORTFOLIO (BY INCOME) | ||||
| 0 20 40 60 80 100 PERCENTAGE (%) |
2026+ 2025 2024 88.2% 4.2% 0.0% |
|||
| 4.6% 0.1% 2.9% |
88.2% 4.2% 0.0% |
|||
| 2023 2022 VACANT |
Centuria Office REIT – Property Compendium FY21[| ] 25
60 Marcus Clarke Street, Canberra
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 | |
|---|---|
| Property type | Office |
| NABERS Energy rating | 4.5 stars |
| NABERS Water rating | 2.5 stars |
| Ownership interest | 100% |
| Title | Leasehold |
| Site area | 3,847 sqm |
| Building constructed | 1988 |
| Latest refurbishment | 2016 |
| Car parking spaces | 133 |
| TENANCY SUMMARY | |
| Net lettable area (by NLA) | 12,094 |
| Occupancy (by income) | 76.9% |
| WALE (by income) | 2.1 years |
| MAJOR TENANTS (by gross income) | |
| Hays Specialist Recruitment (Australia) | 13% |
| Moray and Agnew | 11% |
| Maliganis Edwards Johnson | 10% |
| VALUATION SUMMARY | |
|---|---|
| Book value | $61.0m |
| Most recent valuation | $61.0m |
| Valuation date | 31 December 2020 |
| Valuer | Savills |
| Capitalisation rate | 6.75% |
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EXPIRY PORTFOLIO (BY INCOME)
24.9%
25 23.1%
20.8%
20
15 12.7%
11.4%
10
7.1%
5
0
VACANT 2022 2023 2024 2025 2026+
PERCENTAGE (%)
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Centuria Office REIT – Property Compendium FY21[| ] 26
54 Marcus Clarke Street, Canberra
| 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 bespoke interior architecture. WA ACT QLD SA VIC NSW |
ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY |
|---|---|---|---|
| Property type Office |
|||
| NABERS Energy rating 3.5 stars |
|||
| NABERS Water rating N/A |
|||
| Ownership interest 100% |
|||
| Title Leasehold |
|||
| Site area 1,667 sqm |
|||
| Building constructed 1986 |
|||
| Latest refurbishment 2016 |
|||
| Car parking spaces 53 |
|||
| TENANCY SUMMARY | |||
| Net lettable area (by NLA) 5,200 |
|||
| Occupancy (by income) 89.8% |
|||
| WALE (by income) 4.0 years |
|||
| MAJOR TENANTS (by gross income) | |||
| Key Chambers 14% |
|||
| APM 12% |
|||
| Technology One 11% |
|||
| Courgette 7% |
|||
| VALUATION SUMMARY | |||
| Book value $22.8m |
|||
| Most recent valuation $22.8m |
|||
| Valuation date 30 June 2021 |
|||
| Valuer M3 Property |
|||
| Capitalisation rate 7.25% |
|||
| EXPIRY PORTFOLIO (BY INCOME) | |||
| 0 10 20 30 40 50 60 PERCENTAGE (%) |
2026+ 2025 2024 2023 2022 50.2% 0.0% 4.0% 24.0% 11.6% |
||
| 10.2% | 50.2% 0.0% 4.0% 24.0% 11.6% |
||
| VACANT |
Centuria Office REIT – Property Compendium FY21[| ] 27
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
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1
2
3
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Centuria Office REIT – Property Compendium FY21[| ] 28
William Square, 235 William Street, Northbridge
LOCATION
Centrally located just north of Perth’s CBD, approximately 350 metres from the Perth bus and train interchange. William Square is located on 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 and at-grade parking (129 spaces). The asset features one of the largest floorplates in Perth and is ideally suited for Government occupiers who desire large and efficient floorplates.
| ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY |
|---|---|---|---|
| Property type Office |
|||
| NABERS Energy rating 5.5 stars |
|||
| NABERS Water rating 3.0 stars |
|||
| Ownership interest 100% |
|||
| Title Freehold |
|||
| Site area 6,767 sqm |
|||
| Building constructed 1992 |
|||
| Latest refurbishment 2018 |
|||
| Car parking spaces 128 |
|||
| TENANCY SUMMARY | |||
| Net lettable area (by NLA) 21,575 |
|||
| Occupancy (by income) 94.9% |
|||
| WALE (by income) 4.3 years |
|||
| MAJOR TENANTS (by gross income) | |||
| Government (Aust) 74% |
|||
| Government (WA) 14% |
|||
| Golder 7% |
|||
| VALUATION SUMMARY | |||
| Book value $181.8m |
|||
| Most recent valuation $181.8m |
|||
| Valuation date 30 Jun 2021 |
|||
| Valuer JLL |
|||
| Capitalisation rate 6.50% |
|||
| EXPIRY PORTFOLIO (BY INCOME) | |||
| 0 10 20 30 40 50 60 70 80 PERCENTAGE (%) |
2026+ 2025 2024 2023 1.0% 8.7% 68.7% 15.1% |
||
| 5.1% | 1.4% | 1.0% 8.7% 68.7% 15.1% |
|
| VACANT | 2022 |
Centuria Office REIT – Property Compendium FY21[| ] 29
144 Stirling Street, Perth
LOCATION
Located on Perth’s city fringe, the precinct has progressively transformed from light industrial to a mixed-use, 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.
| ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY | ||
|---|---|---|---|---|
| Property type | Office | |||
| NABERS Energy rating | 5.0 stars | |||
| NABERS Water rating | 4.5 stars | |||
| Ownership interest | 100% | |||
| Title | Freehold | |||
| Site area | 5,057 sqm | |||
| Building constructed | 1975 | |||
| Latest refurbishment | 2021 | |||
| Car parking spaces | 240 | |||
| TENANCY SUMMARY | ||||
| Net lettable area (by NLA) | 11,042 | |||
| Occupancy (by income) | 100.0% | |||
| WALE (by income) | 7.5 years | |||
| MAJOR TENANTS (by gross income) | ||||
| Government (WA) | 89% | |||
| Wilson Parking | 7% | |||
| VALUATION SUMMARY | ||||
| Book value | $70.0m | |||
| Most recent valuation | $70.0m | |||
| Valuation date | 31 December 2020 | |||
| Valuer | JLL | |||
| Capitalisation rate | 6.00% | |||
| EXPIRY PORTFOLIO (BY INCOME) | ||||
| 0 20 40 60 80 100 PERCENTAGE (%) |
2026+ 2025 0.0% 92.1% |
|||
| 0.0% 7.9% |
0.0% | 0.0% | 0.0% 92.1% |
|
| 2022 VACANT |
2023 | 2024 |
Centuria Office REIT – Property Compendium FY21[| ] 30
42-46 Colin Street, West Perth
LOCATION
DESCRIPTION
Located within the prime commercial and residential suburb of The property is a modern, A-grade commercial office building in West Perth, approximately 1.3 kilometres west of the Perth CBD, close proximity to the Western Australia parliamentary precinct. on the eastern side of Colin Street and 400 metres from the The building comprises four levels and is well-serviced by public intersection of Kings Park Road. transport. It contains substantial end of trip facilities.
| ASSET SUMMARY | |
|---|---|
| Property type | Office |
| NABERS Energy rating | 4.0 stars |
| NABERS Water rating | 1.5 stars |
| Ownership interest | 100% |
| Title | Leasehold |
| Site area | 5,147 sqm |
| Building constructed | 2002 |
| Latest refurbishment | 2017 |
| Car parking spaces | 145 |
| TENANCY SUMMARY | |
| Net lettable area (by NLA) | 8,467 |
| Occupancy (by income) | 100.0% |
| WALE (by income) | 2.0 years |
| MAJOR TENANTS (by gross income) | |
| Insurance Australia | 67% |
| Chalice | 8% |
| Base Resources | 8% |
| Forge Resources Swan | 7% |
| VALUATION SUMMARY | |
| Book value | $35.0m |
| Most recent valuation | $35.0m |
| Valuation date | 30 June 2021 |
| Valuer Capitalisation rate |
JLL 7.00% |
| EXPIRY PORTFOLIO (BY INCOME) |
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80
70 63.4%
60
50
40
30
20 13.9%
9.7% 8.1%
10 4.9%
0.0%
0
VACANT 2022 2023 2024 2025 2026+
PERCENTAGE (%)
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Centuria Office REIT – Property Compendium FY21[| ] 31
South Australia Portfolio
1 1 RICHMOND ROAD, KESWICK SA 2 131-139 GRENFELL STREET, ADELAIDE SA
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2
1
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Centuria Office REIT – Property Compendium FY21[| ] 32
1 Richmond Road, Keswick
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----- Start of picture text -----
NSW
VIC
QLD
ACT
WA
SA
----- End of picture text -----
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 four-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 a diverse range of corporate occupiers.
| ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY | |
|---|---|---|---|
| Property type | Office | ||
| NABERS Energy rating | 5.0 stars | ||
| NABERS Water rating | N/A | ||
| Ownership interest | 100% | ||
| Title | Freehold | ||
| Site area | 19,310 sqm | ||
| Building constructed | 1985 | ||
| Latest refurbishment | 2016 | ||
| Car parking spaces | 326 | ||
| TENANCY SUMMARY | |||
| Net lettable area (by NLA) | 8,085 | ||
| Occupancy (by income) | 100.0% | ||
| WALE (by income) | 4.1 years | ||
| MAJOR TENANTS (by gross income) | |||
| Naval Group Australia | 30% | ||
| SA Power Networks | 30% | ||
| ARTC | 21% | ||
| Royal District Nursing Service of SA Inc | 19% | ||
| VALUATION SUMMARY | |||
| Book value | $39.2m | ||
| Most recent valuation | $39.2m | ||
| Valuation date | 30 June 2021 | ||
| Valuer | KF | ||
| Capitalisation rate | 7.00% | ||
| EXPIRY PORTFOLIO (BY INCOME) | |||
| 0 10 20 30 40 50 60 PERCENTAGE (%) |
2026+ 2025 2024 0.0% 41.0% 50.8% |
||
| 0.0% | 8.2% 0.0% |
0.0% 41.0% 50.8% |
|
| VACANT | 2023 2022 |
Centuria Office REIT – Property Compendium FY21[| ] 33
131-139 Grenfell Street, Adelaide
| ASSET SUMMARY | |
|---|---|
| Property type | Office |
| NABERS Energy rating | 4.5 stars |
| NABERS Water rating | N/A |
| Ownership interest | 100% |
| Title | Freehold |
| Site area | 1,253 sqm |
| Building constructed | 2009 |
| Latest refurbishment | N/A |
| Car parking spaces | 10 |
| TENANCY SUMMARY | |
| Net lettable area (by NLA) | 4,059 |
| Occupancy (by income) | 100.0% |
| WALE (by income) | 3.3 years |
| MAJOR TENANTS (by gross income) | |
| Government (SA) | 69% |
| Government (Aust) | 31% |
| VALUATION SUMMARY | |
| Book value (equity share) | $19.0m |
| Most recent valuation (equity share) | $19.0m |
| Valuation date | 30 June 2021 |
| Valuer | Colliers |
| Capitalisation rate (last external valuation) | 7.00% |
LOCATION
DESCRIPTION
Located in the heart of the Adelaide CBD, overlooking Hindmarsh Built in 2009, the property comprises five levels of high quality Square and within easy walking distance to Adelaide’s major office space, together with 10 secure car parks. Located on a retail precinct, Rundle Mall. The property’s location is ideal for corner site, the building offers excellent natural light and both private sector and government tenants. city views.
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EXPIRY PORTFOLIO (BY INCOME)
80
69.3%
70
60
50
40
30
20.3%
20
10.4%
10
0.0% 0.0% 0.0%
0
VACANT 2022 2023 2024 2025 2026+
NSW
VIC
QLD
PERCENTAGE (%)
ACT
WA
SA
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Centuria Office REIT – Property Compendium FY21[| ] 34
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203 PACIFIC HIGHWAY, ST LEONARDS, NSW
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Centuria Office REIT – Property Compendium FY21 [| ] 35
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Grant Nichols Fund Manager COF +61 2 8923 8923 Tim Mitchell Group Head of Investor Relations +61 2 8923 8923
Centuria Office REIT | ASX:COF
CENTURIA.COM.AU/COF