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CENTURIA OFFICE REIT — Interim / Quarterly Report 2021
Feb 3, 2021
64683_rns_2021-02-03_380b1379-eb32-45ff-8cc1-b5af7c2edd53.pdf
Interim / Quarterly Report
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HY21 Property Compendium
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Centuria Office REIT | ASX:COF
Providing quality, highly connected and affordable office space. Centuria Office REIT
825 ANN STREET, FORTITUDE VALLEY, QLD
Contents
New South Wales
Queensland
Western Australia
| 8 Central Avenue, Eveleigh 08 9 Help Street, Chatswood 09 465 Victoria Avenue, Chatswood 10 201 Pacifc Highway, St Leonards 11 203 Pacifc Highway, St Leonards 12 77 Market Street, Wollongong 13 Victoria 818 Bourke Street, Docklands 15 576 Swan Street, Richmond 16 2 Kendall Street, Williams Landing 17 |
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 24 Australia Capital Territory Nishi 2 Phillip Law Street, Canberra 26 60 Marcus Clarke Street, Canberra 27 54 Marcus Clarke Street, Canberra 28 |
235 William Street, Northbridge 30 |
|---|---|---|
| 144 Stirling Street, Perth 31 |
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| 42-46 Colin Street, West Perth 32 |
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| South Australia | ||
| 1 Richmond Road, Keswick 34 |
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| 131-139 Grenfell Street, Adelaide 35 |
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8 CENTRAL AVENUE, EVELEIGH, NSW
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Overview
| TENANT COMPOSITION (BY INCOME)2 NATIONAL - 5.1% ASX-LISTED - 25.7% LISTED MULTINATIONAL - 8.4% MULTINATIONAL - 19.9% GOVERNMENT- 27.1% OTHER - 13.8% |
2 GEOGRAPHIC DIVERSIFICATION (BY VALUE) NSW - 26.2% ACT - 16.4% QLD - 23.2% VIC - 17.3% WA - 14.3% SA - 2.6% |
| WEIGHTED AVERAGE LEASE EXPIRY (BY INCOME) 56.9% 7.7% 16.2% 6.4% 4.3% 8.5% |
KEY PORTFOLIO METRICS METRIC HY21 Assets 23 Portfolio Value ($m) 2,032.4 Capitalisation rate (%) 5.90 Net Lettable Area (sqm) 304,413 Occupancy (% by income) 91.5% WALE (by income) 4.5 NABERS rating 4.9 Age of building (years) 16.4 |
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56.9%
16.2%
8.5% 7.7%
6.4%
4.3%
VACANT FY21 FY22 FY23 FY24 FY25+
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Centuria Office REIT – Property Compendium HY21[| ] 4
Overview
| PROPERTY | STATE | SHARE | BOOK VALUE ($) | CAP RATE | NLA (SQM) | $ (SQM) | WALE (INCOME) | OCCUPANCY (INCOME) |
|---|---|---|---|---|---|---|---|---|
| 8 Central Avenue, Eveleigh | NSW | 50% | $190.0m | 5.38% | 37,274 | 10,195 | 9.0 | 96.0% |
| 201 Pacifc Highway, St Leonards | NSW | 50% | $106.5m | 5.63% | 16,498 | 12,911 | 3.3 | 100.0% |
| 9 Help Street, Chatswood | NSW | 100% | $86.5m | 5.75% | 9,420 | 9,183 | 1.9 | 95.5% |
| 203 Pacifc Highway, St Leonards | NSW | 50% | $69.0m | 5.88% | 11,734 | 11,760 | 4.2 | 100.0% |
| 465 Victoria Avenue, Chatswood | NSW | 25% | $44.7m | 5.50% | 15,664 | 11,415 | 3.5 | 100.0% |
| 77 Market Street, Wollongong | NSW | 100% | $36.0m | 6.75% | 6,756 | 5,329 | 4.5 | 100.0% |
| 2 Phillip Law Street, Canberra | ACT | 100% | $252.0m | 5.13% | 27,401 | 9,197 | 6.9 | 99.9% |
| 60 Marcus Clarke Street, Canberra | ACT | 100% | $61.0m | 7.00% | 12,097 | 5,043 | 2.5 | 91.4% |
| 54 Marcus Clarke Street, Canberra | ACT | 100% | $20.7m | 7.50% | 5,227 | 3,960 | 3.0 | 84.4% |
| 825 Ann Street, Fortitude Valley | QLD | 100% | $155.0m | 6.00% | 19,151 | 8,094 | 2.9 | 97.4% |
| 154 Melbourne Street, South Brisbane | QLD | 100% | $85.0m | 6.00% | 11,292 | 7,527 | 2.5 | 100.0% |
| 483 Kingsford Smith Drive, Hamilton | QLD | 100% | $76.5m | 6.25% | 9,228 | 8,290 | 4.3 | 82.7% |
| 100 Brookes Street, Fortitude Valley | QLD | 100% | $76.5m | 6.25% | 9,533 | 8,025 | 4.1 | 82.5% |
| 35 Robina Town Centre Drive, Robina | QLD | 100% | $40.0m | 7.50% | 9,814 | 4,076 | 0.9 | 36.1% |
| 555 Coronation Drive, Toowong | QLD | 100% | $38.8m | 6.75% | 5,567 | 6,961 | 6.3 | 100.0% |
| 818 Bourke Street, Docklands | VIC | 100% | $220.0m | 5.13% | 23,273 | 9,453 | 2.1 | 59.2% |
| 576 Swan Street, Richmond | VIC | 100% | $65.5m | 5.50% | 8,185 | 8,003 | 2.1 | 77.7% |
| 2 Kendall Street, Williams Landing | VIC | 100% | $65.5m | 6.00% | 12,961 | 5,054 | 7.9 | 100.0% |
| 235 William Street, Northbridge | WA | 100% | $186.0m | 6.50% | 21,697 | 8,573 | 6.5 | 100.0% |
| 144 Stirling Street, East Perth | WA | 100% | $70.0m | 6.00% | 11,042 | 6,340 | 8.0 | 100.0% |
| 42-46 Colin Street, West Perth | WA | 100% | $34.0m | 7.25% | 8,467 | 4,016 | 2.3 | 100.0% |
| 1 Richmond Road, Keswick | SA | 100% | $35.0m | 7.25% | 8,083 | 4,330 | 3.6 | 100.0% |
| 131-139 Grenfell Street, Adelaide | SA | 100% | $18.3m | 7.25% | 4,052 | 4,505 | 1.4 | 100.0% |
| TOTAL | $2,032.4m | 5.90% | 304,413 | 7,820 | 4.5 | 91.5% |
Centuria Office REIT – Property Compendium HY21[| ] 5
203 PACIFIC HIGHWAY, ST LEONARDS, NSW
New South Wales Portfolio
1 8 CENTRAL AVENUE, EVELEIGH
-
2 9 HELP STREET, CHATSWOOD
-
3 465 VICTORIA AVENUE, CHATSWOOD
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4 201 PACIFIC HIGHWAY, ST LEONARDS
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- 5 203 PACIFIC HIGHWAY, ST LEONARDS 6 77 MARKET STREET, WOLLONGONG
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Centuria Office REIT – Property Compendium HY21[| ] 7
8 Central Avenue, Eveleigh
| 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. 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. WA ACT QLD SA VIC NSW |
ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY |
|---|---|---|---|
| Property type Office |
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| NABERS energy rating 4.5 stars |
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| Ownership interest 50% |
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| Title Freehold |
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| Site area 17,269 sqm |
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| Building constructed 2010 |
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| Latest refurbishment N/A |
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| Car park spaces 350 |
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| TENANCY SUMMARY | |||
| Net lettable area (by NLA) 37,274 |
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| Occupancy (by NLA) 96.6% |
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| WALE (by income) 9.0 years |
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| MAJOR TENANTS (by gross income) | |||
| Seven Network 38% |
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| State Government (NSW) 25% |
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| NEP Australia 14% |
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| VALUATION SUMMARY | |||
| Book value (50%) $190.0m |
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| Most recent valuation (50%) $190.0m |
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| Valuation date 31 December 2020 |
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| Valuer CBRE |
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| Capitalisation rate 5.38% |
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| EXPIRY PORTFOLIO (BY INCOME) | |||
| 4.0% | 0.0% FY21 FY23 FY24 84.7% FY25+ FY22 0.2% 11.1% 0.0% |
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| VACANT |
Centuria Office REIT – Property Compendium HY21[| ] 8
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 | ||
|---|---|---|
| Property type | Office | |
| NABERS energy rating Ownership interest |
5.0 stars 100% |
|
| Title | Freehold | |
| Site area | 2,488 sqm | |
| Building constructed | 1991 | |
| Latest refurbishment | 2010 | |
| Car park spaces | 140 |
| TENANCY SUMMARY | TENANCY SUMMARY | TENANCY SUMMARY | |
|---|---|---|---|
| Net lettable area (by NLA) | 9,420 | ||
| Occupancy (by NLA) | 94.6% | ||
| WALE (by income) | 1.9 years | ||
| MAJOR TENANTS (by gross income) | |||
| Pacific National Properties | 13% | ||
| Appen Butler Hill | 9% | ||
| Church Resources | 8% | ||
| Visionstream Australia | 7% | ||
| VALUATION SUMMARY | |||
| Book value | $86.5m | ||
| Most recent valuation | $86.0m | ||
| Valuation date | 30 June 2020 | ||
| Valuer | Colliers | ||
| Capitalisation rate | 5.75% | ||
| EXPIRY PORTFOLIO (BY INCOME) | |||
| 4.5% | 8.8% 10.4% 47.8% 0.0% 7.1% |
21.4% FY25+ |
|
| VACANT | FY21 FY23 FY24 FY22 |
Centuria Office REIT – Property Compendium HY21[| ] 9
465 Victoria Avenue, Chatswood
Asset held for divestment, settlement 1 February 2021.
| LOCATION Located in the heart of Chatswood CBD, approximately ten 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. WA ACT QLD SA VIC NSW |
ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY |
|---|---|---|---|
| Property type Office |
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| NABERS energy rating 4.5 stars |
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| Ownership interest 25% |
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| Title Freehold |
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| Site area 3,198 sqm |
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| Building constructed 1995 |
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| Latest refurbishment 2012 |
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| Car parking spaces 220 |
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| TENANCY SUMMARY | |||
| Net lettable area (by NLA) 15,664 |
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| Occupancy (by NLA) 99.8% |
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| WALE (by income) 3.5 years |
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| MAJOR TENANTS (by gross income) | |||
| The Hollard Insurance Company 47% |
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| Carnival PLC 19% |
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| Interpark 8% |
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| Alsco 6% |
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| VALUATION SUMMARY | |||
| Book value (25%) $44.7m |
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| Most recent valuation (25%) $41.9m |
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| Valuation date 30 June 2020 |
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| Valuer C&W |
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| Capitalisation rate 5.50% |
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| EXPIRY PORTFOLIO (BY INCOME) | |||
| 0.0% 7.9% |
30.2% 0.6% 25.0% 36.3% FY23 FY24 FY25+ FY22 |
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| FY21 VACANT |
Centuria Office REIT – Property Compendium HY21[| ] 10
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 | ASSET SUMMARY | ASSET SUMMARY |
|---|---|---|
| Property type Office |
||
| NABERS energy rating 4.0 stars |
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| Ownership interest 50% |
||
| Title Freehold |
||
| Site area 4,718 sqm |
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| Building constructed 2000 |
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| Latest refurbishment N/A |
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| Car park spaces 145 |
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| TENANCY SUMMARY | ||
| Net lettable area (by NLA) 16,498 |
||
| Occupancy (by NLA) 100% |
||
| WALE (by income) 3.3 years |
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| MAJOR TENANTS (by gross income) | ||
| Cisco Systems Australia 39% |
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| IMS Health Australia (Quintiles) 16% |
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| Healius 8% |
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| National Australia Bank 7% |
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| VALUATION SUMMARY | ||
| Book value (50%) $106.5m |
||
| Most recent valuation (50%) $106.5m |
||
| Valuation date 31 December 2020 |
||
| Valuer | KF | |
| Capitalisation rate | 5.63% | |
| EXPIRY PORTFOLIO (BY INCOME) | ||
| 0.0% 9.5% 3.8% 6.6% 0.0% 13.5% |
66.6% FY25+ |
|
| FY21 FY23 FY24 VACANT FY22 |
Centuria Office REIT – Property Compendium HY21[| ] 11
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 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 for approximately 150 vehicles. WA ACT QLD SA VIC NSW |
ASSET SUMMARY |
|---|---|
| Property type Office |
|
| NABERS energy rating 5.0 stars |
|
| Ownership interest 50% |
|
| Title Leasehold |
|
| Site area 4,690 sqm |
|
| Building constructed 2000 |
|
| Latest refurbishment N/A |
|
| Car park spaces 150 |
|
| TENANCY SUMMARY | |
| Net lettable area (by NLA) 11,734 |
|
| Occupancy (by NLA) 100% |
|
| WALE (by income) 4.2 years |
|
| MAJOR TENANTS (by gross income) | |
| Verizon Australia 30% |
|
| Healius 30% |
|
| Cardno 29% |
|
| VALUATION SUMMARY | |
| Book value (50%) $69.0m |
|
| Most recent valuation (50%) $69.0m |
|
| Valuation date 31 December 2020 |
|
| Valuer JLL |
|
| Capitalisation rate 5.88% |
|
| EXPIRY PORTFOLIO (BY INCOME) | |
| 0.0% 31.3% FY21 FY23 FY24 VACANT 62.2% FY25+ FY22 1.6% 4.9% 0.0% |
Centuria Office REIT – Property Compendium HY21[| ] 12
77 Market Street, Wollongong
LOCATION
Wollongong is 69 kilometres south east 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 |
|---|---|
| Property type Office |
|
| NABERS energy rating 4.0 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) 6,756 |
|
| Occupancy (by NLA) 100.0% |
|
| WALE (by income) 4.5 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 | |
| Book value $36.0m |
|
| Most recent valuation $35.5m |
|
| Valuation date 30 June 2020 |
|
| Valuer MMJ |
|
| Capitalisation rate 6.75% |
|
| EXPIRY PORTFOLIO (BY INCOME) | |
| 0.0% 77.6% 9.5% FY21 FY23 FY24 VACANT FY25+ FY22 12.9% 0.0% 0.0% |
Centuria Office REIT – Property Compendium HY21[| ] 13
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 HY21[| ] 14
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 creatre 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 |
| 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) | 23,273 |
| Occupancy (by NLA) | 53.1% |
| WALE (by income) | 2.1 years |
| MAJOR TENANTS (by gross income) | |
| Ericsson Australia | 58% |
| Federal Government (Australia) | 26% |
| VALUATION SUMMARY | |
| Book value | $220.0m |
| Most recent valuation | $220.0m |
| Valuation date | 31 December 2020 |
| Valuer | CBRE |
| Capitalisation rate EXPIRY PORTFOLIO (BY INCOME) |
5.13% |
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40.8%
35.9%
16.7%
1.7% 2.7% 2.2%
VACANT FY21 FY22 FY23 FY24 FY25+
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Centuria Office REIT – Property Compendium HY21[| ] 15
576 Swan Street, Richmond
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 8,185 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 | |
|---|---|
| Property type | Office |
| NABERS energy rating | 5.7 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) | 8,185 |
| Occupancy (by NLA) | 72.1% |
| WALE (by income) | 2.1 years |
| MAJOR TENANTS (by gross income) | |
| Forever New Clothing | 59% |
| General Electric | 22% |
| Wells Fargo | 13% |
| VALUATION SUMMARY | 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) |
| 46.1% 27.1% 0.0% 0.0% 22.3% 4.5% FY21 FY23 FY24 VACANT FY25+ FY22 |
Centuria Office REIT – Property Compendium HY21[| ] 16
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 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 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 |
| 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) | 7.9 years |
| MAJOR TENANTS (by gross income) | |
| Target Australia | 99% |
| VALUATION SUMMARY | |
| Book value | $65.5m |
| Most recent valuation | $64.5m |
| Valuation date | 30 June 2020 |
| Valuer | Savills |
| Capitalisation rate | 6.00% |
| EXPIRY PORTFOLIO (BY INCOME) |
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100.0%
0.0% 0.0% 0.0% 0.0% 0.0%
VACANT FY21 FY22 FY23 FY24 FY25+
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Centuria Office REIT – Property Compendium HY21[| ] 17
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
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6 555 CORONATION DRIVE, TOOWONG
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Centuria Office REIT – Property Compendium HY21[| ] 18
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.
| ASSET SUMMARY | |
|---|---|
| Property type | Office |
| NABERS energy rating | 5.0 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) | 97.1% |
| WALE (by income) | 2.9 years |
| MAJOR TENANTS (by gross income) | |
| Laing O’Rourke | 45% |
| Ergon Energy Corporation | 26% |
| Macquarie Group Services | 22% |
| WA ACT QLD SA VIC NSW |
VALUATION SUMMARY | VALUATION SUMMARY | VALUATION SUMMARY | 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) | ||||
| 2.6% | 0.1% | 0.4% 69.1% 0.0% 27.8% FY23 FY24 FY25+ FY22 |
||
| VACANT | FY21 |
Centuria Office REIT – Property Compendium HY21[| ] 19
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 |
| 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 NLA) | 100% |
| WALE (by income) | 2.5 years |
| 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 $85.0m |
|
| Most recent valuation $85.0m |
|
| Valuation date 31 December 2020 |
|
| Valuer Savills |
|
| Capitalisation rate 6.00% |
|
| EXPIRY PORTFOLIO (BY INCOME) | |
| 1.7% 19.9% 35.9% 0.0% 27.3% 15.2% FY21 FY23 FY24 VACANT FY25+ FY22 |
Centuria Office REIT – Property Compendium HY21[| ] 20
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 |
|---|---|---|
| Property type Office |
||
| NABERS energy rating 5.0 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 NLA) 80.9% |
||
| WALE (by income) 4.1 years |
||
| MAJOR TENANTS (by gross income) | ||
| DXC 51% |
||
| KBR 24% |
||
| Northrop Grumman 22% |
||
| VALUATION SUMMARY | ||
| Book value $76.5m |
||
| Most recent valuation $78.5m |
||
| Valuation date 30 June 2020 |
||
| Valuer Savills |
||
| Capitalisation rate 6.25% |
||
| EXPIRY PORTFOLIO (BY INCOME) | ||
| 17.5% 2.1% 80.4% 0.0% FY21 FY23 FY24 VACANT FY25+ FY22 0.0% 0.0% |
Centuria Office REIT – Property Compendium HY21[| ] 21
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 | |
|---|---|
| Property type | Office |
| NABERS energy rating | 5.0 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) | 9,228 |
| Occupancy (by NLA) | 96.2% |
| WALE (by income) | 4.3 years |
| MAJOR TENANTS (by gross income) | |
| Domino’s Pizza | 44% |
| Collins Restaurants Management | 16% |
| Woolworths Group | 10% |
| Devine | 10% |
| VALUATION SUMMARY | |
| Book value | $76.5m |
| Most recent valuation | $76.5m |
| Valuation date Valuer Capitalisation rate |
31 December 2020 M3 6.25% |
| EXPIRY PORTFOLIO (BY INCOME) |
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68.1%
17.3%
8.2%
0.0% 1.1% 3.2% 2.1%
VACANT FY21 FY22 FY23 FY24 FY25+
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Centuria Office REIT – Property Compendium HY21[| ] 22
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.
Foxtel have surrendered their lease effective from 31 August 2020, with COF receiving a surrender payment equivalent to rent payable under the remaining Foxtel lease term discounted to present day in July 2020.
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 | |
|---|---|
| Property type | Office |
| NABERS energy rating | Exempt |
| Ownership interest | 100% |
| Title | Freehold |
| Site area | 6,760 sqm |
| Building constructed | 2001 |
| Latest refurbishment | 2015 |
| Car park spaces | 268 |
| TENANCY SUMMARY | |
| Net lettable area (by NLA) | 9,814 |
| Occupancy (by NLA) | 34.0% |
| WALE (by income) | 0.9 years |
| MAJOR TENANTS (by gross income) | |
| RFG | 50% |
| Infinity Group Finance | 23% |
| DJ Health | 17% |
| VALUATION SUMMARY | |
|---|---|
| Book value | $40.0m |
| Most recent valuation | $40.0m |
| Valuation date | 31 December 2020 |
| Valuer Capitalisation rate |
JLL 7.5% |
EXPIRY PORTFOLIO (BY INCOME)
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63.9%
32.7%
17.3%
3.4%
0.0% 0.0% 0.0% 0.0%
VACANT FY21 FY22 FY23 FY24 FY25+
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Centuria Office REIT – Property Compendium HY21[| ] 23
555 Coronation Drive, Toowong
LOCATION
DESCRIPTION
| 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. WA ACT QLD SA VIC NSW |
ASSET SUMMARY | ASSET SUMMARY | ASSET SUMMARY |
|---|---|---|---|
| Property type Office |
|||
| NABERS energy rating 3.0 star |
|||
| 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 NLA) 100.0% |
|||
| WALE (by income) 6.3 years |
|||
| MAJOR TENANTS (by gross income) | |||
| Panthera Finance 37% |
|||
| Data #3 35% |
|||
| Chandler Macleod Serv. 19% |
|||
| VALUATION SUMMARY | |||
| Book value $38.8m |
|||
| Most recent valuation $38.8m |
|||
| Valuation date 31 December 2020 |
|||
| Valuer | M3 | ||
| Capitalisation rate (last external valuation) | 6.75% | ||
| EXPIRY | PORTFOLIO (BY INCOME) | ||
| 3.4% 3.1% 0.0% 0.0% 0.0% |
93.5% FY25+ |
||
| FY21 FY23 FY24 VACANT FY22 |
Centuria Office REIT – Property Compendium HY21[| ] 24
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 HY21[| ] 25
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 |
|||
| 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) 27,401 |
|||
| Occupancy (by NLA) 99.9% |
|||
| WALE (by income) 6.9 years |
|||
| MAJOR TENANTS (by gross income) | |||
| Federal Government (Australia) 56% |
|||
| 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 2020 |
|||
| Valuer KF |
|||
| Capitalisation rate 5.13% |
|||
| EXPIRY PORTFOLIO (BY INCOME) | |||
| 87.8% 7.3% 4.8% 0.1% FY21 FY23 FY24 VACANT FY25+ FY22 0.0% 0.0% |
|||
Centuria Office REIT – Property Compendium HY21[| ] 26
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. WA ACT QLD SA VIC NSW |
ASSET SUMMARY | ASSET SUMMARY |
|---|---|---|
| Property type Office |
||
| NABERS energy rating 4.0 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) 12,097 |
||
| Occupancy (by NLA) 79.8% |
||
| WALE (by income) 2.5 years |
||
| MAJOR TENANTS (by gross income) | ||
| Hays Specialist Recruitment (Australia) 11% |
||
| Moray and Agnew 10% |
||
| Maliganis Edwards Johnson 9% |
||
| APPEA 7% |
||
| VALUATION SUMMARY | ||
| Book value $61.0m |
||
| Most recent valuation $61.0m |
||
| Valuation date 31 December 2020 |
||
| Valuer Savills |
||
| Capitalisation rate 7.00% |
||
| EXPIRY PORTFOLIO (BY INCOME) | ||
| 8.6% 5.1% 27.6% 10.7% 11.4% 36.6% FY21 FY23 FY24 VACANT FY25+ FY22 |
Centuria Office REIT – Property Compendium HY21[| ] 27
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 high bespoke interior architecture.
| ASSET SUMMARY | |
|---|---|
| Property type | Office |
| NABERS energy rating | 3.5 stars |
| Ownership interest | 100% |
| Title | Leasehold |
| Site area | 1,667 sqm |
| Building constructed | 1986 |
| Latest refurbishment | 2016 |
| Car parking spaces | 53 |
| TENANCY SUMMARY | TENANCY SUMMARY | |
|---|---|---|
| Net lettable area (by NLA) | 5,227 | |
| Occupancy (by NLA) | 83.1% | |
| WALE (by income) | 3.0 years | |
| MAJOR TENANTS (by gross income) | ||
| Key Chambers | 14% | |
| Technology One | 12% | |
| VALUATION SUMMARY | ||
| Book value | $20.7m | |
| Most recent valuation | $20.9m | |
| Valuation date | 30 June 2020 | |
| Valuer | Colliers | |
| Capitalisation rate | 7.50% | |
| EXPIRY PORTFOLIO (BY INCOME) | ||
| 15.6% 8.8% 7.8% 8.6% 11.0% 18.2% |
38.6% FY25+ |
|
| FY21 FY23 FY24 VACANT FY22 |
Centuria Office REIT – Property Compendium HY21[| ] 28
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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2
3
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Centuria Office REIT – Property Compendium HY21[| ] 29
William Square, 235 William Street
LOCATION
Centrally located just north of Perth’s CBD, approximately 350 metres from 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 | ||||
| Ownership interest | 100% | ||||
| Title | Freehold | ||||
| Site area | 6,767 sqm | ||||
| Building constructed | 1992 | ||||
| Latest refurbishment | 2018 | ||||
| Car parking spaces | 129 | ||||
| TENANCY SUMMARY | |||||
| Net lettable area (by NLA) | 21,679 | ||||
| Occupancy (by NLA) | 100% | ||||
| WALE (by income) | 6.5 years | ||||
| MAJOR TENANTS (by gross income) | |||||
| Federal Government (Australia) | 67% | ||||
| WeWork Inc | 14% | ||||
| State Government (WA) | 13% | ||||
| VALUATION SUMMARY | |||||
| Book value | $186.0m | ||||
| Most recent valuation | $188.0m | ||||
| Valuation date | 30 Jun 2020 | ||||
| Valuer | JLL | ||||
| Capitalisation rate | 6.50% | ||||
| EXPIRY PORTFOLIO (BY INCOME) | |||||
| 0.0% | 0.7% | 2.1% | 0.5% | 95.0% 1.7% FY24 FY25+ |
|
| VACANT | FY21 | FY22 | FY23 |
Centuria Office REIT – Property Compendium HY21[| ] 30
144 Stirling Street, Perth
LOCATION
DESCRIPTION
Located on Perth’s city fringe, the precinct has progressively The property is an A-Grade office building, comprising four transformed from light industrial to a mixed-use, with various levels. The ground level includes a foyer, café and provides surrounding high density residential developments and connective access to the adjoining warehouse facility. The commercial office buildings. The property is 700 metres south configuration of the building is well suited to the use of the full west of the Perth Railway Station. 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 |
||
| 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 NLA) 100.0% |
||
| WALE (by income) 8.0 years |
||
| MAJOR TENANTS (by gross income) | ||
| State 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) | ||
| 6.6% 0.0% |
92.3% 1.1% 0.0% FY23 FY24 FY25+ FY22 0.0% |
|
| FY21 VACANT |
Centuria Office REIT – Property Compendium HY21[| ] 31
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 four levels and is well-serviced by public transport. It contains substantial end of trip facilities.
| ASSET SUMMARY | |
|---|---|
| Property type | Office |
| NABERS energy rating | 4 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 NLA) | 100.0% |
| WALE (by income) | 2.3 years |
| MAJOR TENANTS (by gross income) | |
| Insurance Australia | 75% |
| Base Resources | 8% |
| Forge Resources Swan | 7% |
| VALUATION SUMMARY | |
|---|---|
| Book value | $34.0m |
| Most recent valuation | $35.0m |
| Valuation date | 30 June 2020 |
| Valuer Capitalisation rate |
JLL 7.25% |
EXPIRY PORTFOLIO (BY INCOME)
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63.4%
13.7%
11.2%
6.8% 4.9%
0.0%
VACANT FY21 FY22 FY23 FY24 FY25+
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Centuria Office REIT – Property Compendium HY21[| ] 32
South Australia Portfolio
1 1 RICHMOND ROAD, KESWICK SA 2 131-139 GRENFELL STREET, ADELAIDE SA
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1
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Centuria Office REIT – Property Compendium HY21[| ] 33
1 Richmond Road, Keswick
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 diverse corporate occupiers.
| ASSET SUMMARY | |
|---|---|
| Property type | Office |
| NABERS energy rating | 4.5 stars |
| 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) | 8,083 |
| Occupancy (by NLA) | 100.0% |
| WALE (by income) | 3.6 years |
| MAJOR TENANTS (by gross income) | |
| Royal District Nursing Service of SA Inc | 44% |
| Naval Group Australia | 28% |
| SA Power Networks | 28% |
| VALUATION SUMMARY | VALUATION SUMMARY | |
|---|---|---|
| Book value | $35.0m | |
| Most recent valuation | $36.0m | |
| Valuation date | 30 June 2020 | |
| Valuer | KF | |
| Capitalisation rate | 7.25% | |
| EXPIRY PORTFOLIO (BY INCOME) | ||
| 6.8% 23.2% 0.0% 0.0% 0.0% |
70.0% FY25+ |
|
| FY21 FY23 FY24 VACANT FY22 |
Centuria Office REIT – Property Compendium HY21[| ] 34
131-139 Grenfell Street, Adelaide
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.
| ASSET SUMMARY | |
|---|---|
| Property type | Office |
| NABERS energy rating | 4.0 stars |
| 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) | 4,052 |
| Occupancy (by NLA) | 100.0% |
| WALE (by income) | 1.4 years |
| MAJOR TENANTS (by gross income) | |
| State Government (SA) | 92% |
| Federal Government (Australia) | 8% |
| VALUATION SUMMARY | |
| Book value (equity share) | $18.3m |
| Most recent valuation (equity share) | $18.3m |
| Valuation date | 31 December 2020 |
| Valuer | Colliers |
| Capitalisation rate (last external valuation) | 7.25% |
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EXPIRY PORTFOLIO (BY INCOME)
75.2%
16.7%
8.1%
0.0% 0.0% 0.0%
VACANT FY21 FY22 FY23 FY24 FY25+
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Centuria Office REIT – Property Compendium HY21[| ] 35
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NISHI 2 PHILLIP LAW STREET, CANBERRA, ACT
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54 MARCUS CLARKE STREET, CANBERRA, ACT
60 MARCUS CLARKE STREET, CANBERRA, ACT
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Centuria Office REIT – Property Compendium HY21 [| ] 36
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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