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CHARTER HALL GROUP — Annual Report 2011
Sep 4, 2011
64645_rns_2011-09-04_85a18d0d-ec76-4c02-9672-f75a0f8f8648.pdf
Annual Report
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Charter Hall Group Property Portfolio 30 June 2011
| Charter Hall Group 4 Corporate Structure 5 Our Funds 6 Listed REITs Charter Hall Offce REIT 10 Charter Hall Retail REIT 26 Unlisted Wholesale Funds Core Plus Offce Fund (CPOF) 36 Core Plus Industrial Fund (CPIF) 50 Charter Hall Opportunity Fund No.4 (CHOF4) 64 Charter Hall Opportunity Fund No.5 (CHOF5) 66 Unlisted Retail Funds Direct Property Fund (CHDPF) 72 Direct Industrial Fund (DIF) 84 Direct Retail Fund (DRF) 88 130 Stirling Street (CHIF7) 96 Diversifed Property Fund (DPF) 98 No. 1 Martin Place Trust (1MPT) 104 Index 106 Further Information 111 |
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|---|---|
Cover: Brisbane Square, Brisbane Qld
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occupancy[1] 94%
Funds under Management (FuM) b $10.7
Weighted average lease expiry (Wale)[1] 6.8
years
Development book b $1.9
Weighted average rental review[1] 3.8%
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11 Exhibition Street, Melbourne Vic
established in 1991 and listed on the asX in 2005 as a stapled security, Charter Hall has offices in Sydney, Melbourne, Brisbane, adelaide, Perth, Warsaw and Chicago and is part of the s&P/asX 200 a-reIt Index. through active funds management and superior property management, Charter hall aims to outperform investment benchmarks, achieving high levels of tenant retention and rental growth.
the Charter hall Group has achieved a solid track record across its activities demonstrating a 20 year history of managing high quality property on behalf of its institutional, wholesale and retail clients and is committed to delivering performance through its:
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significant co-investments in its property funds;
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sourcing of investment opportunities, predominantly offmarket;
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consistent track-record of strong relative performance through cycles;
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focus on securing long leased assets and portfolios;
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alignment with ‘best of breed’ joint venture partners;
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strong corporate governance principles; and
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a highly regarded listed and unlisted property funds management and in-house development team.
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focus on property fundamentals driving both income and capital growth;
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asset, advisory, property and development management activities across the risk/return spectrum;
4 | Charter hall ProPerty PortFolIo June 2011
Charter Hall Group (ASX:CHC)
Stapled Security
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Charter Hall Property Trust Charter Hall Limited
(CHPT) (CHL)
Property Investment Property Funds Management Development Investment
Total co-investments: $594 million (69.7%)1 Book Value: $100 million (11.7%)1 Total co-investments: $69 million (8.1%)1
co-investment$274m co-investment$164m $100m book value (intangible) $29m investment
Wholesale CIP 50%
Listed Funds
Unlisted Funds Investment Management
$5.6bn FUM
$3.5bn FUM $33m co-investment
Asset Management
Property Management Wholesale Opportunistic
$139m $17m Investments in CHOF4 and CHOF5
co-investment investment Development Management
$8m investment
Retail Transaction Services
Unlisted Funds $1.5bn FUM Direct Property $17m FUM Leasing Services 685 La Trobe
50% interest
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Listed REITs
Unlisted Wholesale Funds
Charter Hall Office REIT (ASX:CQO)
| Assets | 331 |
|---|---|
| Gross asset value | $3,427 million2 |
| Look-through gearing | 42.9% |
| WALE | 5.1 years |
| Occupancy | 87% |
| Charter Hall co-investment | $185.5 million (10.0%) |
| Charter Hall Retail REIT (ASX:CQR) | |
| Assets | 93 |
| Property value | $1,931 million |
| Balance sheet gearing | 39.1% |
| WALE | 6.7 years |
| Occupancy | 97.5% |
| Charter Hall co-investment $88.1 million (8.2%) |
note
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assets exclude atrium, Berlin (sold post balance date)
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Values reflect net US portfolio sale price
Core Plus Office Fund (CPOF)
| Assets | 15 |
|---|---|
| Gross asset value | $1,403 million |
| Look-through gearing | 42% |
| WALE | 6.0 years |
| Occupancy | 98.1% |
| Charter Hall co-investment $110.4 million (16.3%) | |
| re Plus Industrial Fund (CPIF) | |
| Assets | 16 |
| Gross asset value | $500 million |
| Look-through gearing | 31% |
| WALE | 11.5 years |
| Occupancy | 91.3% |
| Charter Hall co-investment $55.3 million (21.3%) |
Core Plus Industrial Fund (CPIF)
Charter Hall Opportunity Fund No.4 (CHOF4) Asset 2 Gross asset value $108 million Charter Hall Investment 3% Charter Hall Opportunity Fund No.5 (CHOF5) Assets 6 Gross asset value $873 million Charter Hall Investment 15%
Charter hall aims to outperform investment benchmarks, achieving high levels of tenant retention and rental growth across more than 300 assets.
6 | Charter hall ProPerty PortFolIo June 2011
Unlisted Retail Funds
Direct Property Fund (CHDPF)
| Assets | 9 | |
|---|---|---|
| Gross asset value | $512 million | |
| Look-through gearing | 41% | |
| WALE | 4.3 years | |
| Occupancy | 96% | |
| Charter Hall co-investment $10.4 million (3.6%) | ||
| Direct Industrial Fund (DIF) | ||
| Assets | 4 | |
| Gross asset value | $112 million | |
| Look-through gearing | 35%-45% target | |
| WALE | 14.8 years | |
| Occupancy | 100% | |
| Direct Retail Fund (DRF) | ||
| Assets | 6 | |
| Gross asset value | $179 million | |
| Look-through gearing | 35%-45% target | |
| WALE | 6.7 years | |
| Occupancy | 99% | |
| Charter Hall co-investment | $61 | million (66%) |
| 130 Stirling Street (CHIF7) | ||
| Assets | 1 | |
| Gross asset value | $80 million | |
| Look-through gearing | 42.5% | |
| WALE | 7.2 years | |
| Occupancy | 100% | |
| Diversifed Property Fund (DPF) | ||
| Assets | 6 | |
| Gross asset value | $127 million | |
| Look-through gearing | 55% | |
| WALE | 4.1 years | |
| Occupancy | 91% | |
| Charter Hall co-investment $30.7 million (36.3%) |
No.1 Martin Place Trust (1MPT)
| Asset | 1 |
|---|---|
| Gross asset value | $233 million |
| Look-through gearing | 34% |
| WALE | 3.8 years |
| Occupancy | 93% |
| Charter Hall Umbrella Fund (CHUF)1 | |
| Assets | > 55 |
| Gross asset value | $153 million |
| Look-through gearing | 39% |
| WALE | 8.1 years |
| Occupancy | 95% |
| Charter Hall co-investment $40.6 million (24.8%) | |
| Charter Hall Investment Funds (CHIF) 2-62 | |
| Assets | 7 |
| Gross asset value | $102 million |
| Look-through gearing | N/A |
| WALE | 3.9 years |
| Occupancy | 98% |
note:
1.these funds are not a direct owner of property assets
- aggregated across the various Funds
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listed reIts
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Allianz Centre, 2 Market Street, Sydney NSW
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lIsteD reIts | 9
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CqO
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Argus Centre, 300 LaTrobe Street, Melbourne Vic
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Charter Hall Office REIT
Charter Hall Office REIT is a leading listed real estate investment trust focused on investing in high grade office buildings predominantly located in major business districts across Australia and the United States[1] .
Australia
Fund Statistics
Top 10 tenants
By gross income
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Australian Government 18%
Macquarie Group Ltd 10%
Telstra Corporation Ltd 8%
Citigroup 6%
Allianz 3%
Wilson 2%
Parking
Gilbert & Tobin 2%
Norton Rose 2%
Credit Union
2%
Australia Ltd
Caltex 2%
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Annual lease expiry By nla
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Vacant 4%
FY 12 9%
FY 13 8%
FY 14 11%
FY 15 23%
FY 16 + 45%
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note:
- Contracts exchanged to sell 100% of united states portfolio, subject to customary conditions and third party consents.
Charter hall oFFICe reIt | 11
Fund Statistics
Asset diversification
By current value
171 Collins Street, Melbourne 1%
ATO Moonee Ponds 4%
| 171 Collins Street, Melbourne 1% | ATO Moonee Ponds 4% | ||||
|---|---|---|---|---|---|
| Charter Grove, St Leonards 4% Wentworth Place, Parramatta 1% 59 Goulburn Street, Sydney 5% 2 Market Street, Sydney 9% No.1 Martin Place, Sydney 12% CitiCentre, 2 Park Street, Sydney 19% |
5 Queens Road, St Kilda Road 3% | ||||
| Argus Centre, Melbourne 7% | |||||
| 150 Lonsdale Street, Melbourne 7% | |||||
| Australia Place, Canberra 2% | |||||
| 175 Eagle Street, Brisbane 6% | |||||
| Capital Hill, Brisbane 3% | |||||
| Eastpoint Plaza, Perth 3% | |||||
| ATO, Newcastle 3% | |||||
| NCR House, North Sydney 3% | |||||
| The Denison, North Sydney 4% | |||||
| Avaya House, Macquarie Park 4% |
Tenant type diversification By gross income
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Investment grade 64%
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Government 21%
Other 15%
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NABERS Energy rating (with GreenPower)
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australIan PortFolIo naBers
enerGy ratInG
CitiCentre, 2 Park street, sydney
no.1 Martin Place, sydney
2 Market street, sydney (tower)
2 Market street, sydney (forecourt)
59 Goulburn street, sydney
the Denison, north sydney
nCr house, north sydney
Charter Grove, st leonards
123 epping road, north ryde
Wentworth Place, Parramatta
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australIan PortFolIo naBers
enerGy ratInG
ato, newcastle
150 lonsdale street, Melbourne
argus Centre, Melbourne
5 Queens road, st Kilda
ato, Moonee Ponds
175 eagle street, Brisbane
Capital hill, Brisbane
eastpoint Plaza, Perth
australia Place, Canberra
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12 | Charter hall ProPerty PortFolIo June 2011
Property Portfolio
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CQO jUN 2011 jUN 2011 jUN 2011 jUN 2011 WALE
OWNERSHIP BOOk vALUE CAPITALISATION DISCOUNT TERMINAL (Years)
% A$M RATE % RATE % CAPITALISATION
RATE %
CitiCentre
50% 370.2 7.20% 8.80% 7.10% 3.2
2 Park street, sydney nsW
No. 1 Martin Place
50% 232.5 6.90% 9.00% 7.00% 3.8
sydney nsW
Allianz Centre 2 Market street,
50% 171.0 7.00% 9.00% 7.50% 6.9
sydney nsW
59 Goulburn Street
100% 89.2 8.00% 9.50% 9.50% 2.8
sydney nsW
The Denison 65 Berry street,
100% 80.5 8.50% 9.50% 8.75% 3.4
north sydney nsW
NCR House 8-20 napier street,
100% 57.0 8.25% 9.50% 8.60% 3.7
north sydney nsW
Charter Grove 29-57 Christie
100% 82.5 9.00% 9.50% 9.00% 3.6
street, st leonards nsW
Avaya House 123 epping
100% 72.0 8.25% 9.30% 9.30% 3.8
road, north ryde nsW
Wentworth Place 9 Wentworth
100% 25.5 9.25% 10.25% 10.25% 2.0
street Parramatta nsW
ATO 266 King street,
100% 50.0 10.25% 10.00% 10.00% 5.8
newcastle nsW
Argus Centre 300 latrobe
100% 130.0 7.25% 9.50% 9.50% 12.4
street, Melbourne Vic
150 Lonsdale Street
100% 130.0 8.25% 9.25% 8.50% 3.8
Melbourne Vic
171 Collins Street Melbourne
50% 21.8 n/a n/a n/a n/a
Vic (Development site)
5 Queens Road
100% 65.0 8.50% 9.75% 8.75% 3.8
Melbourne Vic
ATO Moonee Ponds 6-20
100% 77.2 8.50% 9.75% 8.75% 8.7
Gladstone street, Melbourne Vic
175 Eagle Street
100% 115.0 8.25% 9.25% 8.25% 1.5
Brisbane Qld
Capital Hill 83-85 George
100% 49.4 8.50% 9.25% 9.00% 4.8
street, Brisbane Qld
Eastpoint Plaza 233-237
100% 52.0 9.00% 9.75% 9.75% 5.0
adelaide terrace, Perth Wa
Australia Place 14 Mort street,
100% 29.0 9.25% 10.25% 9.50% 1.3
Canberra aCt
TOTAl/wEIgHTED
1,899.8 7.85% 9.27% 8.27% 4.5
AvERAgE
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Charter hall oFFICe reIt | 13
No. 1 Martin Place , Sydney NSW
14 | Charter hall ProPerty PortFolIo June 2011
australia Charter Hall Office REIT
CitiCentre 2 Park street, sydney nsW
No.1 Martin Place sydney nsW
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Premium grade 47 level office tower located in the Sydney CBD directly opposite the Queen Victoria Building and sydney town hall.
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Prime office building located in the Sydney CBD on the prestigious GPo site in Martin Place.
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suMMary suMMary
year built (or refurbished) 2000 year built (or refurbished) 1999
Grade Premium Grade Premium
ownership 50% ownership 50%
JV partner General Property trust (GPt) JV partner no. 1 Martin Place trust
total nla (sqm) 73,582 total nla (sqm) 40,237
Typical floor plate (sqm) 1,865 Typical floor plate (sqm) 1,672
Car spaces 284 Car spaces 374
ValuatIon (30 June 2011 BooK Value) ValuatIon (30 June 2011 BooK Value)
Valuation (50%) $370.2 million Valuation (50%) $232.5 million
Value ($/sqm) $10,070 Value ($/sqm) $11,557
Capitalisation rate 7.20% Capitalisation rate 6.90%
Discount rate 8.80% Discount rate 9.00%
last external valuation date 30 June 2010 last external valuation date 30 June 2011
Valuer Knight Frank Valuer Knight Frank
tenanCy statIstICs tenanCy statIstICs
Wale (by income) 3.2 years Wale (by income) 3.8 years
occupancy 97% occupancy 90%
MaJor tenants nla (sQM) MaJor tenant nla (sQM)
Citi 33,784 Macquarie Group ltd 36,404
Gilbert and tobin 9,280
royal Bank of Canada 7,117
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Charter hall oFFICe reIt | 15
australia Charter Hall Office REIT
Allianz Centre
2 Market street, sydney nsW
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a 24 level, a-grade building with an adjoining seven level forecourt building located in the western corridor of the sydney CBD.
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suMMary
year built (or refurbished) 1991 (2007 forecourt)
Grade a
ownership 50%
JV partner allianz
total nla (sqm) 39,818
Typical floor plate (sqm) 1,954 (main)
Car spaces 301
ValuatIon (30 June 2011 BooK Value)
Valuation (50%) $171.0 million
Value ($/sqm) $8,568
Capitalisation rate 7.00%
Discount rate 9.00%
last external valuation date 30 June 2011
Valuer savills
tenanCy statIstICs
Wale (by income) 6.9 years
occupancy 100%
MaJor tenants nla (sQM)
allianz 18,380
Caltex 9,201
BDo Kendalls 3,952
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59 Goulburn Street sydney nsW
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A 28 level, A-grade office tower located between George and Pitt streets, opposite World square.
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suMMary
year built (or refurbished) 1973 (2001)
Grade a
ownership 100%
total nla (sqm) 19,586
Typical floor plate (sqm) 752
Car spaces 135
ValuatIon (30 June 2011 BooK Value)
Valuation $89.2 million
Value ($/sqm) $4,554
Capitalisation rate 8.00%
Discount rate 9.50%
last external valuation date 31 December 2009
Valuer m3 Property
tenanCy statIstICs
Wale (by income) 2.8 years
occupancy 90%
MaJor tenants nla (sQM)
Dept of environment, Climate
10,996
Change & Water (nsW)
Charles Parsons 1,669
Parsons Brinckerhoff 1,669
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16 | Charter hall ProPerty PortFolIo June 2011
65 Berry street, north sydney nsW
The Denison
NCR House[1]
8-20 napier street, north sydney nsW
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A modern 18 level office building centrally located within the North sydney CBD.
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suMMary
year built (or refurbished) 1986
Grade a
ownership 100%
total nla (sqm) 15,123
Typical floor plate (sqm) 844
Car spaces 157
ValuatIon (30 June 2011 BooK Value)
Valuation $80.5 million
Value ($/sqm) $5,323
Capitalisation rate 8.50%
Discount rate 9.50%
last external valuation date 30 June 2011
Valuer savills
tenanCy statIstICs
Wale (by income) 3.4 years
occupancy 100%
MaJor tenants nla (sQM)
MediaCom 4,772
reckon 2,261
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A 23 level, B-grade commercial office building in North Sydney with panoramic views across sydney harbour.
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suMMary
year built (or refurbished) 1975, (1998)
Grade B
ownership 100%
total nla (sqm) 10,632
Typical floor plate (sqm) 594
Car spaces 130
ValuatIon (30 June 2011 BooK Value)
Valuation $57.0 million
Value ($/sqm) $5,357
Capitalisation rate 8.25%
Discount rate 9.50%
last external valuation date 30 June 2011
Valuer m3 Property
tenanCy statIstICs
Wale (by income) 3.7 years
occupancy 96%
MaJor tenants nla (sQM)
aCu (australian Catholic university) 3,221
nCr australia 2,078
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note:
- executed contract for sale post balance date for $57.3 million.
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Charter hall oFFICe reIt | 17
australia Charter Hall Office REIT
Charter Grove
29-57 Christie street, st leonards nsW
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Modern seven level, A-grade office building and adjoining sports and community complex located in the st leonards business district.
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suMMary
year built (or refurbished) 1990
Grade a
ownership 100%
total nla (sqm) 18,081
Typical floor plate (sqm) 2,100
Car spaces 285
ValuatIon (30 June 2011 BooK Value)
Valuation $82.5 million
Value ($/sqm) $4,563
Capitalisation rate 9.00%
Discount rate 9.50%
last external valuation date 30 June 2011
Valuer m3 Property
tenanCy statIstICs
Wale (by income) 3.6 years
occupancy 84%
MaJor tenants nla (sQM)
Coca Cola amatil (australia) 4,313
Fitness First 3,056
aru 2,818
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Avaya House 123 epping road, Macquarie Park nsW
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A modern 10 level, A-grade office building prominently located in one of australia’s premier technology precincts.
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suMMary
year built (or refurbished) 2000
Grade a
ownership 100%
total nla (sqm) 16,281
Typical floor plate (sqm) 1,585
Car spaces 534
ValuatIon (30 June 2011 BooK Value)
Valuation $72.0 million
Value ($/sqm) $4,405
Capitalisation rate 8.25%
Discount rate 9.30%
last external valuation date 30 June 2011
Valuer Knight Frank
tenanCy statIstICs
Wale (by income) 3.8 years
occupancy 94%
MaJor tenants nla (sQM)
avaya australia 5,050
amgen australia 3,548
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18 | Charter hall ProPerty PortFolIo June 2011
Wentworth Place
9 Wentworth street, Parramatta nsW
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a recently refurbished and upgraded seven level building, well located in the Parramatta CBD.
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suMMary
year built (or refurbished) 1988
Grade a
ownership 100%
total nla (sqm) 7,672
Typical floor plate (sqm) 738
Car spaces 97
ValuatIon (30 June 2011 BooK Value)
Valuation $25.5 million
Value ($/sqm) $3,324
Capitalisation rate 9.25%
Discount rate 10.25%
last external valuation date 31 December 2010
Valuer CBre
tenanCy statIstICs
Wale (by income) 2.0 years
occupancy 100%
MaJor tenant nla (sQM)
Dept of Immigration & Citizenship 5,972
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Australian Taxation Office 266 King street, newcastle nsW
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A modern nine level, A-grade office building located within the civic precinct of the newcastle CBD.
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suMMary
year built (or refurbished) 1989
Grade a
ownership 100%
total nla (sqm) 14,157
Typical floor plate (sqm) 1,682
Car spaces 64
ValuatIon (30 June 2011 BooK Value)
Valuation $50.0 million
Value ($/sqm) $3,532
Capitalisation rate 10.25%
Discount rate 10.00%
last external valuation date 31 December 2010
Valuer Knight Frank
tenanCy statIstICs
Wale (by income) 5.8 years
occupancy 100%
MaJor tenant nla (sQM)
Australian Taxation Office 14,157
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Charter hall oFFICe reIt | 19
australia Charter Hall Office REIT
Argus Centre 300 latrobe street, Melbourne Vic
150 Lonsdale Sreet Melbourne Vic
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A modern 34 level, A-grade office building and car park located opposite Melbourne Central railway station.
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A refurbished 29 level, A-grade office building located in the north eastern section of the Melbourne CBD.
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suMMary suMMary
year built (or refurbished) 1991 year built (or refurbished) 1974 (2005)
Grade a Grade a
ownership 100% ownership 100%
total nla (sqm) 33,051 total nla (sqm) 28,744
Typical floor plate (sqm) 1,415 Typical floor plate (sqm) 1,100
Car spaces 520 Car spaces 647
ValuatIon (30 June 2011 BooK Value) ValuatIon (30 June 2011 BooK Value)
Valuation $130.0 million Valuation $130.0 million
Value ($/sqm) $3,933 Value ($/sqm) $4,526
Capitalisation rate 7.25% Capitalisation rate 8.25%
Discount rate 9.50% Discount rate 9.25%
last external valuation date 31 December 2010 last external valuation date 30 June 2010
Valuer m3 Property Valuer CBre
tenanCy statIstICs tenanCy statIstICs
Wale (by income) 12.4 years Wale (by income) 3.8 years
occupancy 100% occupancy 89%
MaJor tenants nla (sQM) MaJor tenants nla (sQM)
telstra Corporation ltd 23,482 telstra Corporation ltd 13,783
Department of Veteran affairs 7,727 GMK Centric services 2,717
GhD 2,485
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20 | Charter hall ProPerty PortFolIo June 2011
171 Collins Street Melbourne Vic
5 Queens Road Melbourne Vic
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Construction has commenced and once completed in mid 2013, will offer 17 levels of premium and boutique office space in a highly sought after area in Melbourne’s CBD.
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suMMary
Completion date mid 2013
Grade Premium (upon completion)
ownership 50%
JV partner Cbus Property
Proposed office NLA (sqm) 31,494 (land site 2,957)
Proposed retail nla (sqm) 1,477
Proposed storage/other nla (sqm) 364
Proposed car spaces 137
ValuatIon (30 June 2011 BooK Value)
Valuation (50%) $21.8 million
MaJor tenants nla (sQM)
BhP Billiton (pre-committment) 12,108
evans and Partners (pre-committment) 1,670
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An 11 level, A-grade office building situated in the midst of the St Kilda Road office precinct, opposite Albert Park.
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suMMary
year built (or refurbished) 1989
Grade a
ownership 100%
total nla (sqm) 17,726
Typical floor plate (sqm) 1,670
Car spaces 323
ValuatIon (30 June 2011 BooK Value)
Valuation $65.0 million
Value ($/sqm) $3,668
Capitalisation rate 8.50%
Discount rate 9.75%
last external valuation date 30 June 2011
Valuer Colliers International
tenanCy statIstICs
Wale (by income) 3.8 years
occupancy 100%
MaJor tenants nla (sQM)
Beca 5,041
leighton Contractors Pty ltd 3,362
IsIs 2,827
unico 2,405
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Charter hall oFFICe reIt | 21
australia Charter Hall Office REIT
Australia Taxation Office 6-20 Gladstone street, Moonee Ponds Vic
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A seven level, A-grade office building situated in Moonee Ponds in Melbourne’s north west.
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suMMary
year built (or refurbished) 1991
Grade a
ownership 100%
total nla (sqm) 21,034
Typical floor plate (sqm) 2,862
Car spaces 120
ValuatIon (30 June 2011 BooK Value)
Valuation $77.2 million
Value ($/sqm) $3,670
Capitalisation rate 8.50%
Discount rate 9.75%
last external valuation date 30 June 2011
Valuer m3 property
tenanCy statIstICs
Wale (by income) 8.7 years
occupancy 100%
MaJor tenant nla (sQM)
Australian Taxation Office 21,034
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175 Eagle Street Brisbane Qld
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an a-grade quality riverfront property situated within the ‘Golden triangle’ of the Brisbane CBD.
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suMMary
year built (or refurbished) 2002
Grade a
ownership 100%
total nla (sqm) 22,851
Typical floor plate (sqm) 1,159
Car spaces 162
ValuatIon (30 June 2011 BooK Value)
Valuation $115.0 million
Value ($/sqm) $5,033
Capitalisation rate 8.25%
Discount rate 9.25%
last external valuation date 30 June 2011
Valuer CBre
tenanCy statIstICs
Wale (by income) 1.5 years
occupancy 93%
MaJor tenants nla (sQM)
Credit union australia ltd 4,879
norton rose 4,522
herbert Geer 3,477
aon risk services 2,898
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22 | Charter hall ProPerty PortFolIo June 2011
Capital Hill 83-85 George street, Brisbane Qld
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An 18 level office building located within the Queensland Government office precinct in the Brisbane CBD.
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suMMary
year built (or refurbished) 1989
Grade B
ownership 100%
total nla (sqm) 10,516
Typical floor plate (sqm) 581
Car spaces 105
ValuatIon (30 June 2011 BooK Value)
Valuation $49.4 million
Value ($/sqm) $4,698
Capitalisation rate 8.50%
Discount rate 9.25%
last external valuation date 30 June 2011
Valuer savills
tenanCy statIstICs
Wale (by income) 4.8 years
occupancy 100%
MaJor tenant nla (sQM)
state of Qld - Dept Main roads 8,780
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Eastpoint Plaza 233-237 adelaide terrace, Perth Wa
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A 13 level B-grade office building well located in the eastern end of Perth’s CBD.
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suMMary
year built (or refurbished) 1982
Grade B
ownership 100%
total nla (sqm) 11,672
Typical floor plate (sqm) 1,050
Car spaces 89
ValuatIon (30 June 2011 BooK Value)
Valuation $52.0 million
Value ($/sqm) $4,453
Capitalisation rate 9.00%
Discount rate 9.75%
last external valuation date 31 December 2010
Valuer Knight Frank
tenanCy statIstICs
Wale (by income) 5.0 years
occupancy 100%
MaJor tenants nla (sQM)
Minister for Works (health & Police) 6,221
national native title tribunal 2,099
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Charter hall oFFICe reIt | 23
australia Charter Hall Office REIT
Australia Place
14 Mort street, Canberra aCt
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A modern eight level A-grade commercial office building with basement parking located in the civic precinct of the Canberra CBD.
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suMMary
year built (or refurbished) 1996
Grade a
ownership 100%
total nla (sqm) 9,384
Typical floor plate (sqm) 900
Car spaces 67
ValuatIon (30 June 2011 BooK Value)
Valuation $29.0 million
Value ($/sqm) $3,091
Capitalisation rate 9.25%
Discount rate 10.25%
last external valuation date 31 December 2010
Valuer Jones lang lasalle
tenanCy statIstICs
Wale (by income) 1.3 years
occupancy 100%
MaJor tenant nla (sQM)
Dept of education & training 9,384
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24 | Charter hall ProPerty PortFolIo June 201124 | CHARTER HAll ProPerty PortFolIo 2010
5 Queens Road, Melbourne Vic
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Charter Hall Retail REIT
Windsor Marketplace, Windsor NSW
26 | Charter hall ProPerty PortFolIo June 2011
Charter Hall Retail REIT
Charter Hall Retail REIT invests in well located predominantly grocery anchored neighbourhood and sub-regional shopping centres.
With an active management strategy focused on maximising total returns through attracting and retaining creditworthy tenants, the REIT aims to deliver strong performance across its quality portfolio.
New South Wales
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| suMMary | |||
|---|---|---|---|
| number of properties | 31 | ||
| number of tenancies | 725 | ||
| total nla (sqm) ValuatIon |
161,775 | ||
| Valuation | $606.4 million | ||
| Value ($/sqm) | $3,748 | ||
| Capitalisation rate | 7.94% | ||
| Discount rate tenanCy statIstICs |
9.59% | ||
| Wale (by income) | 8.8 years | ||
| occupancy MaJor tenants |
98.3% aBr1ContrIButIon (%) |
||
| Woolworths | 29.3% | ||
| Coles | 16.5% | ||
| BigW | 5.7% | ||
| target Country | 2.6% | ||
| harvey norman | 1.5% | ||
| ProPerty oWnershIP (%) | ClassIFICatIon | ||
| Bathurst Chase, Bathurst | 100% | neighbourhood | |
| Cooma Woolworths, Cooma | 100% | Freestander | |
| Cootamundra Woolworths, Cootamundra |
100% | Freestander | |
| earlwood Coles, earlwood | 100% | Freestander | |
| Pemulwuy Marketplace, Greystanes | 50% | neighbourhood | |
| Mackenzie Mall, Glen Innes | 100% | neighbourhood |
note:
- annual Base rent
| ProPerty oWnershIP (%) | ProPerty oWnershIP (%) | ClassIFICatIon |
|---|---|---|
| Goonellabah Village, Goonellabah | 100% | neighbourhood |
| Gordon Village Centre, Gordon | 100% | neighbourhood |
| Carnes hill Marketplace, horningsea Park |
50% | sub-regional |
| Jerrabomberra Village, Jerrabomberra | 100% | neighbourhood |
| Kings langley shopping Centre, Kings langley |
100% | neighbourhood |
| highlands Marketplace, Mittagong | 50% | sub-regional |
| Balo square, Moree | 100% | neighbourhood |
| Morisset shoppingCentre, Morisset | 100% | neighbourhood |
| lake Macquarie Fair, Mount hutton | 50% | sub-regional |
| Mount hutton Plaza, Mount hutton | 50% | sub-regional |
| Mudgee Metroplaza, Mudgee | 100% | neighbourhood |
| sunnyside Mall, Murwillumbah | 100% | neighbourhood |
| narrabri Coles, narrabri | 100% | Freestander |
| Kierath’s shopping square, narromine |
100% | neighbourhood |
| orange Central, orange | 100% | neighbourhood |
| Parkes Metroplaza, Parkes | 100% | neighbourhood |
| rosehill Woolworths, rosehill | 100% | Freestander |
| rutherford Marketplace, rutherford | 50% | neighbourhood |
| Gowrie street Mall, singleton | 100% | sub-regional |
| thornleigh Marketplace, thornleigh | 50% | neighbourhood |
| tumut Coles, tumut | 100% | Freestander |
| Wellington Coles, Wellington | 100% | Freestander |
| West ryde Marketplace, West ryde | 50% | neighbourhood |
| Windsor Marketplace, Windsor | 50% | neighbourhood |
| youngWoolworths | 100% | Freestander |
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Charter hall retaIl reIt | 27
Charter Hall Retail REIT
Victoria
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| suMMary | |
|---|---|
| number of properties | 8 |
| number of tenancies | 70 |
| total nla (sqm) ValuatIon |
38,641 |
| Valuation | $103.0 million |
| Value ($/sqm) | $2,664 |
| Capitalisation rate | 7.97% |
| Discount rate 9.58% ProPerty oWnershIP (%) ClassIFICatIon |
|
| Bairnsdale Coles, Bairnsdale | 100% Freestander |
| Pakington strand, GeelongWest | 50% neighbourhood |
| safeway Kerang, Kerang | 100% Freestander |
| Kyneton shoppingCentre, Kyneton | 100% neighbourhood |
| olive tree shopping Centre, lilydale |
100% neighbourhood |
| Moe Coles, Moe | 100% Freestander |
| Moe Kmart, Moe | 100% Freestander |
| home hQ nunawading, nunawading tenanCy statIstICs |
50% household retail |
| Wale (by income) | 7.7 years |
| occupancy MaJor tenants |
99.1% aBr ContrIButIon (%) |
| Woolworths | 24.7% |
| Coles | 18.2% |
| Kmart | 7.8% |
| Bev Marks Beds | 4.4% |
| nick scali | 3.9% |
| the Good Guys | 3.6% |
| Fitness First | 3.1% |
| JB hIFI | 2.7% |
queensland
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suMMary
number of properties 12
number of tenancies 330
total nla (sqm) 81,728
ValuatIon
Valuation $276.0 million
Value ($/sqm) $3,377
Capitalisation rate 7.97%
Discount rate 9.64%
ProPerty oWnershIP (%) ClassIFICatIon
tablelands Village, atherton 100% neighbourhood
Bribie Island shopping Centre,
100% sub-regional
Bribie Island
Caboolture Park shopping
100% sub-regional
Centre, Caboolture
Currimundi Markets, Currimundi 100% neighbourhood
Gatton Plaza, Gatton 100% neighbourhood
Bay Plaza, hervey Bay 100% neighbourhood
Kallangur Fair, Kallangur 100% neighbourhood
sydney street Markets, Mackay 100% neighbourhood
Mareeba Plaza, Mareeba 100% neighbourhood
Moranbah Fair, Moranbah 100% neighbourhood
allenstown Plaza, rockhampton 100% neighbourhood
Springfield Fair, Springfield 100% neighbourhood
tenanCy statIstICs
Wale (by income) 6.6 years
occupancy 99.4%
MaJor tenants aBr ContrIButIon (%)
Woolworths 25.3%
Coles 17.1%
Kmart 4.3%
target Country 4.1%
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28 | Charter hall ProPerty PortFolIo June 2011
South Australia
Western Australia
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| suMMary | |
|---|---|
| number of properties | 3 |
| number of tenancies | 69 |
| total nla (sqm) ValuatIon |
45,003 |
| Valuation | $98.5 million |
| Value ($/sqm) | $2,189 |
| Capitalisation rate | 8.62% |
| Discount rate 10.10% ProPerty oWnershIP (%) ClassIFICatIon |
|
| Mile end homemarker Centre, Mile end |
100% household retail |
| Wharfands Plaza, Port Augusta | 100% sub-regional |
| renmark Plaza, renmark tenanCy statIstICs |
100% sub-regional |
| Wale (by income) | 5.9 years |
| occupancy MaJor tenants |
99.3% aBr ContrIButIon (%) |
| BigW | 17.8% |
| Woolworths | 16.7% |
| nick scali Furniture | 4.9% |
| the Good Guys | 4.2% |
| Freedom Furniture | 4.0% |
| amart all sports | 2.9% |
| Forty Winks | 2.5% |
| Barbeques Galore | 2.3% |
| snooze | 2.2% |
| Beacon lighting | 2.1% |
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suMMary
number of properties 10
number of tenancies 214
total nla (sqm) 75,349
ValuatIon
Valuation $210.5 million
Value ($/sqm) $2,729
Capitalisation rate 7.90%
Discount rate 9.67%
ProPerty oWnershIP (%) ClassIFICatIon
albany Plaza, albany 100% sub-regional
Ballajura Central , Ballajuna 100% neighbourhood
Carnarvon Central, Carnarvon 100% neighbourhood
Collie Central, Collie 100% neighbourhood
esperance Boulevard, esperance 100% neighbourhood
Kalgoorlie Central, Kalgoorlie 100% neighbourhood
Maylands Coles, Maylands 100% Freestander
narrogin Coles, narrogin 100% Freestander
south hedland shopping Centre,
100% sub-regional
south hedland
swan View shopping Centre,
100% neighbourhood
swan View
tenanCy statIstICs
Wale (by income) 6.5 years
occupancy 99.1%
MaJor tenants aBr ContrIButIon
(%)
Woolworths 19.4%
Coles 16.5%
Kmart 7.9%
target Country 5.1%
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Charter hall retaIl reIt | 29
Charter Hall Retail REIT
ACT
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suMMary
number of properties 3
number of tenancies 69
total nla (sqm) 17,139
ValuatIon
Valuation $86.2 million
Value ($/sqm) $5,030
Capitalisation rate 7.67%
Discount rate 9.42%
ProPerty oWnershIP (%) ClassIFICatIon
Dickson Woolworths, Dickson 100% Freestander
Manuka terrace, Manuka 100% neighbourhood
erindale shopping Centre,
100% neighbourhood
Wanniassa
tenanCy statIstICs
Wale (by income) 6.7 years
occupancy 98.5%
MaJor tenants aBr ContrIButIon (%)
Woolworths 27.8%
Coles 14.8%
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Tasmania
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----- Start of picture text -----
suMMary
number of properties 3
number of tenancies 4
total nla (sqm) 6,446
ValuatIon
Valuation $23.9 million
Value ($/sqm) $3,700
Capitalisation rate 7.07%
Discount rate 8.88%
ProPerty oWnershIP (%) ClassIFICatIon
newstead Coles, newstead 100% Freestander
smithton Woolworths, smithton 100% Freestander
Wynyard Woolworths, Wynyard 100% Freestander
tenanCy statIstICs
Wale (by income) 10.4 years
occupancy 100%
MaJor tenants aBr ContrIButIon (%)
Woolworths 59.6%
Coles 37.8%
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30 | Charter hall ProPerty PortFolIo June 2011
Poland
germany
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suMMary
number of properties 5
number of tenancies 331
total nla (sqm) 64,028
ValuatIon
Valuation €192.6 million
Value (€/sqm) €3,008
Capitalisation rate 8.69%
Discount rate 9.16%
ProPerty oWnershIP (%)
arena, Gliwice 100%
Borek, Wroclaw 100%
Dabrowka, Katowice 100%
turzyn, szczecin 100%
Zakopianka, Krakow 100%
tenanCy statIstICs
Wale (by income) 2.7 years
occupancy 98.6%
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suMMary
number of properties 2
number of tenancies 91
total nla (sqm) 97,159
ValuatIon
Valuation €98.9 million
Value (€/sqm) €1,018
Capitalisation rate 8.02%
Discount rate 6.73%
ProPerty oWnershIP (%)
alt Chemnitz Center, Chemnitz 100%
Burgaupark Jena, Jena 100%
tenanCy statIstICs
Wale (by income) 3.4 years
occupancy 98.1%
MaJor tenants aBr ContrIButIon (%)
toom 65.8%
ohG Fegro / selgros 10.7%
Mobel Walther aG 10.4%
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Charter hall retaIl reIt | 31
Charter Hall Retail REIT
Non-core assets
New Zealand
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----- Start of picture text -----
suMMary
number of properties [2] 2
number of tenancies 2
total nla (sqm) 3,561
ValuatIon
Valuation nZ$8.2 million
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United States
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| suMMary | |
|---|---|
| number of properties | 13 |
| number of tenancies | 233 |
| total nla (sqm) ValuatIon |
101,978 |
| Valuation ProPerty |
us$132.1 million oWnershIP (%) |
| Centennial Crossroads Plaza, nevada | 100% |
| Cherry Park Market, oregon2 | 100% |
| hillsboro Market Center, oregon2 | 100% |
| hilltop Village, Colorado | 75% |
| Kleinwood Center, texas | 75% |
| lindbergh Crossing, Georgia2 | 100% |
| Murray landing, south Carolina | 75% |
| northlake Promenade, Georgia2 | 100% |
| Powers Ferry Kroger, Georgia2 | 100% |
| roswell Crossing, Georgia2 | 100% |
| trowbridge Crossing, Georgia1 | 100% |
| Vineyard shoppingCenter, Florida | 75% |
| Woodstock Crossing, Georgia | 100% |
note:
-
sold post balance date
-
announced disposal transaction
32 | Charter hall ProPerty PortFolIo June 2011
Sydney Street Markets, Mackey Qld
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Charter hall retaIl reIt | 33
unlisted Wholesale Funds
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----- Start of picture text -----
Melbourne Airport Business Park, Tullamarine Vic
34 | Charter hall ProPerty PortFolIo June 2011
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unlIsteD Wholesale FunDs | 35
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----- Start of picture text -----
Brisbane Square, Brisbane Qld
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36 | Charter hall ProPerty PortFolIo June 2011
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Core Plus Office Fund
Charter Hall’s Core Plus Office Fund (CPOF) is the largest of the Core Plus series of wholesale funds. Launched in 2006, the Fund predominantly targets the office property sector in the major capital city markets of Australia.
Fund Statistics
Top 10 tenants By gross income
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----- Start of picture text -----
Australian Governments 19%
0 5 10 15 20
Telstra 16%
Westpac Group 12%
Mercer 5%
Suncorp Metway 5%
BHP Billiton 4%
Qld Gas
3%
Company Ltd
Wilson Parking 3%
Parsons
3%
Brinckerhoff
Hatch 2%
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Annual lease expiry By gross income
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----- Start of picture text -----
Vacant 2%
FY 12 9%
FY 13 10%
FY 14 5%
FY 15 10%
FY 16 12%
FY 17 6%
FY 18 15%
FY 19 11%
FY20 1%
FY 21+ 21%
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Core Plus oFFICe FunD | 37
Fund Statistics
Asset diversification
By current value
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----- Start of picture text -----
109 St Georges Terrace, Perth 5% 225 St Georges Terrace, Perth 6%
144 Stirling Street, Perth 3%
51 Pirie Street, Adelaide 1%
Bank SA, Adelaide 1% Northbank Plaza, Brisbane 12%
331/333 George Street, Sydney 5%
150 Queen Street, Melbourne 2%
275 George Street, Brisbane 13%
167 Macquarie Street, Sydney 6%
St George Bank, Kogarah, Sydney 8%
Brisbane Square, Brisbane 13%
570 Bourke Street, Melbourne 12% 11 Exhibition Street, Melbourne 13%
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Tenant type diversification By gross income
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----- Start of picture text -----
Government and government related 18%
Other 13% National and international 69%
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38 | Charter hall ProPerty PortFolIo June 2011
Property Portfolio
geographical diversification By current value
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----- Start of picture text -----
South Australia 2%
Victoria 26%
Queensland 37%
Western Australia 15%
New South Wales 20%
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weighted Average lease Expiry (years) By gross income
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----- Start of picture text -----
Brisbane Square, Brisbane Qld 10.4
St George Bank, 4-16 Montgomery Street, Kogarah NSW 10.2
St George Bank, 97 King William Street, Adelaide SA 10.2
Hatch, 144 Stirling Street, Perth WA 8.3
275 George Street, Brisbane Qld 8.0
Northbank Plaza, Brisbane Qld 6.2
11 Exhibition Street, Melbourne Vic 5.0
167 Macquarie Street, Sydney NSW 4.5
570 Bourke Street, Melbourne Vic 4.2
225 St Georges Terrace, 2.9
Perth WA
109 St Georges Terrace, 2.5
Perth WA
333 George Street, 2.3
Sydney NSW
331 George Street, 1.0
Sydney NSW
51 Pirie Street, 0.8
0 Adelaide SA2 4 6 8 10 1
150 Queen Street, 0.5
Melbourne Vic
WALE 6.0
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Core Plus oFFICe FunD | 39
Property Portfolio
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CPOF jUN 2011 jUN 2011 jUN 2011 WALE WEIGHTED AvG
OWNERSHIP vALUATION CAPITALISATION DISCOUNT (YEARS) RENT REvIEWS
(%) (A$M) RATE (%) RATE/IRR (%) (%)
167 Macquarie Street,
100% 86.0 7.90% 9.25% 4.5 3.79%
sydney nsW
St George Bank,
100% 118.0 8.25% 9.00% 10.2 CPI (3.0%)
Kogarah, sydney nsW
331 & 333 George Street,
100% 73.5 7.38% 9.25% 2.2 3.79%
sydney nsW
11 Exhibition Street, 100% 173.7 7.25% 9.25% 5.0 4.12%
Melbourne Vic
570 Bourke Street, 100% 168.0 8.00% 9.75% 4.3 3.52%
Melbourne Vic
150 Queen Street, 100% 24.8 8.50% 9.50% 0.5 3.56%
Melbourne Vic
Brisbane Square,
50% 181.3 7.25% 9.00% 10.4 3.43%
Brisbane Qld
275 George Street,
50% 172.5 7.00% 9.00% 8.0 4.45%
Brisbane Qld
Northbank Plaza, 100% 165.0 8.00% 9.75% 6.2 4.55%
Brisbane Qld
51 Pirie Street, 100% 14.3 9.50% 10.50% 0.8 3.79%
adelaide sa
Bank SA, 100% 20.0 8.75% 9.50% 10.2 CPI (3.0%)
adelaide sa
225 St Georges Terrace,
50% 91.5 8.00% 9.75% 2.9 5.14%
Perth Wa
144 Stirling Street,
100% 50.0 8.00% 9.75% 8.3 3.83%
Perth Wa
109 St Georges Terrace,
100% 64.5 8.75% 10.00% 2.5 3.78%
Perth Wa
TOTAl/
1,403 7.74% 9.39% 6.0 3.95%
wEIgHTED AvERAgE [1]
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note
- analysis excludes 34 hunter street, sydney which was sold for $36 million (last book value $35 million as at 31 December 2010)
40 | Charter hall ProPerty PortFolIo June 2011
570 Bourke Street, Melbourne Vic
CPOF’s asset portfolio is diversified across all key office markets and is well positioned to take advantage of improving market conditions.
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Core Plus oFFICe FunD | 41
Core Plus Office Fund
167 Macquarie Street sydney nsW ( core/development inventory)
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Located in the prestigious financial core of Sydney’s CBD, Macquarie House is a refurbished A grade office tower offering spectacular views across the royal Botanic Gardens and sydney harbour.
the building spans 19 levels consisting two ground level retail tenancies.
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suMMary
year built (or refurbished) 1970 (2005)
Grade a
ownership 100%
total nla (sqm) 9,734
Typical floor plate (sqm) 780
Car spaces 78
ValuatIon
Valuation $86.0 million
Value ($/sqm) $8,835
Capitalisation rate 7.92%
Discount rate 9.25%
last external valuation date 30 June 2011
Valuer m3 Property
tenanCy statIstICs
Wale (by income) 4.5 years
occupancy 100%
MaJor tenants nla (sQM)
Gresham Partners 2,364
Fidelity 2,364
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St george Bank 4-16 Montgomery street, Kogarah nsW (core)
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st George house is well positioned on the southern rail network, providing the Bank with an excellent ability to tap into the large southern sydney workforce. st George house comprises a purpose built commercial complex, spanning eight levels featuring extensive office space, a bank branch and car spaces.
In addition to the office space and bank branch, the property incorporates a cafeteria, community centre, child care centre, auditorium, gymnasium, outdoor area, tennis court and running track.
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suMMary
year built (or refurbished) 1990
Grade a
ownership 100%
total nla (sqm) 31,398
Typical floor plate (sqm) 1,965
Car spaces 595
ValuatIon
Valuation $118.0 million
Value ($/sqm) $3,758
Capitalisation rate 8.25%
Discount rate 9.00%
last external valuation date 30 June 2011
Valuer Colliers International
tenanCy statIstICs
Wale (by income) 10.2 years
occupancy 100%
MaJor tenant nla (sQM)
st George Bank (Westpac) 31,398
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42 | Charter hall ProPerty PortFolIo June 2011
331 and 333 george Street sydney nsW ( core/development inventory)
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Prominently located at the western end of Martin Place in sydney’s CBD, the property comprises a 15 level refurbished commercial office tower built in 1971. 331 George Street is a standalone three level retail terrace building, which is currently fully leased. 331 George street was acquired by CPoF as part of a strategic site consolidation plan, which is part of a medium to long term strategy to redevelop the combined properties into an integrated retail and A-grade office building.
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suMMary 331 333
year built (or refurbished) n/a 1971
Grade retail B
ownership 100% 100%
total nla (sqm) 138 9,882
Typical floor plate (sqm) 100 730
Car spaces 0 16
ValuatIon
Valuation $5.5 million $68.0 million
Value ($/sqm) - Office n/a $5,244
- retail $41,353 $17,608
Capitalisation rate 4.5% 7.38%
Discount rate n/a 9.25%
last external valuation date 31 December 2010 31 December 2010
Valuer savills savills
tenanCy statIstICs
Wale (by income) 1.0 years 2.3 years
occupancy 100% 100%
MaJor tenants nla (sQM) nla (sQM)
Charter hall Group n/a 1,919
Bar 333 (ryans hotels) n/a 1,089
australian ugg 138 n/a
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11-33 Exhibition Street Melbourne Vic (core)
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located in the prime eastern sector of the Melbourne CBD, within close proximity to Collins street, 11–33 exhibition street is a modern prime-grade office building.
The building comprises 16 levels of office accommodation with a further 1,077sqm of various retail leases.
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----- Start of picture text -----
suMMary
year built (or refurbished) 2005
Grade a
ownership 100%
total nla (sqm) 22,842
Typical floor plate (sqm) 1,700
Car spaces 340
ValuatIon
Valuation $173.7 million
Value ($/sqm) $7,604
Capitalisation rate 7.25%
Discount rate 9.25%
last external valuation date 30 June 2011
Valuer m3 Property
tenanCy statIstICs
Wale (by income) 5.0 years
occupancy 100%
MaJor tenants nla (sQM)
Mercer 11,748
Fair Work australia (Commonwealth of australia) 9,796
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Core Plus oFFICe FunD | 43
Core Plus Office Fund
570 Bourke Street Melbourne Vic (core)
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570 Bourke street is located in the heart of Melbourne’s CBD, legal and commercial district. the property comprises 35,083sqm of refurbished commercial office space spread over 31 levels in addition to a public car park over five basement levels.
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suMMary
year built (or refurbished) 1972 (2003)
Grade a
ownership 100%
total nla (sqm) 35,083
Typical floor plate (sqm) 1,150
Car spaces 522
ValuatIon
Valuation $168.0 million
Value ($/sqm) (exc car park) $4,789
Capitalisation rate 8.00%
Discount rate 9.75%
last external valuation date 30 June 2011
Valuer m3 Property
tenanCy statIstICs
Wale (by income) 4.3 years
occupancy 100%
MaJor tenants nla (sQM)
state Government 12,781
Willis australia 3,420
anZ 3,416
Wilson Parking 512 bays
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150 queen Street Melbourne Vic
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Prominently located on the high profile south-east corner of Bourke and Queen streets in the heart of the Melbourne CBD, the property comprises 11 levels of office space plus ground floor retail.
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suMMary
year built (or refurbished) 1956
Grade B
ownership 100%
total nla (sqm) 8,002
Typical floor plate (sqm) 668
Car spaces 28
ValuatIon
Valuation $24.8 million
Value ($/sqm) $3,099
Capitalisation rate 8.50%
Discount rate 9.50%
last external valuation date 30 June 2011
Valuer savills
tenanCy statIstICs
Wale (by income) 0.5 years
occupancy 58%
MaJor tenants nla (sQM)
Parks Victoria 667
uGl services 666
Westpac Bank 520
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44 | Charter hall ProPerty PortFolIo June 2011
Brisbane Square Brisbane Qld (core)
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located within the Brisbane CBD at the top of the Queen street Mall, Brisbane Square is an iconic office building located in the heart of the government and legal precincts along George street. the property comprises of premium office space over 38 levels, ground floor retail and parking over three basement levels.
275 george Street Brisbane Qld (core)
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located within the Brisbane CBD, 275 George street, comprises a state of the art energy efficient office tower accommodating 40,306sqm of modern office space and 1,432sqm of retail space.
CPoF holds a 50% stake with the singaporean listed K-reIt.
the building was purchased in november 2010 and CPoF holds a 50% stake with telstra super.
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----- Start of picture text -----
suMMary
year built (or refurbished) 2006
Grade a
ownership 50%
total nla (sqm) 57,368
Typical floor plate (sqm) 1,420
Car spaces 341
ValuatIon
Valuation (50%) $181.3 million
Value ($/sqm) $6,123
Capitalisation rate 7.25%
Discount rate 9.00%
last external valuation date 30 november 2010
Valuer Knight Frank
tenanCy statIstICs
Wale (by income) 10.4 years
occupancy 100%
MaJor tenants nla (sQM)
Brisbane City Council 34,598
suncorp Metway 23,572
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----- Start of picture text -----
suMMary
year built (or refurbished) 2009
Grade a
ownership 50%
total nla (sqm) 41,738
Typical floor plate (sqm) 1,302
Car spaces 246
ValuatIon
Valuation (50%) $172.5 million
Value ($/sqm) $8,266
Capitalisation rate 7.00%
Discount rate 9.00%
last external valuation date 31 December 2010
Valuer Knight Frank
tenanCy statIstICs
Wale (by income) 8.0 years
occupancy 100%
MaJor tenants nla (sQM)
telstra Corporation ltd 28,836
Queensland Gas Company 11,620
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Core Plus oFFICe FunD | 45
Core Plus Office Fund
Northbank Plaza
69 ann street, Brisbane Qld (core)
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located within the Brisbane CBD, northbank Plaza has been comprehensively refurbished and repositioned with a-grade services. The majority of floors feature expansive river, mountain and CBD views.
51 Pirie Street adelaide sa (core/development)
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51 Pirie Street comprises a seven level retail/office building and is located within the heart of the adelaide CBD. the property comprises refurbished commercial B-grade accommodation covering ground retail, five upper levels of office space and a basement level.
Planning approval has been obtained for a new 30,000sqm a-grade office tower.
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suMMary
year built (or refurbished) 2009
Grade a
ownership 100%
total nla (sqm) 26,700
Typical floor plate (sqm) - Podium 2,000
- tower 1,200
Car spaces 156
ValuatIon
Valuation $165.0 million
Value ($/sqm) $6,180
Capitalisation rate 8.00%
Discount rate 9.75%
last external valuation date 30 June 2011
Valuer m3 Property
tenanCy statIstICs
Wale (by income) 6.20 years
occupancy 100%
MaJor tenants nla (sQM)
telstra Corporation ltd 17,996
Parsons Brinckerhoff 5,847
the Bureau of Meteorology 1,400
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suMMary (Current BuIlDInG)
year built (or refurbished) 1983
Grade B
ownership 100%
total nla (sqm) 6,315
Typical floor plate (sqm) 940
Car spaces 0
ValuatIon
Valuation $14.3 million
Value ($/sqm) $2,257
Capitalisation rate 9.50%
Discount rate 10.50%
last external valuation date 30 June 2011
Valuer savills
tenanCy statIstICs
Wale (by income) 0.8 years
occupancy 81.2%
MaJor tenant nla (sQM)
st George Bank 4,291
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46 | Charter hall ProPerty PortFolIo June 2011
Bank SA
97 King William street, adelaide sa (core)
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Bank sa is located in the heart of adelaide and comprises a basement vault, ground and mezzanine level banking branch, and an office building over eight upper levels. The building also includes a gymnasium and squash courts which are located on the roof area.
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suMMary
year built (or refurbished) 1943
Grade B
ownership 100%
total nla (sqm) 15,115
Typical floor plate (sqm) 1,340
Car spaces 28
ValuatIon
Valuation $20.0 million
Value ($/sqm) $1,323
Capitalisation rate 8.75%
Discount rate 9.50%
last external valuation date 30 June 2011
Valuer Jones lang lasalle
tenanCy statIstICs
Wale (by income) 10.2 years
occupancy 100%
MaJor tenant nla (sQM)
st George Bank 15,115
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BHP House
225 st Georges terrace, Perth Wa (core)
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Located on St Georges Terrace, the primary office address within the Perth CBD, 225 st Georges terrace comprises a 21,192sqm office building, with 733sqm of retail space and three levels of basement parking.
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----- Start of picture text -----
suMMary
year built (or refurbished) 1990
Grade a
ownership 50%
total nla (sqm) 21,192
Typical floor plate (sqm) 1,130
Car spaces 373
ValuatIon
Valuation (50%) $91.5 million
Value ($/sqm) $8,632
Capitalisation rate 8.00%
Discount rate 9.75%
last external valuation date 30 June 2011
Valuer Colliers International
tenanCy statIstICs
Wale (by income) 2.9 years
occupancy 97%
MaJor tenants nla (sQM)
BhP Billiton 14,846
Wilson Parking 373 bays
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Core Plus oFFICe FunD | 47
Core Plus Office Fund
Hatch Building 144 stirling street, Perth Wa
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The A-grade office building is property is located within the northern fringe of the Perth CBD, a rapidly emerging office precinct. The asset’s key tenant, hatch, recently reviewed it’s lease for a further 10 years. the Minister for works also leased the asset’s vacant space increasing occupancy from 88% to 100%.
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----- Start of picture text -----
suMMary
year built (or refurbished) 2001
Grade a
ownership 100%
total nla (sqm) 11,041
Typical floor plate (sqm) 2,400
Car spaces 201
ValuatIon
Valuation $50.0 million
Value ($/sqm) $4,564
Capitalisation rate 8.00%
Discount rate 9.75%
last external valuation date 31 December 2010
Valuer Jones lang lasalle
tenanCy statIstICs
Wale (by income) 8.3 years
occupancy 100%
MaJor tenants nla (sQM)
hatch 7,350
Minister for Works 3,525
Wilson 250 bays
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109 St georges Terrace Perth Wa (core)
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located in the heart of the Perth CBD, the Westpac building at 109 St Georges Terrace, comprises a lower A-grade office building, which underwent extensive refurbishment in 2005. the building spans 19 upper office levels, a ground level bank, vault and security storage area.
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----- Start of picture text -----
suMMary
year built (or refurbished) 2005
Grade a
ownership 100%
total nla (sqm) 13,897
Typical floor plate (sqm) 75
Car spaces 550
ValuatIon
Valuation $64.5 million
Value ($/sqm) $4,647
Capitalisation rate 8.75%
Discount rate 10.00%
last external valuation date 31 December 2010
Valuer Jones lang lasalle
tenanCy statIstICs
Wale (by income) 2.5 years
occupancy 100%
MaJor tenants nla (sQM)
Westpac Bank 8,169
Calibre Global 2,497
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48 | Charter hall ProPerty PortFolIo June 2011
BHP House, 225 St Georges Terrace, Perth WA
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Core Plus oFFICe FunD | 49
CPIF owns 16 assets with an average value of $31 million and a strong Wale of 11.5 years.
123-135 Kewdale Road, Kewdale WA
50 | Charter hall ProPerty PortFolIo June 2011
Core Plus Industrial Fund
Charter Hall’s Core Plus Industrial Fund (CPIF) was launched in 2007. The Fund predominantly targets industrial and logistics sectors in major capital city markets of Australia and sources a mix of core and enhanced investment grade property assets.
Fund Statistics
Top 10 tenants By gross income
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----- Start of picture text -----
Coles 26%
5 10 15 20 25
Woolworths 13%
Volkswagen 11%
Fastline International 5%
Volvo Commercial 5%
Smorgon Steel 5%
Schenker 3%
STC
3%
Logistics
Toll
3%
Holdings
TJM
3%
Products
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Annual lease expiry By gross income
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----- Start of picture text -----
Vacant 9%
FY 12 5%
FY 13 2%
FY 14 1%
FY 15 3%
FY 16 1%
FY 17 13%
FY 18 6%
FY 19 5%
FY20 0.0%
FY 21+ 56%
----- End of picture text -----
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Core Plus InDustrIal FunD | 51
Fund Statistics
Asset diversification
By current value
| 41-57 South Centre Road, Melbourne Airport 2% 130-138 Link Road, Melbourne Airport 3% 772-776 Boundary Road, Richlands 1% Woolworths,Launceston 14% Coles Distribution Centre, Perth Airport 26% 200 Holt Road, Pinkenba 2% 7 Viola Place, Brisbane Airport 2% 55-65 Sky Road, Melbourne Airport 1% |
123-135 Kewdale Road, Kewdale 7% 372 Eastern Valley Way, Chatswood, 6% 309 Fitzgerald Road, Derrimut 5% 24 Muir Road, Chullora 13% |
123-135 Kewdale Road, Kewdale 7% 372 Eastern Valley Way, Chatswood, 6% 309 Fitzgerald Road, Derrimut 5% 24 Muir Road, Chullora 13% |
|---|---|---|
| 30 Main Beach Road, Pinkenba 5% 140-160 Robinson Road, Geebung 5% 17 Sugarmill Road, Meeandah 4% |
30 Main Beach Road, Pinkenba 5% |
|
| 140-160 Robinson Road, Geebung 5% | ||
| 56 Anzac Street, Chullora 4% |
Core vs. Enhanced assets By current value
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----- Start of picture text -----
Enhanced 13%
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Core 87%
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52 | Charter hall ProPerty PortFolIo June 2011
Property Portfolio
geographical diversification By current value
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----- Start of picture text -----
Victoria 12%
Western Australia 32%
Tasmania 14%
Queensland 19% New South Wales 23%
weighted Average lease Expiry
By years
Woolworths Launceston, Tas 25.0
0 5 10 15 20 25 30
Coles Distribution Centre, Perth Airport WA 16.9
309 Fitzgerald Road, Derrimut NSW 16.4
Volkswagen Australia, Chullora NSW 13.0
30 Main Beach Road, Pinkenba Qld 12.5
Cnr South Centre Road and
7.9
Link Road, Melbourne Airport Vic
7 Viola Place, 5.7
Brisbane Airport Vic
55-65 Sky Road, Melbourne 5.3
Airport Business Park Vic
372 Eastern Valley Way, 5.0
Chatswood NSW
123-135 Kewdale Road, 3.6
Kewdale WA
140-160 Robinson Road, 3.6
Geebung Vic
56 Anzac Street, 3.0
Chullora NSW
130-138 Link Road,
2.8
Tullamarine Vic
17 Sugarmill Road, 1.6
Pinkenba Qld
WALE 11.5
----- End of picture text -----
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Core Plus InDustrIal FunD | 53
Core Plus Industrial Fund
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CPIF jUN 2011 jUN 2011 jUN 2011 WALE WEIGHTED AvG
OWNERSHIP vALUATION CAPITALISATION DISCOUNT (YEARS) RENT REvIEWS
(%) (A$M) RATE (%) RATE/IRR (%) (%)
24 Muir Road, 100% 57.5 7.75% 9.50% 13.0 3.25%
Chullora nsW
24 Muir Road, Chullora [1]
100% 6.5 n/a n/a n/a n/a
(Vacant 1.9 hectare site) nsW
372 Eastern valley way,
100% 31.5 8.25% 9.50% 5.0 3.60%
Chatswood nsW
56 Anzac Street, 100% 17.5 9.00% 10.50% 3.0 2.60%
Chullora nsW
41-57 South Centre Roads, 100% 11.6 9.25% 10.00% 7.9 3.50%
Melbourne airport Vic
130-138 link Road, 100% 14.5 9.50% 10.25% 2.8 3.50%
Melbourne airport Vic
55-65 Sky Road,
100% 7.4 9.25% 10.00% 5.3 3.50%
Melbourne airport Vic
309 Fitzgerald Road,
100% 27.7 8.00% 9.50% 16.4 3.50%
Derrimut Vic
30 Main Beach Road, 100% 26.2 8.00% 9.75% 12.5 3.25%
Pinkenba Qld
200 Holt Street, 100% 9.7 n/a n/a n/a n/a
Pinkenba Qld
140-160 Robinson Road, 100% 24.8 8.75% 10.00% 3.6 3.20%
Geebung Qld
Toll, 7 viola Place,
100% 8.5 9.37% 9.75% 5.7 3.25%
Brisbane airport Qld
17 Sugarmill Road,
100% 18.7 9.00% 9.75% 1.6 3.90%
Meeandah Qld
772-776 Boundary Road,
100% 6.0 n/a n/a n/a n/a
richlands Qld
Coles Distribution Centre, 75% 128.6 7.88% 9.75% 16.9 2.75%
Perth airport Wa
123-135 Kewdale Road, 100% 33.0 8.25% 10.00% 3.6 4.00%
Kewdale Wa
Woolworths
100% 70.0 8.50% 9.75% 25.0 2.80%
launceston tas
TOTAl/wEIgHTED
499.6 8.28% 9.77% 11.5 3.14%
AvERAgE
----- End of picture text -----
note:
- the fund recieves an annual net coupon of 12% per annum based on the value of the land.
54 | Charter hall ProPerty PortFolIo June 2011
volkswagen Australia 24 Muir road, Chullora nsW[1]
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The Volkswagen Australia head office and distribution facility is to be constructed on 5.1 hectares strategically located in the land constrained inner west market. Chullora is situated approximately 18 kilometres west of the sydney GPo and close to sydney airport and the Port.
the state of the art facility comprises warehouse accommodation featuring a minimum clearance height of approximately ten metres and ten recessed docks. the 5.01 hectare Volkswagen site forms part of a larger parent allotment of 6.979 hectares.
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suMMary
year built (or refurbished) under Construction
ownership 100%
total Gla (sqm) 36,177
Car spaces n/a
ValuatIon
Valuation [1] $64.0 million
Value ($/sqm) $1,589
Capitalisation rate 7.75%
Discount rate 9.50%
last external valuation date 31 December 2010
Valuer CBre
tenanCy statIstICs
Wale (by income) 13 years
occupancy 100%
MaJor tenant (Gla) sQM
Volkswagen Group 36,177
----- End of picture text -----
note:
- Includes 1.9 hectares of surplus land valued independently at $340 per sqm and recieving a running coupon of 12% per annum net
Chatswood Business Park
372 eastern Valley Way, Chatswood nsW
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The Chatswood Business Park is located on a high profile site at the corner of eastern Valley Way and smith street, two kilometres north east of the Chatswood regional Centre and 10 kilometres north of the sydney CBD.
the property comprises a modern, ten unit industrial complex that was completed in 1986. the units are constructed over two main levels and have a Gla of 12,674sqm. the top level of the estate is occupied by traditional industrial tenants, whilst the ground level of the estate comprises more commercial and household retail uses.
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----- Start of picture text -----
suMMary
year built (or refurbished) 1986
ownership 100%
total Gla (sqm) 12,674
Car spaces 190
ValuatIon
Valuation $31.5 million
Value ($/sqm) $2,485
Capitalisation rate 8.25%
Discount rate 9.50%
last external valuation date 30 June 2011
Valuer savills
tenanCy statIstICs
Wale (by income) 5.0 years
occupancy 97.8%
MaJor tenants (Gla) sQM
Petbarn 3,630
the Good Guys 2,566
Channel nine 1,921
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Core Plus InDustrIal FunD | 55
Core Plus Industrial Fund
56 Anzac Street Chullora nsW
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The property comprises two substantial industrial warehouse/office facilities, with attached awning and hardstand areas situated on a site of 6.476 hectares. Building one comprises a modern showroom/ office area fronting the Hume Highway and warehouse area to the rear. It is occupied by Volvo truck australia.
Building two is a large freestanding office/warehouse of some 20,017sqm. Internal clearance ranges from approximately 13 metres to 19 metres and access is provided via a series of 15 roller shutter doors with a large covered awning.
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suMMary
year built (or refurbished) 2010
ownership 100%
total Gla (sqm) 28,198
Car spaces n/a
ValuatIon
Valuation $17.5 million
Value ($/sqm) $621
Capitalisation rate 9.00%
Discount rate 10.50%
last external valuation date 31 December 2010
Valuer savills
tenanCy statIstICs
Wale (by income) 3.0 years
occupancy 45.4%
MaJor tenants (Gla) sQM
Vacant 21,203
Volvo trucks 6,995
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41-57 South Centre Road Melbourne airport Business Park, tullamarine Vic
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Ideally located within the Melbourne airport precinct, the site is in close proximity to all airport freight and logistics facilities as well as excellent immediate access to major freeway systems. this new facility was completed and occupied in May 2009, and features Gla of 13,716sqm incorporating a high clearance (ten metre) sprinklered warehouse with roller shutter doors and recessed loading docks, an external 15 metre awning and efficient B-double access.
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----- Start of picture text -----
suMMary
year built (or refurbished) 2009
ownership 100%
total Gla (sqm) 13,716
Car spaces 244
ValuatIon
Valuation $11.6 million
Value ($/sqm) $846
Capitalisation rate 9.25%
Discount rate 10.00%
last external valuation date 30 June 2011
Valuer m3 Property
tenanCy statIstICs
Wale (by income) 7.9 years
occupancy 100%
MaJor tenant (Gla) sQM
DB schenker 13,716
----- End of picture text -----
56 | Charter hall ProPerty PortFolIo June 2011
130-138 link Road Melbourne airport Business Park, tullamarine Vic
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the property comprises an industrial facility, within the Melbourne Airport Business Park, which is located to the southern confines of tullamarine airport. the facility comprises two stages, the Caterpillar Logistics tenancy, two level office attached to a sprinklered, high bay (ten metre springing height) warehouse totalling 10,678sqm and providing both on-grade and recessed dock loading.
The balance of this building comprises a further two level office attached to a sprinklered, high bay warehouse totalling 10,479sqm and providing both on-grade and recessed dock loading.
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----- Start of picture text -----
suMMary
year built (or refurbished) 2006
ownership 100%
total Gla (sqm) 21,157
Car spaces n/a
ValuatIon
Valuation $14.5 million
Value ($/sqm) $685
Capitalisation rate 9.50%
Discount rate 10.25%
last external valuation date 31 December 2010
Valuer m3 Property
tenanCy statIstICs
Wale (by income) 2.8 years
occupancy 100%
MaJor tenants (Gla) sQM
Caterpillar 10,678
Primus australia 10,479
----- End of picture text -----
55-65 Sky Road Melbourne airport Business Park, tullamarine Vic
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the property comprises an industrial facility, within the Melbourne airport Business Park, which is located to the southern confines of tullamarine airport.
the Kathmandu facility comprises a two level office attached to a sprinklered, high bay (ten metre springing height) warehouse totalling approximately 10,040sqm, both on-grade and recessed dock loading provides for B-double access. It occupies a leasehold corner site of 18,397sqm.
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----- Start of picture text -----
suMMary
year built (or refurbished) 2006
ownership 100%
total Gla (sqm) 10,040
Car spaces n/a
ValuatIon
Valuation $7.4 million
Value ($/sqm) $737
Capitalisation rate 9.25%
Discount rate 10.00%
last external valuation date 31 December 2010
Valuer m3 Property
tenanCy statIstICs
Wale (by income) 5.3 years
occupancy 100%
MaJor tenant (Gla) sQM
Kathmandu 10,040
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Core Plus InDustrIal FunD | 57
Core Plus Industrial Fund
309 Fitzgerald Road Derrimut Vic
==> picture [260 x 143] intentionally omitted <==
situated on a 48,253sqm site is a new distribution facility, which was constructed over three stages, commencing in 1998 and completed in 2004. the facility comprises a total core Gla of 27,432sqm, made up of a 2,303sqm office and a 25,129sqm warehouse.
the property is an excellent modern logistics facility, enjoying a convenient location, only 800 metres from the Western ring road on and off ramps. The site coverage provides efficient B-double access and the flexibility to be subdivided into smaller tenancies.
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suMMary
year built (or refurbished) 2002
ownership 100%
total Gla (sqm) 27,432
Car spaces n/a
ValuatIon
Valuation $27.7 million
Value ($/sqm) $1,008
Capitalisation rate 8.00%
Discount rate 9.50%
last external valuation date 31 December 2010
Valuer savills
tenanCy statIstICs
Wale (by income) 16.4 years
occupancy 100%
MaJor tenant (Gla) sQM
Fastline International 27,432
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30 Main Beach Road Pinkenba Qld
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the new smorgon Distribution Centre is a state of the art logistics facility located on a large land holding of 4.22 hectares strategically situated within the trade Coast Precinct, close to Brisbane airport, the Port of Brisbane and the Brisbane CBD on the north side of the river.
the facility has a Gla of 11,298sqm incorporating a high clearance (9.7 metres) warehouse, with multiple access points, together with two level offices and amenities, b-double access, an expansive marshalling area and on-grade dock access.
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suMMary
year built (or refurbished) 2008
ownership 100%
total Gla (sqm) 11,298
Car spaces n/a
ValuatIon
Valuation $26.2 million
Value ($/sqm) $2,319
Capitalisation rate 8.00%
Discount rate 9.75%
last external valuation date 30 June 2011
Valuer savills
tenanCy statIstICs
Wale (by income) 12.5 years
occupancy 100%
MaJor tenant (Gla) sQM
smorgon steel 11,298
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58 | Charter hall ProPerty PortFolIo June 2011
200 Holt Street Pinkenba Qld
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the property comprises a 31,880sqm site, and it is proposed to construct new industrial buildings, providing a total Gla of circa 17,500sqm. the eagle Farm/Pinkenba industrial precinct is one of the most tightly held industrial precincts in Brisbane and is sought after by industrial/commercial users, given its unparalleled access to the Gateway arterial network, airport, Port and the Brisbane CBD.
the property represents one of the last remaining large scale freehold industrial development sites in the precinct and provides for drive around access from dual entry/exit ports.
| suMMary | |
|---|---|
| year built (or refurbished) | Development site |
| ownership | 100% |
| site area (ha) | 3.18 |
| Car spaces ValuatIon |
n/a |
| Valuation | $9.7 million |
| Value ($/sqm) | $305 |
| last external valuation date | 31 December 2010 |
| Valuer | Directors |
140-160 Robinson Road Geebung Qld
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140–160 robinson road comprises two industrial sites located within the core industrial precinct of Geebung, which is located within close proximity to Brisbane airport and the Gateway Motorway. the properties have prominent frontage on robinson road, which is currently undergoing considerable gentrification toward a higher office/showroom style product. The acquisition of both the Robinson road properties created a business park. the metrics for both properties are assessed as one single holding.
| suMMary | |
|---|---|
| year built (or refurbished) | 2002-2006 |
| ownership | 100% |
| total Gla (sqm) | 17,376 |
| Car spaces ValuatIon |
n/a |
| Valuation | $24.8 million |
| Value ($/sqm) | $1,424 |
| Capitalisation rate | 8.75% |
| Discount rate | 10.00% |
| last external valuation date | 31 December 2010 |
| Valuer tenanCy statIstICs |
m3 Property |
| Wale (by income) | 3.6 years |
| occupancy MaJor tenants |
100% (Gla) sQM |
| tJM (subsidiary of usa listed Group CMI ltd) |
9,310 |
| Protector alsafe (100% subsidiary of Wesfarmers) |
4,396 |
| Wild republic (K&M toys) | 1,977 |
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Core Plus InDustrIal FunD | 59
Core Plus Industrial Fund
Toll, 7 viola Place Brisbane airport Qld
==> picture [261 x 143] intentionally omitted <==
the property comprises a 14,920sqm leasehold site, improved with a newly completed industrial building, providing a 1,668sqm two level office and 4,881sqm warehouse, with a minimal internal clearance height of eight metres and an additional 1,370sqm of awnings and b-double access. off-street parking is provided for 105 cars.
the property is located within the newly developed Brisbane airport Business Park and sits alongside Dhl, repco and Custom Fleet, providing further support for the location as a logistics hub.
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suMMary
year built (or refurbished) 2007
ownership 100%
total Gla (sqm) 6,550
Car spaces 105
ValuatIon
Valuation $8.5 million
Value ($/sqm) $1,302
Capitalisation rate 9.37%
Discount rate 9.75%
last external valuation date 31 December 2010
Valuer Colliers International
tenanCy statIstICs
Wale (by income) 5.7 years
occupancy 100%
MaJor tenant (Gla) sQM
toll transport 6,550
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Citiport Industrial Estate 17 sugarmill road, Pinkenba Qld
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the Citiport Industrial estate is located approximately nine kilometres north east of the Brisbane CBD in the heart of the australia trade Precinct. the Business Park is accessed directly from sugarmill road and provides for good access and manoeuvrability.
The property comprises seven modern office and warehouse units erected in three buildings, together with a small central café tenancy and 135 car spaces and is 100% occupied. the estate has a Gla of 14,257sqm.
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suMMary
year built (or refurbished) 1991
ownership 100%
total Gla (sqm) 16,580
Car spaces n/a
ValuatIon
Valuation $18.7 million
Value ($/sqm) $1,125
Capitalisation rate 9.00%
Discount rate 9.75%
last external valuation date 30 June 2010
Valuer Jones lang lasalle
tenanCy statIstICs
Wale (by income) 1.6 years
occupancy 66.9%
MaJor tenants (Gla) sQM
CV services 2,943
Brisbane City Council 1,985
airport loaders & Packers 1,285
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60 | Charter hall ProPerty PortFolIo June 2011
772-776 Boundary Road richlands Qld
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the property comprises a 23,050sqm development site and it is proposed to construct a new industrial building, providing circa 500sqm of office and a 12,312sqm distribution style warehouse to meet the needs of the current strong demand by corporate industrial users in this location. the richlands industrial precinct is one of Brisbane’s traditional and most sought after south western industrial precincts which is benefiting from Queensland’s population growth.
| suMMary | |
|---|---|
| year built (or refurbished) | Development site |
| ownership | 100% |
| site area (ha) | 2.31 |
| Car spaces ValuatIon |
n/a |
| Valuation | $6.0 million |
| Value ($/sqm) | $255 |
| last external valuation date | 31 December 2010 |
| Valuer | Directors |
Coles Distribution Centre 136 horrie Miller Drive, Perth Wa
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the Coles Distribution Centre is a state of the art logistics facility located on a 25 hectare site strategically situated within Perth airport, ten kilometres east of the Perth CBD. the centre is located on horrie Miller Drive, midway from its intersection with tonkin highway and Perth International terminal. Perth airport is one of the major logistics hubs in Western australia, with tenants including Woolworths, toll, electrolux and linfox recently committing to large facilities along horrie Miller Drive.
==> picture [259 x 244] intentionally omitted <==
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suMMary
year built (or refurbished) 2008
ownership 75%
total Gla (sqm) 81,647
Car spaces n/a
ValuatIon
Valuation (75%) $128.6 million
Value ($/sqm) $2,101
Capitalisation rate 7.88%
Discount rate 9.75%
last external valuation date 28 February 2011
Valuer Colliers International
tenanCy statIstICs
Wale (by income) 16.9 years
occupancy 100%
MaJor tenant (Gla) sQM
Coles Group ltd 81,647
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Core Plus InDustrIal FunD | 61
123-135 Kewdale Road Kewdale Wa
woolworths Distribution Centre 4-20 translink avenue, launceston tas
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the property is located approximately eight kilometres south of the Perth CBD, one kilometre south of Perth airport and adjoins the Kewdale Freight terminal. It is a proven transport and distribution location, and is in close proximity to the leach, tonkin and roe highways.
the 4.5hectares site contains a former Woolworths distribution centre, comprising approximately 2,013sqm of office and 27,942sqm of warehouse space. the facility provides complete drive around and double access, in addition to both on-grade and dock access.
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suMMary
year built (or refurbished) 2006
ownership 100%
total Gla (sqm) 29,039
Car spaces n/a
ValuatIon
Valuation $33.0 million
Value ($/sqm) $1,136
Capitalisation rate 8.25%
Discount rate 10.00%
last external valuation date 30 June 2011
Valuer Jones lang lasalle
tenanCy statIstICs
Wale (by income) 3.6 years
occupancy 100%
MaJor tenants (Gla) sQM
Coca Cola amatil 14,362
Myer 12,606
Woolworths 2,071
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the Woolworths Distribution Centre will be a start of the art logistics facility located on a 19.80 hectares site which adjoins the northern end of the launceston airport and is approximately 15 radial kilometres from launceston’s Central Business District. the building will be highly energy efficient using the latest environmental controls and sustainability initiatives and also provides for significant expansion with development approval for the construction of another 25,000sqm of warehouse accommodation.
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suMMary
year built (or refurbished) under Construction
ownership 100%
total Gla (sqm) 46,000
Car spaces n/a
ValuatIon
Valuation (on completion) $70.0 million
Value ($/sqm) $1,522
Capitalisation rate 8.50%
Discount rate 9.75%
last external valuation date 30 June 2011
Valuer Jones lang lasalle
tenanCy statIstICs
Wale (by income) 25.0 years
occupancy 100%
MaJor tenant (Gla) sQM
Woolworths ltd 46,000
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62 | Charter hall ProPerty PortFolIo June 2011
17 Sugarmill Road, Pinkenba Qld
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Home HQ North Shore, Artarmon NSW
64 | Charter hall ProPerty PortFolIo June 2011
Charter Hall Opportunity Fund No.4
Charter Hall’s Opportunity Fund No.4 (CHOF4) was launched in 2005. The Fund’s mandate is to identify, acquire and deliver property development and value-add opportunities across various sectors within the Manager’s existing skill base, including commercial, industrial, retail, household retail and infill residential sectors.
Fund Statistics
CHOF4 Equity Allocation
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----- Start of picture text -----
Aquilo, Oak Avenue, Mentone 3% Gepps X Trade Centre, Adelaide 1%
Gepps Cross Centre, Adelaide 9%
275 George Street, Brisbane 24%
Home HQ North Shore,
Artarmon 30%
Northbank Plaza, 69 Ann Street,
Brisbane 17%
Alluvion, 58 Mounts Bay Road,
Perth 13% 420 George Street, Brisbane 3%
Commercial development
Household retail development
Residential developments
Industrial/ showroom development
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Property Portfolio
the majority of ChoF4’s assets have been realised, with the portfolio now comprising two remaining assets, home hQ north shore artarmon nsW , and a leasehold land holding (Gepps X trade Centre) in adelaide.
Home HQ North Shore artarmon nsW
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located in artarmon, home hQ north shore is a household retail Centre comprising of approximately 22,200sqm of retail space with customer parking for 503 cars. the Centre opened on 17 March 2010 and has achieved the first 4 star Green Star Rating for a household retail development in australia.
| suMMary | ||
|---|---|---|
| year built (or refurbished) | 2010 | |
| ownership | 100% | |
| total Gla (sqm) | 22,200 | |
| Car spaces tenanCy statIstICs |
503 | |
| Wale (by area) | 7.5 years | |
| occupancy MaJor tenants |
100% Gla (sQM) |
|
| JB hiFi | 1,289 | |
| the Good Guys | 3,076 | |
| Freedom | 3,171 |
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Charter hall oPPortunIty FunD no.4 | 65
WORKzONE 186-202 Pier Street, Perth WA
66 | Charter hall ProPerty PortFolIo June 2011
Charter Hall Opportunity Fund No.5
Charter Hall’s Opportunity Fund No.5 (CHOF5) was launched in early 2007. The Fund’s mandate is to identify, acquire and deliver property development and value-add opportunities across various sectors within the Manager’s existing skill base, including commercial, industrial, retail, household retail and infill residential sectors located primarily in capital cities and metropolitan markets across Australia and New Zealand.
Fund Statistics
CHOF5 Equity Allocation
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----- Start of picture text -----
Unallocated equity 1% Fund costs and Trustee undertakings 6%
Home HQ Hastings, Hastings NZ 6% 1408 Anzac Parade,
Little Bay NSW 25%
Workzone, 186-202 Pier Street,
Perth WA 20%
Lacrosse Apartments, Stage 1,
Melbourne Docklands Vic 12%
40 Creek Street, Brisbane Qld 25% Aquilo Residential, Mentone Vic 5%
----- End of picture text -----
Commercial developments Household retail development Residential developments Fund costs and Trustee undertakings Unallocated equity
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Charter hall oPPortunIty FunD no.5 | 67
Little Bay Cove 1408 anzac Parade, little Bay nsW
==> picture [259 x 143] intentionally omitted <==
little Bay Cove is located 14 kilometres from the sydney CBD at the southern end of sydney’s eastern suburbs peninsula. the site has an area of approximately 11.42 hectares. the site has approval for 570 dwellings and will be developed on a staged basis.
The site features sweeping views of the Pacific Ocean, Botany Bay and prestigious golf courses.
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suMMary
----- End of picture text -----
| status | under construction |
|---|---|
| ownership | 50% |
| JV partner | ta Global |
| no. of dwellings | >500 |
Aquilo
34-94 oak avenue Mentone Vic
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aquilo is situated in an established residential area, located approximately 18 kilometres south east of the Melbourne CBD. the 3.33 hectare site is currently being developed and will accomadate 119 townhouses. The property benefits from excellent proximity to public transport and shopping facilities.
==> picture [259 x 17] intentionally omitted <==
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suMMary
----- End of picture text -----
| status | under construction and >84% pre-sold |
|---|---|
| ownership | 100% |
| no. of dwellings | 119 |
lacrosse Apartments - Stage 1 Melbourne Docklands Vic
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==> picture [153 x 143] intentionally omitted <==
the lacrosse apartments are located in latrobe street, Melbourne Docklands, adjoining Docklands (etihad) stadium. the stage 1 project comprises 312 residential apartments in an 21 level high rise tower, and 1,370sqm of concourse level retail space.
==> picture [260 x 18] intentionally omitted <==
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suMMary
----- End of picture text -----
| status | under construction and >98% pre-sold |
|---|---|
| ownership | 100% |
| no. of dwellings | 312 |
68 | Charter hall ProPerty PortFolIo June 2011
Charter Hall Opportunity Fund No.5
40 Creek Street Brisbane Qld
wORKZONE 202 Pier street, Perth Wa
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40 Creek Street is situated in the heart of the financial precinct, known as the ‘Golden triangle’. the building comprises 17 levels of office space (11,790sqm), ground floor retail (583sqm) and 70 car spaces over two basement levels.
40 Creek street underwent a major refurbishment program in June 2009, has been repositioned with a-grade services and is targeting a 4 star naBers energy rating.
==> picture [260 x 17] intentionally omitted <==
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suMMary
----- End of picture text -----
| status | refurbished in 2009 |
|---|---|
| ownership | 100% |
| total nla (sqm) | 12,373 |
| Typical foor plate (sqm) | 642 |
| Car spaces | 70 |
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the WorKZone campus is located on the Perth CBD fringe, and on completion will comprise two buildings providing a total net lettable area of approximately 27,911sqm, over a single level basement containing 224 car parking spaces.
This A-grade office development will feature large efficient floor plates and an abundance of natural light and is targeting 5 star naBers energy and 5 star Green star v3 as-Built ratings. WorKZone is in close proximity to transport and amenities.
==> picture [259 x 17] intentionally omitted <==
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suMMary
----- End of picture text -----
| status | 76% pre-lease to leighton |
|---|---|
| ownership | 100% |
| total nla (sqm) | 27,911 |
| Typical foor plate (sqm) | Building a: 2,440 BuildingB: 1,950 |
| Car spaces | 224 |
Home HQ Hastings
701 Caroline road, hastings nZ
==> picture [259 x 143] intentionally omitted <==
home hQ hastings is situated at nelson Park, hastings new Zealand and is currently under development into a large format retail centre with Mitre 10 Mega, and the Warehouse Group secured as major pre committments.
==> picture [260 x 18] intentionally omitted <==
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suMMary
----- End of picture text -----
| status | 73% of Gla commited |
|---|---|
| ownership | 100% |
| total Gla (sqm) | 25,500 |
| Car spaces | 800 |
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Charter hall oPPortunIty FunD no.5 | 69
unlisted retail Funds
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165 Walker Street, North Sydney NSW
70 | Charter hall ProPerty PortFolIo June 2011
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unlIsteD retaIl FunDs | 71
154 Pacific Highway, St Leonards NSW 72 | Charter hall ProPerty PortFolIo June 2011
Charter Hall Direct Property Fund
Charter Hall Direct Property Fund (CHDPF) is an unlisted open-ended property fund that aims to provide regular, tax effective income payable quarterly primarily from a diversified portfolio of direct property.
Fund Statistics
Top 10 tenants By gross income
==> picture [388 x 526] intentionally omitted <==
----- Start of picture text -----
Orica 6%
1 2 3 4 5
Barristers’ Chambers 5%
Wilson Parking 4%
Davies Collison Cave 4%
NSW Department of Education 4%
SMEC Aus Pty Ltd 4%
Meat & Livestock Australia 3%
Ramsay Healthcare Ltd 3%
Commonwealth
2%
of Australia - AGS
Adecco 2%
Annual lease expiry
By gross income
Vacant 4%
FY 12 8%
FY 13 15%
FY 14 16%
FY 15 19%
FY 16 10%
FY 17 8%
FY 18 2%
FY 19 2%
FY 20 16%
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Charter hall DIreCt ProPerty FunD | 73
Charter Hall Direct Property Fund
Sector diversification
==> picture [284 x 157] intentionally omitted <==
----- Start of picture text -----
Listed REITs 4% Office 91%
Cash & Other 5%
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Asset diversification By current value
==> picture [425 x 146] intentionally omitted <==
----- Start of picture text -----
300 Adelaide Street, Brisbane 11% 1 Nicholson Street, Melbourne 14%
2 Wentworth Street, Parramatta 8%
504 Pacific Hwy, St Leonards 7% 68 Pitt Street, Sydney 24%
165 Walker Street, North Sydney 5%
154 Pacific Hwy, St Leonards 5%
71 Queens Road, Melbourne 5% 200 Queen Street, Melbourne 21%
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74 | Charter hall ProPerty PortFolIo June 2011
geographical diversification By current value
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----- Start of picture text -----
Queensland 11% New South Wales 49%
Victoria 40%
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weighted Average lease Expiry By years
==> picture [395 x 314] intentionally omitted <==
----- Start of picture text -----
1 Nicholson Street, Melbourne Vic 6.5
0 1 2 3 4 5 6 7 8
68 Pitt Street, Sydney NSW 5.3
200 Queen Street, Melbourne Vic 4.8
2 Wentworth Street, Parramatta NSW 4.0
300 Adelaide Street, Brisbane Qld 3.4
165 Walker Street, North Sydney NSW 3.2
154 Pacific Hwy, St Leonards NSW 2.5
504 Pacific Hwy, 2.3
St Leonards NSW
71 Queens Road, 1.8
Melbourne Vic
WALE 4.5 4.3
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Charter Hall Direct Property Fund
==> picture [537 x 333] intentionally omitted <==
----- Start of picture text -----
CHDPF jUN 2011 jUN 2011 jUN 2011 WALE WEIGHTED AvG
OWNERSHIP vALUATION CAPITALISATION DISCOUNT (YEARS) RENT REvIEWS
(%) (A$M) RATE (%) RATE/IRR (%) (%)
68 Pitt Street,
100% 111.2 7.75% 9.25% 5.3 3.95%
sydney nsW
154 Pacific Highway,
100% 25.0 9.50% 9.75% 2.5 3.71%
st leonards nsW
165 walker Street
100% 24.8 9.00% 9.50% 3.2 4.65%
north sydney nsW
504 Pacific Highway
100% 33.5 9.50% 9.50% 2.3 4.08%
st leonards nsW
2 wentworth Street,
100% 35.3 9.70% 9.50% 4.0 2.29%
Parramatta nsW
71 Queens Road,
100% 22.6 9.50% 9.50% 1.8 3.52%
Melbourne Vic
200 Queen Street,
100% 95.8 8.00% 9.75% 4.8 3.78%
Melbourne Vic
1 Nicholson Street, 100% 64.8 8.00% 9.75% 6.5 4.03%
Melbourne Vic
300 Adelaide Street, 100% 52.1 9.00% 9.25% 3.4 4.56%
Brisbane Qld
TOTAl/wEIgHTED
465.1 8.50% 9.51% 4.3 3.88%
AvERAgE
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76 | Charter hall ProPerty PortFolIo June 2011
200 Queen Street, Melbourne Vic
==> picture [255 x 31] intentionally omitted <==
Charter Hall Direct Property Fund
68 Pitt Street sydney nsW
==> picture [104 x 143] intentionally omitted <==
==> picture [154 x 143] intentionally omitted <==
situated in the centre of the sydney CBD on the corner of Pitt and Hunter Streets, the 26 level office building is in immediate proximity to Australia Square and Wynyard Station and benefits from four sides of natural light. the property was repositioned via refurbishment in December 2008.
==> picture [260 x 302] intentionally omitted <==
----- Start of picture text -----
suMMary
year built (or refurbished) 1965 (refurbished in 2008)
Grade a
ownership 100%
total nla (sqm) 14,325
Typical floor plate (sqm) 549
Car spaces 57
ValuatIon (30 June 2011 BooK Value)
Valuation $111.2 million
Value ($/sqm) $7,644
Capitalisation rate 7.75%
Discount rate 9.25%
last external valuation date 1 april 2011
Valuer m3 Property
tenanCy statIstICs
Wale (by income) 5.3 years
occupancy 95.9%
MaJor tenants nla (sQM)
troy law services 1,126
nIB dental and eye care centre 928
Citigroup ltd 414
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154 Pacific Highway st leonards nsW
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==> picture [154 x 143] intentionally omitted <==
The B-grade office building comprises ground plus nine upper levels and basement parking. the property enjoys a prominent position on the corner of Greenwich road, with pleasant views to the city and inner harbour from upper levels. The ground floor foyer has recently been refurbished.
==> picture [260 x 288] intentionally omitted <==
----- Start of picture text -----
suMMary
year built (or refurbished) 1970 (refurbished in 2008)
Grade B
ownership 100%
total nla (sqm) 6,425
Typical floor plate (sqm) 714
Car spaces 181
ValuatIon (30 June 2011 BooK Value)
Valuation $25.0 million
Value ($/sqm) $3,797
Capitalisation rate 9.50%
Discount rate 9.75%
last external valuation date 31 December 2010
Valuer Colliers International
tenanCy statIstICs
Wale (by income) 2.5 years
occupancy 73.1%
MaJor tenants nla (sQM)
ramsay healthcare ltd 2,622
teletech International Pty ltd 1,969
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78 | Charter hall ProPerty PortFolIo June 2011
165 walker Street north sydney nsW
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the building comprises ground level entrance foyer and retail accommodation, lower ground office accommodation and six upper levels of office accommodation. Located in the North Sydney CBD adjacent to the Warringah expressway, it has views over sydney harbour.
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----- Start of picture text -----
suMMary
year built (or refurbished) 1963 (refurbished in 1988 and 2001)
Grade B
ownership 100%
total nla (sqm) 5,279
Typical floor plate (sqm) 812
Car spaces 44
ValuatIon (30 June 2011 BooK Value)
Valuation $24.8 million
Value ($/sqm) $4,698
Capitalisation rate 9.00%
Discount rate 9.50%
last external valuation date 30 June 2011
Valuer m3 Property
tenanCy statIstICs
Wale (by income) 3.2 years
occupancy 100%
MaJor tenant nla (sQM)
Meat and livestock australia ltd 3,171
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504 Pacific Highway st leonards nsW
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a 14 level commercial building located on the south western alignment of the Pacific Highway with a rear south eastern frontage to nicholson street and located within the heart of the st leonards commercial precinct.
==> picture [260 x 273] intentionally omitted <==
----- Start of picture text -----
suMMary
year built (or refurbished) 1963 (refurbished in 1991)
Grade B
ownership 100%
total nla (sqm) 11,091
Typical floor plate (sqm) 789
Car spaces 115
ValuatIon (30 June 2011 BooK Value)
Valuation $33.5 million
Value ($/sqm) $3,021
Capitalisation rate 9.50%
Discount rate 9.50%
last external valuation date 30 June 2011
Valuer Knight Frank
tenanCy statIstICs
Wale (by income) 2.3 years
occupancy 91.6%
MaJor tenant nla (sQM)
InterContinental hotels 1,775
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note: occupancy includes heads of agreement
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Charter hall DIreCt ProPerty FunD | 79
Charter Hall Direct Property Fund
2 Wentworth Street Parramatta nsW
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The B-grade office property comprises nine upper levels of office and three levels of parking. located on the corner of Wentworth street and Parkes street in the south eastern commercial precinct of Parramatta.
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----- Start of picture text -----
suMMary
year built (or refurbished) 1990 (refurbished in 2011)
Grade a
ownership 100%
total nla (sqm) 10,956
Typical floor plate (sqm) 1,023
Car spaces 118
ValuatIon (30 June 2011 BooK Value)
Valuation $35.3 million
Value ($/sqm) $3,222
Capitalisation rate 9.70%
Discount rate 9.50%
last external valuation date 30 June 2011
Valuer Knight Frank
tenanCy statIstICs
Wale (by income) 4.0 years
occupancy 100%
MaJor tenant nla (sQM)
nsW state Government 7,017
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71 Queens Road Melbourne Vic
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This fully refurbished office building comprises 12 levels of office accommodation, ground level retail and nine levels of parking. located in Queens road in close proximity to st Kilda road, the building enjoys uninterrupted views over albert Park.
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----- Start of picture text -----
suMMary
year built (or refurbished) 1970 (various refurbishments)
Grade B
ownership 100%
total nla (sqm) 8,443
Typical floor plate (sqm) 839
Car spaces 115
ValuatIon (30 June 2011 BooK Value)
Valuation $22.6 million
Value ($/sqm) $2,677
Capitalisation rate 9.50%
Discount rate 9.50%
last external valuation date 31 December 2010
Valuer CBre
tenanCy statIstICs
Wale (by income) 1.8 years
occupancy 96.3%
MaJor tenants nla (sQM)
sMeC australia 5,517
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80 | Charter hall ProPerty PortFolIo June 2011
200 queen Street Melbourne Vic
1 Nicholson Street Melbourne Vic
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The A-grade commercial office building comprises nine levels of parking, ground level retail premises and office foyer and 25 levels of office accomodation. The building is well located close to the legal and financial precincts of Melbourne’s CBD, reflected in the calibre of tenants, mainly legal service providers.
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----- Start of picture text -----
suMMary
year built (or refurbished) 1982 (refurbished in 2009)
Grade a
ownership 100%
total nla (sqm) 19,732
Typical floor plate (sqm) 813
Car spaces 413
ValuatIon (30 June 2011 BooK Value)
Valuation $95.8 million
Value ($/sqm) $4,845
Capitalisation rate 8.00%
Discount rate 9.75%
last external valuation date 31 December 2010
Valuer CBre
tenanCy statIstICs
Wale (by income) 4.8 years
occupancy 100%
MaJor tenants nla (sQM)
Barristers Chambers ltd 6,127
australian Government solicitors 3,270
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Melbourne’s first glass curtain wall facade ‘sky-scraper’, designed by Bates smart and constructed in 1958. the building comprises 18 levels of office, ground floor retail cafe and basement parking. The building enjoys fantastic views over Parliament Gardens and state Parliament house and is located close to public transport hubs, both tram and train.
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----- Start of picture text -----
suMMary
year built (or refurbished) 1958 (refurbished in 2008)
Grade B
ownership 100%
total nla (sqm) 16,965
Typical floor plate (sqm) 1,100
Car spaces 55
ValuatIon (30 June 2011 BooK Value)
Valuation $64.8 million
Value ($/sqm) $3,820
Capitalisation rate 8.00%
Discount rate 9.75%
last external valuation date 30 June 2011
Valuer CBre
tenanCy statIstICs
Wale (by income) 6.5 years
occupancy 100%
MaJor tenants nla (sQM)
orica 7,492
Bates smart 1,901
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Charter hall DIreCt ProPerty FunD | 81
Charter Hall Direct Property Fund
300 Adelaide Street Brisbane Qld
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The B-grade commercial office building comprising of 19 upper levels of office accommodation, ground floor retail premises, foyer and two levels of basement parking. the building underwent a major refurbishment in 2000 and is well located within close proximity to the Brisbane river, Central station and the Queen street Mall.
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----- Start of picture text -----
suMMary
year built (or refurbished) 1974 (refurbished in 2000)
Grade B
ownership 100%
total nla (sqm) 13,131
Typical floor plate (sqm) 691
Car spaces 36
ValuatIon (30 June 2011 BooK Value)
Valuation $52.1 million
Value ($/sqm) $3,945
Capitalisation rate 9.00%
Discount rate 9.25%
last external valuation date 31 December 2010
Valuer Colliers International
tenanCy statIstICs
Wale (by income) 3.4 years
occupancy 94.0%
MaJor tenant nla (sQM)
transaction network services 1,302
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82 | Charter hall ProPerty PortFolIo June 2011
68 Pitt Street, Sydney NSW
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Australia Post Distribution Centre, Kingsgrove NSW
84 | Charter hall ProPerty PortFolIo June 2011
Charter Hall Direct Industrial Fund
Established in july 2010, the Charter Hall Direct Industrial Fund (DIF) is an unlisted property fund which seeks to invest directly in a diversified selection of Australian industrial assets. The Fund aims to provide investors with sustainable and stable, tax-advantaged income quarterly.
Investment Strategy
DIF’s strategy involves progressively acquiring a diversified portfolio of quality industrial properties in accordance with clear investment criteria. the investment criteria to be met before an acquisition is approved includes prime property grade, superior location close to transport links, high quality tenants, 100% occupancy and a minimum 10 year weighted average lease expiry (Wale).
Investment opportunities will be sought through Charter hall’s real estate investment pipeline together with external sources. DIF’s experienced asset management team will actively manage the Fund’s assets. over the course of the Fund’s life, properties will be reviewed to ensure consistency with the investment objectives, and where appropriate, properties may be sold to maximise returns with capital being repatriated to investors.
Australia Post Distribution Centre Kingsgrove nsW
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The Australia Post Distribution Centre comprises an office and warehouse facility of 6,729sqm that is situated on a site of 13,803sqm. Practical completion was reached in June 2011. the property is located within the Kingsgrove industrial precinct, some 20 kilometres south-west of the sydney CBD and features convenient access to the M5 Motorway, sydney airport and Port Botany.
Fund Statistics
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----- Start of picture text -----
DIreCt InDustrIal FunD
asset total occupancy wale Value
tenants % (years) a$M
australia Post 1 100 15 15.5
Distribution Centre
toll Fleet & auto 1 100 14 24.4
logistics Centre
Grace Worldwide 1 100 12 29.6
logistics Facility
Coles Distribution 1 100 17 42.9
Centre [1]
----- End of picture text -----
Top 4 tenants By gross income
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----- Start of picture text -----
Coles Distribution Centre 37%
5 10 15 20 25 30 35
Grace Worldwide 27%
Toll Holdings 22%
Australia Post 14%
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----- Start of picture text -----
suMMary
year built (or refurbished) 2011
Grade n/a
ownership 100%
total Gla (sqm) 6,729
Typical floor plate (sqm) n/a
Car spaces 166
ValuatIon (30 June 2011 BooK Value)
Valuation (upon completion) $15.5 million
Value ($/sqm) $2,303
Capitalisation rate 8.00%
Discount rate 9.50%
last external valuation date 30 september 2010
Valuer Colliers International
tenanCy statIstICs
Wale (by income) 15 years
occupancy 100%
MaJor tenant Gla (sQM)
australia Post 6,729
----- End of picture text -----
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note
- Fund’s 25% interest
Charter hall DIreCt InDustrIal FunD | 85
Charter Hall Direct Industrial Fund
Toll Fleet & Auto logistics Centre altona north Vic
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the property comprises of a new logistics facility of 6,310sqm that is situated on a site of 49,515sqm. acquired in 2010, the property is located at altona north some 14 kilometres west of Melbourne’s CBD with direct access to the West Gate Freeway, the Port of Melbourne and Melbourne airport. the sole tenant is a subsidiary of toll holdings, an asX listed company with a market capitalisation of $3.1 billion.
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----- Start of picture text -----
suMMary
year built (or refurbished) 2010
Grade n/a
ownership 100%
total Gla (sqm) 6,310
Typical floor plate (sqm) n/a
Car spaces 196
ValuatIon (30 June 2011 BooK Value)
Valuation $24.4 million
Value ($/sqm) $3,867 [1]
Capitalisation rate 8.00%
Discount rate 9.50%
last external valuation date 30 June 2010
Valuer savills
tenanCy statIstICs
Wale (by income) 14 years
occupancy 100%
MaJor tenant Gla (sQM)
toll holdings 6,310
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grace worldwide logistics Facility Willawong Qld
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the Grace Worldwide logistics Facility is located at Willawong 17 kilometres south of Brisbane’s CBD with easy access and egress to the logan Motorway, Ipswich Motorway and the Brisbane CBD. on completion the facility will have a Gla of 21,880sqm that is situated on a site of 38,929sqm. the sole tenant, Grace Worldwide, is the largest records management, removals and storage company in australia. Construction is nearing completion with lease commencement anticipated in July 2011.
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----- Start of picture text -----
suMMary
year built (or refurbished) under Construction
Grade n/a
ownership 100%
total Gla (sqm) 21,880
Typical floor plate (sqm) n/a
Car spaces 98
ValuatIon (30 June 2011 BooK Value)
Valuation (upon completion) $29.6 million
Value ($/sqm) $1,353
Capitalisation rate 8.25%
Discount rate 10.00%
last external valuation date 31 December 2010
Valuer m3 Property
tenanCy statIstICs
Wale (by income) 12 years
occupancy (upon completion) 100%
MaJor tenant Gla (sQM)
Grace Worldwide 21,880
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- Reflects low site cover ratio of 13%
86 | CHARTER HAll ProPerty PortFolIo June 2011
Coles Distribution Centre[1] Perth airport Wa
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the Coles Distribution Centre is a state of the art logistics facility located on a 25 hectare site strategically situated within Perth airport, ten kilometres east of the Perth CBD. the centre is located on horrie Miller Drive, midway from its intersection with tonkin highway and Perth International terminal. Perth airport is one of the major logistics hubs in Western australia, with tenants including Woolworths, toll, electrolux and linfox recently committing to large facilities along horrie Miller Drive.
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----- Start of picture text -----
suMMary
year built (or refurbished) 2008
Grade n/a
ownership 25%
total Gla (sqm) 81,647
Typical floor plate (sqm) n/a
Car spaces n/a
ValuatIon (30 June 2011 BooK Value)
Valuation (25%) $42.9 million
Value ($/sqm) $2,101
Capitalisation rate 7.90%
Discount rate 9.75%
last external valuation date 28 February 2011
Valuer Colliers International
tenanCy statIstICs
Wale (by income) 17 years
occupancy 100%
MaJor tenant Gla (sQM)
Coles Group ltd 81,647
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note 1. Contracted for sale
Toll Fleet & Auto Logistics Centre, Altona North Vic
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Home HQ Ipswich, Ipswich Qld
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88 | Charter hall ProPerty PortFolIo June 2011
Charter Hall Direct Retail Fund
Charter Hall’s Direct Retail Fund (DRF) was launched in December 2010. The Fund invests directly in quality retail properties with an initial property portfolio of six retail shopping centres located in established markets in New South Wales, victoria, Queensland and New Zealand. DRF will seek to supplement the initial portfolio by progressively acquiring and managing a diversified portfolio of quality sub-regional, neighbourhood and household retail shopping centres, with a focus on established and growing retail markets in Australia.
Fund Statistics
Top 10 tenants By gross income
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----- Start of picture text -----
Woolworths Supermarkets, Big W, Dan Murphy’s, Dick Smith 21%
5 10 15 20
Coles Supermarkets, 11%
Bunnings Warehouse
John Wiley 6%
& Sons
Fantastic
Furniture 4%
Spotlight 3%
Franklins Supermarkets 3%
Fashion Factory Outlets 3%
Goodlife Gyms 3%
Chemist Warehouse 2%
Aussie Living 2%
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Annual lease expiry By gross income
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----- Start of picture text -----
Vacant 1%
FY 12 4%
FY 13 8%
FY 14 7%
FY 15 6%
FY 16 5%
FY 17 16%
FY 18 2%
FY 19 30%
FY20+ 22%
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Charter hall DIreCt retaIl FunD | 89
Fund Statistics
Rent review split over next 12 months
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----- Start of picture text -----
CPI
25%
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----- Start of picture text -----
Market
3%
Fixed
72%
----- End of picture text -----
Tenant contribution By passing income
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----- Start of picture text -----
Vacant National retailers [1]
1% 78%
John Wiley & Sons
6%
Other specialties
15%
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note
- national retailers include Woolworths Group, Wesfarmers (Coles and Bunnings), Franklins, IGa KFC, Bakers Delight, JB hiFi and national Banks.
90 | Charter hall ProPerty PortFolIo June 2011
Property Portfolio
Sector diversification By gross income
Sub regional 20% Hardware 17% Neighbourhood 30% Household retail 33%
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----- Start of picture text -----
DRF jUN 2011 jUN 2011 jUN 2011 WALE WEIGHTED
OWNERSHIP vALUATION CAPITALISATION DISCOUNT (YEARS) ANNUAL RENT
(%) (A$M) RATE (%) RATE/IRR (%) REvIEWS (%)
Lake Macquarie,
50% 35.2 8.25% 9.50% 8.1 4.35%
newcastle nsW
Menai Central,
100% 37.0 8.50% 9.50% 6.1 3.30%
sydney nsW
Home HQ Nunawading,
50% 31.0 8.50% 10.00% 5.1 3.56%
Melbourne Vic
Bunnings Warehouse Stafford,
100% 30.5 7.50% 9.00% 8.0 3.40%
Brisbane Qld
Home HQ Ipswich,
100% 27.0 8.75% 9.50% 6.2 3.37%
Ipswich Qld
Countdown Auckland City,
100% 18.2 9.00% 10.00% 8.0 2.00%
auckland nZ
TOTAl/wEIgHTED
178.9 8.43% 9.59% 6.7 2.60%
AvERAgE
----- End of picture text -----
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Charter hall DIreCt retaIl FunD | 91
Countdown Auckland City, Auckland New zealand
92 | Charter hall ProPerty PortFolIo June 2011
Charter Hall Direct Retail Fund
lake Macquarie Fair newcastle nsW
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lake Macquarie is a sub-regional shopping centre which dominates its primary catchment area of Mount hutton and surrounding suburbs with on-site parking. Mount hutton is an established suburb of newcastle located approximately 15 kilometres southwest of the city’s CBD. the property comprises lake Macquarie Fair and Mount hutton shopping Centre.
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----- Start of picture text -----
suMMary
year built (or refurbished) 1985 (refurbished in 2007)
Classification sub-regional
ownership 50%
total nla (sqm) 16,914
Car spaces > 1,100
ValuatIon (30 June 2011 BooK Value)
Valuation (50%) $35.2 million
Value ($/sqm) $3,547
Capitalisation rate 8.25%
Discount rate 9.50%
last external valuation date 30 september 2010
Valuer Jones lang lasalle
tenanCy statIstICs
Wale (by income) 8.1 years
occupancy 98.7%
MaJor tenants nla (sQM)
Big W 3,175
Woolworths supermarket 2,083
Coles supermarket 3,087
----- End of picture text -----
Menai Central sydney nsW
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Menai Central is a modern neighbourhood shopping centre comprising six separate buildings. Menai is an established residential neighbourhood located within the sutherland shire local Government area, approximately 28 kilometres south of the sydney CBD.
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----- Start of picture text -----
suMMary
year built (or refurbished) 2002
Classification neighbourhood
ownership 100%
total nla (sqm) 10,797
Car spaces 275
ValuatIon (30 June 2011 BooK Value)
Valuation $37.0 million
Value ($/sqm) $3,427
Capitalisation rate 8.50%
Discount rate 9.50%
last external valuation date 30 June 2011
Valuer Cushman & Wakefield
tenanCy statIstICs
Wale (by income) 6.1 years
occupancy 100%
MaJor tenants nla (sQM)
Goodlife Gym 1,839
Franklin supermarkets 1,617
Dan Murphy’s 1,548
----- End of picture text -----
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Charter hall DIreCt retaIl FunD | 93
Charter Hall Direct Retail Fund
Home HQ Nunawading Melbourne Vic
==> picture [259 x 143] intentionally omitted <==
home hQ nunawading is a modern two-level household retail centre located on Whitehorse road in nunawading, approximately 25 kilometres east of the Melbourne CBD.
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----- Start of picture text -----
suMMary
year built (or refurbished) 2007
Classification household retail
ownership 50%
total nla (sqm) 22,859
Car spaces 417
ValuatIon (30 June 2011 BooK Value)
Valuation (50%) $31.0 million
Value ($/sqm) $2,721
Capitalisation rate 8.50%
Discount rate 10.00%
last external valuation date 30 June 2011
Valuer m3 property
tenanCy statIstICs
Wale (by income) 5.1 years
occupancy 97.2%
MaJor tenants nla (sQM)
the Good Guys 1,722
Bev Marks Beds 1,680
nick scali Furniture 1,334
----- End of picture text -----
Bunnings warehouse Stafford Brisbane Qld
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this property is located on stafford road within the stafford household retail area, approximately nine kilometres from the Brisbane CBD. the property comprises a Bunnings Warehouse with on-site parking, plus an adjoining site with two warehouse facilities leased to John Wiley & sons, a new york exchange listed publishing company.
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----- Start of picture text -----
suMMary
year built (or refurbished) 2005
Classification household retail
ownership 100%
total nla (sqm) 22,174
Car spaces 519
ValuatIon (30 June 2011 BooK Value)
Valuation $30.5 million
Value ($/sqm) $1,360
Capitalisation rate 7.50%
Discount rate 9.00%
last external valuation date 30 June 2011
Valuer savills
tenanCy statIstICs
Wale (by income) 8.0 years
occupancy 100%
MaJor tenants nla (sQM)
Bunnings Warehouse 12,905
John Wiley & sons 9,269
----- End of picture text -----
94 | Charter hall ProPerty PortFolIo June 2011
Home HQ Ipswich Ipswich Qld
Countdown Auckland City auckland nZ
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home hQ Ipswich is a newly-built household retail centre that was completed in 2009. the property is located close by to the Ipswich CBD and approximately 30 kilometres south-west of the Brisbane CBD on a major transport corridor within a growing residential catchment area.
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----- Start of picture text -----
suMMary
year built (or refurbished) 2009
Classification household retail
ownership 100%
total nla (sqm) 12,903
Car spaces 257
ValuatIon (30 June 2011 BooK Value)
Valuation $27.0 million
Value ($/sqm) $2,093
Capitalisation rate 8.75%
Discount rate 9.50%
last external valuation date 31 December 2010
Valuer Jones lang lasalle
tenanCy statIstICs
Wale (by income) 6.2 years
occupancy 97.1%
MaJor tenants nla (sQM)
Fantastic Furniture 3,696
spotlight 3,229
----- End of picture text -----
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Countdown auckland City is a freestanding supermarket located on the north-eastern frontage of the auckland CBD and is in close proximity to commercial office buildings, retail services and soonto-be-completed residential developments.
==> picture [260 x 259] intentionally omitted <==
----- Start of picture text -----
suMMary
year built (or refurbished) 2004
Classification neighbourhood
ownership 100%
total nla (sqm) 4,394
Car spaces 190
ValuatIon (30 June 2011 BooK Value)
Valuation $18.2 million
Value ($/sqm) $3,963
Capitalisation rate 9.00%
Discount rate 10.00%
last external valuation date 31 December 2010
Valuer Jones lang lasalle
tenanCy statIstICs
Wale (by income) 8.0 years
occupancy 100%
MaJor tenant nla (sQM)
Countdown supermarket (Woolworths) 4,394
----- End of picture text -----
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Charter hall DIreCt retaIl FunD | 95
130 Stirling Street, Perth WA
96 | Charter hall ProPerty PortFolIo June 2011
130 Stirling Street Trust (CHIF7)
130 Stirling Street Trust (CHIF7) is Charter Hall’s seventh closed-end syndicate, an unlisted property trust providing the opportunity to invest in a high quality A-grade office building in the growth corridor of the Perth CBD fringe.
130 Stirling Street Perth Wa
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130 Stirling Street comprises four office levels plus commercial, retail tenancies with four levels of car parking. the property is located on the northern fringe of the Perth CBD in a developing area of Perth and has views to the city centre.
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----- Start of picture text -----
suMMary
year built (or refurbished) 2009
Grade a
ownership 100%
total nla (sqm) 12,351
Typical floor plate (sqm) 2,700 to 3,075
Car spaces 242
ValuatIon (30 June 2011 BooK Value)
Valuation $80.0 million
Value ($/sqm) $6,477
Capitalisation rate 8.25%
Discount rate 10.25%
last external valuation date 30 June 2011
Valuer Directors
tenanCy statIstICs
Wale (by income) 7.2 years
occupancy 100%
MaJor tenants nla (sQM)
Commonwealth Government (Medicare) 5,306
Wa Police and nurses Credit society 4,150
hlB Mann Judd 1,079
----- End of picture text -----
Fund Statistics
Top 5 tenants By gross income
==> picture [243 x 114] intentionally omitted <==
----- Start of picture text -----
Commonwealth Government (Medicare) 41%
Police & Nurses Credit Society 31%
Downer EDI 11%
HLB Mann 9%
Judd
Wilson 5%
Parking
----- End of picture text -----
Annual lease expiry By gross income
==> picture [221 x 157] intentionally omitted <==
----- Start of picture text -----
FY12 0%
FY13 0%
FY14 5%
FY15 12%
FY16 1%
FY17CY17 0%
FY18 0%
FY19 72%
FY20 10%
----- End of picture text -----
==> picture [255 x 31] intentionally omitted <==
Charter hall InVestMent FunD 7 | 97
181 St Georges Terrace, Perth WA
98 | Charter hall ProPerty PortFolIo June 2011
Charter Hall Diversified Property Fund
Charter Hall Diversified Property Fund (DPF), launched in November 2005, as an unlisted fund investing in quality assets across office, retail and industrial sectors throughout Australia, with properties generally valued in the range of $5 million to $30 million.
Fund Statistics
Top 5 tenants By gross income
==> picture [250 x 382] intentionally omitted <==
----- Start of picture text -----
Central Queensland University 21%
5 10 15 20
DOF Subsea 12%
Allion Legal 7%
Icon Engineering 7%
Schenker
6%
Australia
Annual lease expiry
By gross income
Vacant 9%
FY 12 7%
FY 13 17%
FY 14 8%
FY 15 5%
FY 16 16%
FY 17 24%
FY 18 14%
FY 19 0.0%
FY 20+ 0.0%
----- End of picture text -----
geographical diversification By current value
==> picture [263 x 146] intentionally omitted <==
----- Start of picture text -----
Victoria 12% New South Wales 48%
Western Australia 40%
----- End of picture text -----
Calibre Global 1.3%
==> picture [255 x 31] intentionally omitted <==
Charter hall DIVersIFIeD ProPerty FunD | 99
Property Portfolio
==> picture [540 x 258] intentionally omitted <==
----- Start of picture text -----
DPF jUN 2011 jUN 2011 jUN 2011 WALE WEIGHTED AvG
OWNERSHIP vALUATION CAPITALISATION DISCOUNT (YEARS) RENT REvIEWS
(%) (A$M) RATE (%) RATE/IRR (%) (%)
400 kent Street,
75% 40.3 7.50% 9.25% 5.9 3.75%
sydney nsW
53 Berry Street,
100% 20.2 8.50% 9.50% 3.3 3.73%
north sydney nsW
22-28 Compark Circuit,
100% 6.0 9.00% 10.50% 1.9 3.00%
Mulgrave Vic
95 South Centre Road and
1 and 15 jets Court, 100% 9.3 9.37% 10.00% 3.1 3.75%
tullamarine Vic
181 St Georges Terrace,
100% 25.0 8.50% 10.00% 5.6 5.20%
Perth Wa
46-50 kings Park Road,
100% 26.4 8.50% 9.75% 2.2 3.85%
West Perth Wa
TOTAl/wEIgHTED
127.2 8.27% 9.66% 4.1 4.00%
AvERAgE
----- End of picture text -----
100 | Charter hall ProPerty PortFolIo June 2011
Charter Hall Diversified Property Fund
400 Kent Street sydney nsW
==> picture [259 x 143] intentionally omitted <==
situated in the western corridor of the CBD, 400 Kent street comprises an 11 level office building and retains the façade of a former heritage building.
==> picture [260 x 273] intentionally omitted <==
----- Start of picture text -----
suMMary
year built (or refurbished) 1992 (refurbished in 2005)
Grade B
ownership 75%
total nla (sqm) 10,461
Typical floor plate (sqm) 951
Car spaces 10
ValuatIon (30 June 2011 BooK Value)
Valuation (75%) $40.3 million
Value ($/sqm) $5,114
Capitalisation rate 7.50%
Discount rate 9.25%
last external valuation date 30 June 2010
Valuer savills
tenanCy statIstICs
Wale (by income) 5.9 years
occupancy 89%
MaJor tenant nla (sQM)
Central Queensland university 9,541
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53 Berry Street north sydney nsW
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53 Berry Street, is a modern seven level office building situated on the high profile south western corner of Berry and Miller Streets in the north sydney CBD. the property has prominent retail exposure.
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suMMary
year built (or refurbished) 1988
Grade B
ownership 100%
total nla (sqm) 3,536
Typical floor plate (sqm) 504
Car spaces 30
ValuatIon (30 June 2011 BooK Value)
Valuation $20.2 million
Value ($/sqm) $5,600
Capitalisation rate 8.50%
Discount rate 9.50%
last external valuation date 31 December 2010
Valuer m3 Property
tenanCy statIstICs
Wale (by income) 3.3 years
occupancy 77%
MaJor tenants nla (sQM)
national Credit Insurance Providers 550
uGl 549
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Charter hall DIVersIFIeD ProPerty FunD | 101
Charter Hall Diversified Property Fund
22-28 Compark Circuit Mulgrave Vic
95 South Centre Road, 1 and 15 Jets Court tullamarine Vic
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22-28 Compark Circuit is located in Mulgrave, a prominent commercial precinct 20 kilometres south east of the Melbourne CBD. Compark Circuit Business Park is situated near the intersection of Wellington and springvale roads, Mulgrave and the property is situated on a high profile corner site within the estate. 22-28 Compark Circuit comprises a recently constructed two level office building.
south Centre road and Jets Court combines a portfolio of three industrial leasehold investments located in the new Melbourne airport Business Park, adjacent to the Melbourne airport.
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suMMary
year built (or refurbished) 2007
Grade n/a
ownership 100%
total nla (sqm) 1,997
Typical floor plate (sqm) 985
Car spaces 65
ValuatIon (30 June 2011 BooK Value)
Valuation $6.0 million
Value ($/sqm) $3,005
Capitalisation rate 9.00%
Discount rate 10.50%
last external valuation date 31 December 2010
Valuer m3 Property
tenanCy statIstICs
Wale (by income) 1.9 years
occupancy 100%
MaJor tenants nla (sQM)
leighton Properties 1,020
seMF 977
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suMMary
year built (or refurbished) 2003
Grade n/a
ownership 100%
total nla (sqm) 10,462
Typical floor plate (sqm) n/a
Car spaces 134
ValuatIon (30 June 2011 BooK Value)
Valuation $9.3 million
Value ($/sqm) $888
Capitalisation rate 9.37%
Discount rate 10.00%
last external valuation date 30 June 2010
Valuer savills
tenanCy statIstICs
Wale (by income) 3.1 years
occupancy 100%
MaJor tenants nla (sQM)
schenker 5,042
Gibsons Freight 3,004
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102 | Charter hall ProPerty PortFolIo June 2011
181 St georges Terrace Perth Wa
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located at 181 st Georges terrace, the property comprises a modern A-grade quality office building comprising of ground floor foyer and retail tenancies and six upper level office floors. The property’s location on st Georges terrace is the premier address for financial and commercial activity within the Perth CBD.
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suMMary
year built (or refurbished) 2000
Grade a
ownership 100%
total nla (sqm) 3,534
Typical floor plate (sqm) 598
Car spaces 14
ValuatIon (30 June 2011 BooK Value)
Valuation $25.0 million
Value ($/sqm) $7,074
Capitalisation rate 8.50%
Discount rate 10.00%
last external valuation date 31 December 2010
Valuer savills
tenanCy statIstICs
Wale (by income) 5.6 years
occupancy 87%
MaJor tenants nla (sQM)
DoF subsea 1,843
Michael Page 535
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46-50 Kings Park Road West Perth Wa
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46-50 Kings Park road, known as spinifex house, is a modern three level office building situated on the high profile corner of Kings Park road and Walker avenue. the property overlooks Kings Park and is considered a premium office address in West Perth. located approximately two kilometres from the Perth CBD, 46-50 Kings Park road is zoned for commercial and residential development.
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suMMary
year built (or refurbished) 1982 (refurbished in 2004)
Grade B
ownership 100%
total nla (sqm) 4,090
Typical floor plate (sqm) 1,294
Car spaces 82
ValuatIon (30 June 2011 BooK Value)
Valuation $26.4 million
Value ($/sqm) $6,382
Capitalisation rate 8.50%
Discount rate 9.75%
last external valuation date 30 June 2010
Valuer Jones lang lasalle
tenanCy statIstICs
Wale (by income) 2.2 years
occupancy 100%
MaJor tenants nla (sQM)
allion legal 1,244
Icon engineering 1,229
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Charter hall DIVersIFIeD ProPerty FunD | 103
No.1 Martin Place, Sydney NSW 104 | Charter hall ProPerty PortFolIo June 2011
No.1 Martin Place Trust
No.1 Martin Place Trust (1MPT) was established in 2002 to acquire a 50% interest in the office tower and car park located at No.1 Martin Place, Sydney.
No.1 Martin Place sydney nsW
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Set in the financial heart of Sydney, No.1 Martin Place is one of Australia’s most esteemed business addresses. The 24 level office building has flexible floor plans, floor-to-ceiling windows and views of the surrounding city - all in the centre of the sydney CBD. Beneath the office tower is seven levels of basement car parking.
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suMMary
year built (or refurbished) 1999
Grade a
ownership 50%
total nla (sqm) 40,237
Typical floor plate (sqm) 1,672
Car spaces 374
ValuatIon (30 June 2011 BooK Value)
Valuation (50%) $232.5 million
Value ($/sqm) $11,557
Capitalisation rate 6.90%
Discount rate 9.00%
last external valuation date 30 June 2011
Valuer Knight Frank
tenanCy statIstICs
Wale (by income) 3.8 years
occupancy 93%
MaJor tenants nla (sQM)
Macquarie Group 36,404
secure Parking n/a - carpark
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Annual lease expiry By gross income
Vacant 7% FY 12 0% FY12FY 13 0% FY 13 14 0% FY 15 79% FY 16 1% FY 17+ 13%
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no.1 MartIn PlaCe trust | 105
Index
Charter Hall Office REIT (ASX:CQO)
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neW south Wales
CitiCentre, 2 Park street, sydney 15
no.1 Martin Place, sydney 15
allianz Centre, 2 Market street, sydney 16
59 Goulburn street, sydney 16
the Denison, 65 Berry street, north sydney 17
nCr house, 8-20 napier street, north sydney 17
Charter Grove, 29-57 Christie street, st leonards 18
avaya house, 123 epping road, Macquarie Park 18
Wentworth Place, 9 Wentworth street, Parramatta 19
Australian Taxation Office, 266 King Street, Newcastle 19
VICtorIa
argus Centre, 300 latrobe street, Melbourne 20
150 lonsdale street, Melbourne 20
171 Collins street, Melbourne 21
5 Queens road, Melbourne 21
Australia Taxation Office, 6-20 Gladstone Street, Moonee Ponds 22
QueenslanD
175 eagle street, Brisbane 22
Capital hill, 83-85 George street, Brisbane 23
Western australIa
eastpoint Plaza, 233-237 adelaide terrace, Perth 23
aCt
australia Place, 14 Mort street, Canberra 24
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Charter Hall Retail REIT (ASX:CQR)
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neW south Wales
Bathurst Chase, 39 William street, Bathurst 27
Cooma Woolworths, 12-20 Vale street, Cooma 27
Cootamundra Woolworths, Parker lane, Cootamundra 27
earlwood Coles, 5-15 Clarke street, earlwood 27
Pemulwuy Marketplace, 250 Greystanes rd, Greystanes 27
Mackenzie Mall, 179 Bourke street, Glen Innes 27
Goonellabah Village, 1 simeoni Drive, Goonellabah 27
Gordon Village Centre, 802-808 Pacific Highway, Gordon 27
Carnes hill Marketplace,Cnr Cowpasture and
27
Kurrajong roads, horningsea Park
Jerrabomberra Village, limestone Drive, Jerrabomberra 27
Kings langley shopping Centre, James Cook Drive,
27
Kings langley
highlands Marketplace, 197 old hume highway, Mittagong 27
Balo square, 85 Balo street, Moree 27
Morisset shopping Centre, 35 yambo street, Morisset 27
lake Macquarie Fair, south street, Mt hutton nsW 27
Mount hutton Plaza, south street, Mt hutton nsW 27
Mudgee Metroplaza, 84-86 Mortimer street, Mudgee 27
sunnyside Mall, Cnr Wollumbin & Brisbane street,
27
Murwillumbah
narrabri Coles, 154 Maitland street, narrabri 27
Kierath’s shopping square , 76 Dandaloo street, narromine 27
orange Central, 227-237 summer street, orange 27
Parkes Metroplaza, 299 Clarinda street, Parkes 27
rosehill Woolworths, 28-30 oak street, Parramatta 27
rutherford Marketplace, 1 hillviews st, rutherford 27
Gowrie street Mall, 1 Gowrie street, singleton 27
thornleigh Marketplace, 2-12 the Comenarra Pkwy,
27
thornleigh
tumut Coles, 29-39 russel street, tumut 27
Wellington Coles, 128-140 Percy st, Wellington 27
West ryde Marketplace,14 anthony rd, West ryde 27
Windsor Marketplace,6-16 Kable st, Windsor 27
Coles, 128-140 Percy street, Wellington 27
Woolworths, Boorowa street, young 27
VICtorIa
Coles, 96-118 Main street, Bairnsdale 28
Pakington strand 95-103 Pakington st, Geelong West 28
safeway, Cnr shadford and nolan street, Kerang 28
Kyneton shopping Centre, 7 Jennings street, Kyneton 28
olive tree shopping Centre, 118 Main street, lilydale 28
Coles, 92 albert street, Moe 28
Kmart, Cnr albert street & Britter lane, Moe 28
home hQ nunawading,
28
327-394 Whitehorse road, nunawading
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106 | Charter hall ProPerty PortFolIo June 2011
Charter Hall Retail REIT (ASX:CQR)
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QueenslanD PolanD
tablelands Village, 14 Cook street, atherton 28 arena, Gliwice 31
Bribie Island shopping Centre, Cnr Goodwin Drive and Borek, Wroclaw 31
28
hornsby road, Bongaree Dabrowka, Katowice 31
Caboolture Park shopping Centre, 60-78 King street, 28 turzyn, szczecin 31
Caboolture
Zakopianka, Krakow 31
Currimundi Markets, Cnr nicklin Way and Bellara Drive,
28
Currimundi GerMany
Gatton Plaza, 114 spencer street, Gatton 28 alt Chemnitz Center, Chemnitz 31
Bay Plaza, 27 torquay street, Pialba 28 Burgaupark Jena, Jena 31
Kallangur Fair, 1473 anzac avenue, Kallangur 28
sydney st Markets, 31 Gordon street, Mackay 28
Non-core Assets
Mareeba Plaza, 241 Byrnes road, Mareeba 28
Moranbah Fair, street Francis Drive, Moranbah 28
neW ZealanD
allenstown Plaza, 42 Caroline street, rockhampton 28 number of properties 32
Springfield Fair,Corner Topaz Rd and Springfield Parkway,
28 unIteD states
Springfield
Centennial Crossroads Plaza, nevada 32
south australIa
Cherry Park Market, oregon 32
Mile end homemaker Centre, 121-150 railway terrace,
Mile end 29 hillsboro Market Centre, oregon 32
Wharflands Plaza, Tassie Street, Port Augusta 29 hilltop Village, Colorado 32
renmark Plaza, Corner renmark avenue and twentieth Kleinwood Center, texas 32
29
street, renmark lindbergh Crossing, Georgia 32
Western australIa Murray landing, south Carolina 32
albany Plaza, 38 albany highway albany 29 northlake Promenade, Georgia 32
Ballajura Central, cnr Hamelin & Bellefin Drive Ballajura 29 Powers Ferry Kroger, Georgia 32
Carnarvon Central, robinson street Carnarvon 29 roswell Crossing, Georgia 32
Collie Central, Johnson street, Collie 29 trowbridge Crossing, Georgia 32
esperance Boulevard, Corner Forrest & Windich street Vineyard shopping Center, Florida 32
29
esperance Woodstock Crossing, Georgia 32
Kalgoorlie Central, Corner hannan and Wilson street
29
Kalgoorlie
Coles, Corner Guildford road and Caledonian avenue
29
Maylands
Coles, Corner ensign and earl street narrogin 29
south hedland shopping Centre, throssell road south
29
hedland
swan View shopping Centre, Corner Gladstone and
29
Marlboro street swan View
aCt
Woolworths, 1 Dickson Place, Dickson 30
Manuka terrace, Corner Flinders Way and Franklin street,
30
Manuka
erindale shopping Centre, 50-68 Comrie street,
30
Wanniassa
tasManIa
Coles, 165a elphin road, newstead 30
Woolworths, 142 nelson street, smithton 30
Woolworths, 68 Goldie street, Wynyard 30
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Charter hall DIVersIFIeD ProPerty FunD InDeX | 107
Index
Core Plus Office Fund (CPOF)
| neW south Wales | ||
|---|---|---|
| 167 Macquarie street, sydney | 42 | |
| st George Bank, 4-16 Montgomery street, Kogarah | 42 | |
| 331 and 333 George street, sydney | 43 | |
| VICtorIa | ||
| 11-33 exhibition street, Melbourne | 43 | |
| 570 Bourke street, Melbourne | 44 | |
| 150 Queens street, Melbourne | 44 | |
| QueenslanD | ||
| Brisbane square, Brisbane | 45 | |
| 275 George street, Brisbane | 45 | |
| northBank Plaza, 69 ann street, Brisbane | 46 | |
| south australIa | ||
| 51 Pirie street, adelaide | 46 | |
| Bank sa, 97 William street, adelaide | 47 | |
| BhP house, 225 st Georges terrace, Perth | 47 | |
| hatch Building, 144 stirlingstreet, Perth | 48 | |
| 109 st Georges terrace, Perth | 48 |
Charter Hall Opportunity Fund No.4 (CHOF4)
| neW south Wales | |||
|---|---|---|---|
| home hQ north shore, artarmon | 65 |
Charter Hall Opportunity Fund No.5 (CHOF5)
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neW south Wales
little Bay, 1408 anzac Parade, little Bay 68
VICtorIa
aquilo, 34-94 oak avenue, Mentone 68
lacrosse apartments – stage 1, Melbourne Docklands 68
QueenslanD
40 Creek street, Brisbane 69
Western australIa
WorKZone, 202 Pier street, Perth 69
neW ZealnD
home hQ hastings, 701 Caroline road, hastings 69
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Core Plus Industrial Fund (CPIF)
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neW south Wales
Volkswagen, 24 Muir road, Chullora 55
Chatswood Business Park,
55
372 eastern Valley Way, Chatswood
56 anzac street, Chullora 56
VICtorIa
41-57 south Centre road, Melbourne airport Business
56
Park, tullamarine
130-138 link road, Melbourne airport Business Park,
57
tullamarine
55-65 sky road, Melbourne airport Business Park,
57
tullamarine
309 Fitzgerald road, Derrimut 58
QueenslanD
30 Main Beach road, Pinkenba 58
200 holt street, Pinkenba 59
140-160 robinson road, Geebung 59
toll, 7 Viola Place, Brisbane airport 60
Citiport Industrial estate,17 sugarmill road, Meeandah 60
772-776 Boundary road, richlands 61
Western australIa
Coles Distribution Centre, 136 horrie Miller Drive, Perth 61
123-135 Kewdale road, Kewdale 62
tasManIa
Woolworths Distribution Centre, 4-20 translink avenue,
62
launceston
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108 | Charter hall ProPerty PortFolIo June 2011
130 Stirling Street (CHIF7)
Direct Property Fund (CHDPF)
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neW south Wales
68 Pitt street, sydney 78
154 Pacific Highway, St Leonards 78
165 Walker street, north sydney 79
504 Pacific Highway, St Leonards 79
2 Wentworth street, Parramatta 80
VICtorIa
71 Queens road, Melbourne 80
200 Queen street, Melbourne 81
1 nicholson street, Melbourne 81
QueenslanD
300 adelaide street, Brisbane 82
Direct Industrial Fund (DIF)
neW south Wales
australia Post Distribution Centre, Kingsgrove 85
VICtorIa
toll Fleet and auto logistics Centre, altona north 86
QueenslanD
Grace Worldwide logistics Facility, Willawong 86
Coles Distribution Centre, horrie Miller Drive, Perth airport 87
Direct Retail Fund (DRF)
neW south Wales
lake Macquarie Fair and Mount hutton
93
shopping Centre, newcastle
Menai Central, sydney 93
VICtorIa
home hQ nunawading,
94
327-394 Whitehorse road, nunawading
QueenslanD
Bunnings Warehouse stafford, 450 stafford road, stafford 94
home hQ Ipswich, Ipswich 95
neW ZealnD
Countdown auckland City, auckland 95
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| Western australIa | |||
|---|---|---|---|
| 130 stirlingstreet, Perth | 97 |
Diversified Property Fund (DPF)
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neW south Wales
400 Kent street, sydney 101
53 Berry street, north sydney 101
VICtorIa
22-28 Compark Circuit, Mulgrave 102
south Centre road and Jets Court,
102
Melbourne airport Business Park, tullamarine
Western australIa
181 st Georges terrace, Perth 103
46-50 Kings Park road, West Perth 103
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| No.1 | Martin Place Trust (1MPT) | ||
|---|---|---|---|
| neW | south Wales | ||
| no.1 | Martin Place, sydney 104 |
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Charter hall DIVersIFIeD ProPerty FunD InDeX | 109
No.1 Martin Place , Sydney NSW Australia
110 | Charter hall ProPerty PortFolIo June 2011
Further Information
Listed enquiries
Kylie ramsden head of listed Investor relations +61 2 8295 1016 [email protected]
Unlisted enquires
nick Kelly head of Investor relations +61 2 8908 4028 [email protected]
Disclaimer:
this document has been prepared by Charter hall Group (Charter hall limited (aBn 57 113 531 150) and Charter hall Funds Management limited (aBn 31 082 991 786) (aFsl 262861) as the responsible entity for Charter hall Property trust (arsn 113 339 147). It is a summary and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. A reader should, before making any decisions in relation to their investment or potential investment in the Charter hall Group, seek their own professional advice. this document is not an offer or invitation for subscription or purchase of securities or other financial products.
Indications of, and guidance on, future earnings and financial position and performance are “forward-looking statements”. Due care and attention has been used in the preparation of forecast information. such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Group, that may cause actual results to differ materially from those expressed or implied in such statements. there can be no assurance that actual outcomes will not differ materially from these statements.
Charter Hall fund’s currently accepting investments
The responsible entity of Charter Hall Direct Industrial Fund (“DIF”), Charter Hall Direct Property Fund (“CHDPF”) and Charter Hall Direct Retail Fund (“DRF”) and Charter Hall Property Securities Fund (“CHPSF”) is Charter Hall Direct Property Management Limited (“CHDPML”) (ABN 56 073 623 784, AFSL 226849). CHDPML has issued a product disclosure statement (“PDS”) for DIF dated 13 July 2010. for CHDPF dated 20 December 2010 and DRF dated 22 December 2010 and for CHPSF dated 19 November 2010. The PDSs for all of the aforementioned funds (“Funds”) set out the offer to apply for units in the Funds. If you are considering an investment in a Fund or Funds you should read the relevant PDS in its entirety and consider the information set out in the PDs in relation to the offer. you can request a copy of a Fund’s PDs, free of charge, by calling ChDPMl on 1300 652 790.
this information has been made available to the recipient for information purposes only. It is not intended to be, and does not constitute a product disclosure statement, prospectus, short form prospectus or profile statement as those terms are defined in the Corporations Act. It does not constitute an offer for the issue, sale or purchase of any securities, or any recommendation in relation to investing in any asset. This document has been prepared without taking account of any particular investor’s objectives, financial situation or needs. For this reason, it is important that you consider the PDs for the offer and consider whether to seek appropriate professional advice before making any investment decision. entities within the Charter hall Group may receive fees for managing the assets of, and providing resources to each Fund. For more detail on fees, see the relevant PDs.
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Charter hall DIVersIFIeD ProPerty FunD InDeX | 111
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charterhall.com.au