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GPT GROUP Annual Report 2016
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Annual Report
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Contents
| Retail Portfolio | 3 |
|---|---|
| GWSCF Portfolio | 18 |
| Office Portfolio | 36 |
| GWOF Portfolio | 51 |
| Logistics Portfolio | 81 |
| GMF Portfolio | 97 |
Casuarina Square
Northern Territory
Casuarina Square, Northern Territory GPT
Casuarina Square is the premier shopping destination in Darwin and the Northern Territory. The centre is located in the northern suburbs of Darwin, a 15 minute drive from Darwin's Central Business District (CBD) and 20 minutes from the satellite town of Palmerston.
The centre includes two discount department stores, two supermarkets, a variety of specialty stores and a cinema entertainment offer. The centre is also complimented by a 303 bed student accommodation facility operated by Unilodge. Casuarina Square is also home to Australia's largest solar rooftop system after installation of the 1.25MW (megawatt) system in 2015.
A new entertainment and leisure precinct named "The Quarter" was successfully launched in July 2016. The project saw the introduction of 12 new dining tenancies and a Timezone entertainment centre.
Key Metrics as at 30 June 2016
| General | Current Valuation | ||||
|---|---|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value1 | \$304.8m | ||
| Co-Owner | GWSCF (50%) | Capitalisation Rate2 | 5.75% | ||
| Acquired (by GPT) | October 1973 | Valuation Type | External | ||
| Asset Type | Regional Centre | Income (6 months) | \$8.3m | ||
| Construction/Refurbishment | Completed 1973 / Refurbished 1998 | ||||
| Centre Details | Sales Information | ||||
| Total GLA | 53,000 sqm | Total Centre | Specialties | ||
| Number of Tenancies | 181 | Sales Turnover per Square Metre | \$8,499 | \$11,582 | |
| Car Parking Spaces | 2,410 | Occupancy Costs | 10.2% | 15.9% | |
| Specialty Expiry Profile by Base Rent | 2H 2016: 17% | Annual Centre Turnover | \$388.1m | ||
| 2017: 18% 2018: 16% |
Key Tenants | ||||
| Retail Occupancy | 99.4% | Area (sqm) | Expiry Date | ||
| Kmart Big W |
7,450 6,130 |
September 2030 December 2030 |
|||
| Woolworths | 5,020 | June 2018 | |||
| BCC Cinemas | 4,120 | December 2018 | |||
| Water intensity | Emissions intensity (litres/m2) | Coles | 3,750 | December 2020 |
Sustainability
- Includes retail and student accommodation. 2. Retail component only. Note: Sustainability data as at 31 December 2015.
5
Charlestown Square
New South Wales
Charlestown Square, New South Wales GPT
Charlestown Square is the largest shopping and entertainment destination in the Newcastle and Hunter region.
The super regional centre comprises a Myer department store, two discount department stores and two full line supermarkets. In addition, the centre has a strong entertainment, leisure and lifestyle component.
In July 2016 Charlestown Square saw the introduction of global fast fashion retailer H&M, the first store to open in Regional NSW.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$882.0m | |
| Acquired (by GPT) | December 1977 | Capitalisation Rate | 5.75% | |
| Asset Type | Super Regional Centre | Valuation Type | External | |
| Construction/Refurbishment | Completed 1979 / Refurbished 1989, 2011 | Income (6 months) | \$22.2m | |
| Centre Details | Sales Information | |||
| Total GLA¹ | 90,200 sqm | |||
| Number of Tenancies¹ | 315 | Total Centre | Specialties | |
| Car Parking Spaces | 3,450 | Sales Turnover per Square Metre | \$6,969 | \$11,150 |
| Specialty Expiry Profile by Base Rent | 2H 2016: 22% | Occupancy Costs | 10.4% | 14.7% |
| 2017: 27% | Annual Centre Turnover | \$527.5m | ||
| 2018: 10% | Key Tenants | |||
| Retail Occupancy | 99.0% | Area (sqm) | Expiry Date | |
| Myer | 11,500 | October 2035 | ||
| Big W | 7,750 | October 2030 | ||
| Target | 5,590 | January 2027 | ||
| Woolworths | 4,800 | August 2030 | ||
| Reading Cinemas | 4,580 | October 2025 | ||
| Coles | 4,320 | August 2030 |
Aldi 790 June 2026
Sustainability
- Pre-Development Impact. Note: Sustainability data as at 31 December 2015.
Highpoint Shopping Centre
Victoria
Highpoint Shopping Centre, Victoria GPT
Highpoint Shopping Centre is located in Maribyrnong, eight kilometres north-west of the Melbourne CBD and is one of Australia's leading retail destinations.
Highpoint is one of the largest shopping centres in Australia and incorporates close to 500 stores including western Melbourne's first David Jones, as well as several international retailers including Zara, Topshop, Apple and Samsung.
The centre provides a strong retail experience for customers and provides the western region of Melbourne with an extensive retail, entertainment and lifestyle offer.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest Co-Owners |
16.67% GPT GWSCF (58.33%) Highpoint Property Group (25%) |
Fair Value Capitalisation Rate Valuation Type |
\$363.2m 5.00% Internal |
|
| Acquired (by GPT) | August 2009 | Income (6 months) | \$9.4m | |
| Asset Type | Super Regional Centre | |||
| Construction/Refurbishment | Main Centre: Completed 1975 Refurbished 1989, 1995, 2006, 2013 Homemaker Centre: Completed 1990 |
|||
| Centre Details | Sales Information | |||
| Total GLA | 153,100 sqm | Total Centre | Specialties | |
| Number of Tenancies | 483 | Sales Turnover per Square Metre | \$6,917 | \$10,740 |
| Car Parking Spaces | 7,276 | Occupancy Costs | 13.5% | 19.2% |
| Specialty Expiry Profile by Base Rent | 2H 2016: 15% | Annual Centre Turnover | \$990.1m | |
| 2017: 18% | ||||
| 2018: 24% | Key Tenants | |||
| Retail Occupancy | 98.7% | Area (sqm) | Expiry Date |
| Area (sqm) | Expiry Date | ||
|---|---|---|---|
| Myer | 19,120 | June 2021 | |
| David Jones | 14,000 | March 2033 | |
| Target | 9,920 | July 2020 | |
| Hoyts | 9,030 | April 2019 | |
| Big W | 8,160 | June 2025 | |
| Woolworths | 4,240 | October 2032 |
Sustainability
Melbourne Central
Victoria
Melbourne Central, Victoria GPT
Melbourne Central is a landmark office and retail property, located in the Melbourne CBD. Surrounding the historic Shot Tower, Melbourne Central features contemporary fashion retailers as well as a vibrant entertainment precinct.
With over 300 retailers, the shopping centre covers two city blocks and is conveniently located directly above Melbourne Central train station.
A GPT managed retail asset, the urban shopping centre attracts a wide variety of customers including CBD workers, tourists, students and residents from the inner ring suburbs of Melbourne.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value1 | \$1,136.3m | |
| Acquired (by GPT) | May 1999 | Capitalisation Rate2 | 5.25% | |
| Asset Type | City Centre | Valuation Type | Internal | |
| Construction/Refurbishment | Completed 1991 / Refurbished 2005, 2011 | Income (6 months) | \$33.2m | |
| Centre Details | ||||
| Total GLA | 54,700 sqm | Sales Information | ||
| Number of Tenancies | 301 | Sales Turnover per Square Metre | Total Centre \$9,554 |
Specialties \$11,674 |
| Car Parking Spaces Specialty Expiry Profile by Base Rent |
822 2H 2016: 15% |
Occupancy Costs | 15.5% | 19.0% |
| 2017: 14% | Annual Centre Turnover | \$468.7m | ||
| 2018: 13% | ||||
| Retail Occupancy | 99.4% | Key Tenants | ||
| Area (sqm) | Expiry Date | |||
| Hoyts | 7,710 | September 2020 | ||
| Coles | 1,310 | September 2019 |
Sustainability
-
Includes retail and car park.
-
Retail component only. Note: Sustainability data as at 31 December 2015.
Rouse Hill Town Centre
New South Wales
Rouse Hill Town Centre, New South Wales GPT
Rouse Hill Town Centre is located approximately 35km north-west of the Sydney CBD. Rouse Hill Town Centre combines the traditional values and streetscape of a contemporary market town with the latest shopping, dining and lifestyle choices, and has set a new standard for sustainable retail developments.
The centre is located along Windsor Road in the Baulkham Hills Local Government Area and features two discount department stores, two supermarkets and a cinema/entertainment precinct.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest Acquired (by GPT) Asset Type Construction/Refurbishment |
100% GPT Stage 1: September 2007 Stage 2: March 2008 Regional Centre Completed 2008 |
Fair Value Capitalisation Rate Valuation Type Income (6 months) |
\$543.9m 5.75% Internal \$16.5m |
|
| Centre Details | Sales Information | |||
| Total GLA | 69,700 sqm | Total Centre | Specialties | |
| Number of Tenancies | 245 | Sales Turnover per Square Metre | \$6,973 | \$8,264 |
| Car Parking Spaces | 2,767 | Occupancy Costs | 9.1% | 14.6% |
| Specialty Expiry Profile by Base Rent | 2H 2016: 5% 2017: 15% 2018: 29% |
Annual Centre Turnover Key Tenants |
\$422.7m | |
| Retail Occupancy | 100.0% | Area (sqm) | Expiry Date | |
| Big W | 8,560 | March 2028 | ||
| Target | 6,820 | March 2028 | ||
| Reading Cinemas | 5,780 | April 2023 |
Woolworths 4,610 September 2027 Coles 4,120 September 2027
Sustainability
Sunshine Plaza
Queensland
Sunshine Plaza, Queensland GPT
Sunshine Plaza is located in Maroochydore on Queensland's Sunshine Coast. The centre includes the region's only Myer department store, two discount department stores and two full line supermarkets. In addition, the centre has a strong entertainment, leisure and lifestyle component.
Sunshine Plaza is owned jointly with Australian Prime Property Fund Retail and is managed by Lend Lease.
GPT and Lend Lease continue to progress development plans for Sunshine Plaza. The proposed scheme incorporates a 34,000 square metre retail expansion to include David Jones, Big W, International Mini Majors, over 100 specialty stores and additional 1,420 car parking spaces. The project forecasts a fourth quarter 2018 completion date.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value | \$396.0m | |
| Co-Owner | Australian Prime Property Fund Retail (50%) | Capitalisation Rate | 5.75% | |
| Acquired (by GPT) | December 1992 | Valuation Type | External | |
| Asset Type | Major Regional Centre | Income (6 months) | \$12.4m | |
| Construction/Refurbishment | Completed 1994 / Refurbished 2002 | |||
| Centre Details | Sales Information | |||
| Total GLA | 73,400 sqm | Total Centre | Specialties | |
| Number of Tenancies | 249 | Sales Turnover per Square Metre | \$8,624 | \$11,768 |
| Car Parking Spaces | 3,546 | Occupancy Costs | 11.2% | 18.5% |
| Specialty Expiry Profile by Base Rent | 2H 2016: 16% | Annual Centre Turnover | \$532.0m | |
| 2017: 22% | ||||
| 2018: 21% | Key Tenants | |||
| Retail Occupancy | 99.8% | Area (sqm) | Expiry Date | |
| Myer | 12,890 | July 2024 | ||
| Target | 6,920 | July 2018 | ||
| Kmart | 6,590 | September 2020 | ||
| Coles | 5,850 | February 2033 | ||
| BCC Cinemas | 4,690 | November 2022 | ||
| Woolworths | 3,880 | November 2022 |
Sustainability
Westfield Penrith
New South Wales
Westfield Penrith, New South Wales GPT
Westfield Penrith is a super-regional shopping centre located in the heart of Penrith, which is approximately a one hour drive west of the Sydney CBD. The centre includes a Myer department store, two discount department stores, a cinema complex and two supermarkets.
Westfield Penrith is owned jointly with, and managed by Scentre.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value | \$632.5m | |
| Co-Owner | Scentre Group (50%) | Capitalisation Rate | 5.25% | |
| Acquired (by GPT) | June 1971 | Valuation Type | External | |
| Asset Type | Super Regional Centre | Income (6 months) | \$16.3m | |
| Construction/Refurbishment | Completed 1971 / Refurbished 2005 | |||
| Centre Details | Sales Information |
Total GLA 90,400 sqm Number of Tenancies 313 Car Parking Spaces 3,603
Retail Occupancy 100.0%
Specialty Expiry Profile by Base Rent 2H 2016: 22% 2017: 21% 2018: 15%
Sales Information
| Total Centre | Specialties | ||
|---|---|---|---|
| Sales Turnover per Square Metre | \$7,749 | \$11,978 | |
| Occupancy Costs | 12.0% | 17.7% | |
| Annual Centre Turnover | \$630.5m | ||
Key Tenants
| Area (sqm) | Expiry Date | |
|---|---|---|
| Myer | 20,110 | July 2033 |
| Big W | 8,740 | March 2037 |
| Target | 7,100 | July 2019 |
| Hoyts | 4,790 | April 2018 |
| Woolworths | 3,800 | March 2032 |
| Aldi | 1,620 | November 2028 |
Sustainability
Casuarina Square
Northern Territory
Casuarina Square, Northern Territory GWSCF PORTFOLIO
Casuarina Square is the premier shopping destination in Darwin and the Northern Territory. The centre is located in the northern suburbs of Darwin, a 15 minute drive from Darwin's Central Business District (CBD) and 20 minutes from the satellite town of Palmerston.
The centre includes two discount department stores, two supermarkets, a variety of specialty stores and a cinema entertainment offer. The centre is also complimented by a 303 bed student accommodation facility operated by Unilodge. Casuarina Square is also home to Australia's largest solar rooftop system after installation of the 1.25MW (megawatt) system in 2015.
A new entertainment and leisure precinct named "The Quarter" was successfully launched in July 2016. The project saw the introduction of 12 new dining tenancies and a Timezone entertainment centre.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest Co-Owner Acquired (by GWSCF) Asset Type Construction/Refurbishment |
50% GWSCF GPT (50%) October 1973 Regional Centre Completed 1973 / Refurbished 1998 |
Fair Value1 Capitalisation Rate2 Valuation Type |
\$304.8m 5.75% External |
|
| Centre Details | Sales Information | |||
| Total GLA | 53,000 sqm | Total Centre | Specialties | |
| Number of Tenancies | 181 | Sales Turnover per Square Metre | \$8,499 | \$11,582 |
| Car Parking Spaces | 2,410 | Occupancy Costs | 10.2% | 15.9% |
| Specialty Expiry Profile by Base Rent | 2H 2016: 17% | Annual Centre Turnover | \$388.1m | |
| 2017: 18% 2018: 16% |
Key Tenants | |||
| Retail Occupancy | 99.4% | Area (sqm) | Expiry Date | |
| Kmart | 7,450 | September 2030 | ||
| Big W | 6,130 | December 2030 | ||
| Woolworths | 5,020 | June 2018 | ||
| Water intensity | Emissions intensity (litres/m2) | BCC Cinemas | 4,120 | December 2018 |
| Coles | 3,750 | December 2020 |
Sustainability
- Includes retail and student accomodation. 2. Retail component only. Note: Sustainability data as at 31 December 2015.
Operational Waste (% reused/recycled)
Chirnside Park
Victoria
Chirnside Park, Victoria GWSCF PORTFOLIO
Chirnside Park is a regional shopping centre that has been servicing the community of outer eastern Melbourne since 1979. The centre offers customers an extensive selection of stores, with a strong focus on convenience and value-driven fresh food.
Situated approximately 30 kilometres north-east of the Melbourne CBD, Chirnside Park incorporates two discount department stores, three supermarkets, over 100 specialty stores and an eight-screen Reading Cinema. The centre provides an excellent convenience offer in the north-eastern region of Melbourne.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWSCF | Fair Value | \$261.5m | |
| Acquired (by GWSCF) | March 2007 | Capitalisation Rate | 6.25% | |
| Asset Type | Regional Centre | Valuation Type | Internal | |
| Construction/Refurbishment | Completed 1979 / Refurbished 1999, 2002 | |||
| Centre Details | Sales Information | |||
| Total GLA | 37,900 sqm | Total Centre | Specialties | |
| Number of Tenancies | 115 | Sales Turnover per Square Metre | \$8,083 | \$11,490 |
| Car Parking Spaces | 2,045 | Occupancy Costs | 7.9% | 15.8% |
| Specialty Expiry Profile by Base Rent | 2H 2016: 26% | Annual Centre Turnover | \$272.7m | |
| 2017: 14% 2018: 19% |
Key Tenants | |||
| Retail Occupancy | 100.0% | Area (sqm) | Expiry Date | |
| Kmart | 8,250 | June 2028 | ||
| Target | 4,770 | July 2018 | ||
| Woolworths | 4,180 | September 2019 | ||
| Reading Cinemas | 3,500 | June 2026 | ||
| Coles | 3,290 | September 2024 |
Aldi 1,530 July 2028
Sustainability
Highpoint Shopping Centre
Victoria
Highpoint Shopping Centre, Victoria GWSCF PORTFOLIO
Highpoint Shopping Centre is located in Maribyrnong, eight kilometres north-west of the Melbourne CBD and is one of Australia's leading retail destinations.
Highpoint is one of the largest shopping centres in Australia and incorporates close to 500 stores including western Melbourne's first David Jones, as well as several international retailers including Zara, Topshop, Apple and Samsung.
The centre provides a strong retail experience for customers and provides the western region of Melbourne with an extensive retail, entertainment and lifestyle offer.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest Co-Owners Acquired (by GWSCF) |
58.33% GWSCF GPT (16.67%) Highpoint Property Group (25%) March 2007 |
Fair Value¹ Capitalisation Rate Valuation Type |
\$1,271.1m 5.00% Internal |
|
| Asset Type | Super Regional Centre | |||
| Construction/Refurbishment | Main Centre: Completed 1975 Refurbished 1989, 1995, 2006, 2013 Homemaker Centre: Completed 1990 |
|||
| Centre Details | Sales Information | |||
| Total GLA | 153,100 sqm | Total Centre | Specialties | |
| Number of Tenancies | 483 | Sales Turnover per Square Metre | \$6,917 | \$10,740 |
| Car Parking Spaces | 7,276 | Occupancy Costs | 13.5% | 19.2% |
| Specialty Expiry Profile by Base Rent | 2H 2016: 15% | Annual Centre Turnover | \$990.1m | |
| 2017: 18% | Key Tenants | |||
| 2018: 24% | Area (sqm) | Expiry Date | ||
| Retail Occupancy | 98.7% | Myer | 19,120 | June 2021 |
| David Jones | 14,000 | March 2033 | ||
| Target | 9,920 | July 2020 | ||
| Hoyts | 9,030 | April 2019 | ||
| Big W | 8,160 | June 2025 | ||
| Woolworths | 4,240 | October 2032 |
Sustainability
0 20 40 60 80 100 120 66% since 2005 0% 5% 10% 15% 20% 25% 30% 35% (kg C02 -e/m2 )
Emissions Intensity
Macarthur Square
New South Wales
Macarthur Square, New South Wales GWSCF PORTFOLIO
Macarthur Square is located in Campbelltown, 50 kilometres south-west of the Sydney CBD, in an area of strong population growth. As the only regional centre in its trade area, the centre provides customers with a unique retail, entertainment and community destination. The centre includes a department store, two discount department stores, two supermarkets, a variety of specialty stores and a cinema entertainment offer.
In July 2015, the co-owners announced that work has begun on a \$240 million re-development of the centre, adding approximately 16,000 square metres to the property and including a new full line Coles, Aldi and Harris Scarfe, and refurbished David Jones, Woolworths and Target stores. The development also adds approximately 45 specialty stores, a fresh food market hall, new dining offer and improved car parking.
Macarthur Square is jointly owned with Australian Prime Property Fund Retail and is managed by Lend Lease.
Key Metrics as at 30 June 2016
General Ownership Interest 50% GWSCF Co-Owner Australian Prime Property Fund Retail (50%) Acquired (by GWSCF) March 2007 Asset Type Major Regional Centre Construction/Refurbishment Completed 1979 / Refurbished 2006 Centre Details Total GLA¹ 94,600 sqm Number of Tenancies¹ 303 Car Parking Spaces¹ 3,600 Specialty Expiry Profile by Base Rent 2H 2016: 7% 2017: 10% 2018: 20% Retail Occupancy n/a Current Valuation Fair Value \$457.9m Capitalisation Rate 5.75% Valuation Type External Sales Information Total Centre Specialties Sales Turnover per Square Metre \$6,499 \$10,289 Occupancy Costs 10.8% 16.4% Annual Centre Turnover \$562.6m Key Tenants2 Area (sqm) Expiry Date Big W 8,790 September 2019 David Jones 6,900 March 2032 Event Cinemas 6,090 March 2021 Target 5,310 April 2028 Woolworths 4,190 November 2035 Coles 4,650 November 2033 Aldi 1,500 June 2032
Sustainability
1,020 1,040 1,060 1,080 1,100 1,120 1,140 1,160 1,180 1,200 1,220 1,240
- Pre-development impact. 2. Post development completion. Note: Sustainability data as at 31 December 2015.
Northland Shopping Centre, Victoria GWSCF PORTFOLIO
Northland Shopping Centre is located in East Preston, approximately 11 kilometres north of Melbourne's CBD.
The centre includes a department store, two discount department stores, three supermarkets and a cinema entertainment offer. The trade area in which the centre is located is supported by strong demographic trends including above average household income levels and continued infill and high density development which will drive future population growth.
Northland Shopping Centre is jointly owned with, and managed by Vicinity Centres.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 50% GWSCF | Fair Value | \$478.5m | |
| Co-Owner | Vicinity Centres (50%) | Capitalisation Rate | 5.75% | |
| Acquired (by GWSCF) | May 2014 | Valuation Type | External | |
| Asset Type | Super Regional Centre | |||
| Construction/Refurbishment | Completed 1966 / Last refurbished 2009 | |||
| Centre Details | Sales Information | |||
| Total GLA | 97,200 sqm | Total Centre | Specialties | |
| Number of Tenancies | 322 | Sales Turnover per Square Metre | \$5,970 | \$8,441 |
| Car Parking Spaces | 4,640 | Occupancy Costs | 13.5% | 20.1% |
| Specialty Expiry Profile by Base Rent | 2H 2016: 24% | Annual Centre Turnover | \$520.5m | |
| 2017: 12% 2018: 11% |
Key Tenants | |||
| Retail Occupancy | 99.8% | Area (sqm) | Expiry Date | |
| Myer | 18,510 | June 2028 | ||
| Target | 6,890 | November 2024 | ||
| Kmart | 6,500 | March 2024 | ||
| Hoyts | 6,180 | December 2017 | ||
| Coles | 4,220 | December 2023 | ||
| Woolworths | 4,030 | July 2019 | ||
| Aldi | 1,500 | November 2024 |
Norton Plaza
New South Wales
Norton Plaza, New South Wales GWSCF PORTFOLIO
Norton Plaza is located in Leichhardt, six kilometres west of the Sydney CBD and is a high performing neighbourhood shopping centre anchored by a full line Coles supermarket.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWSCF | Fair Value | \$132.9m | |
| Acquired (by GWSCF) | March 2007 | Capitalisation Rate | 6.00% | |
| Asset Type | Neighbourhood Centre | Valuation Type | Internal | |
| Construction/Refurbishment | Completed late 1990s and 2000 | |||
| Centre Details | Sales Information | |||
| Total GLA | 11,800 sqm | Total Centre | Specialties | |
| Number of Tenancies | 51 | Sales Turnover per Square Metre | \$14,470 | \$11,975 |
| Car Parking Spaces | 485 | Occupancy Costs | 6.4% | 13.6% |
| Specialty Expiry Profile by Base Rent | 2H 2016: 10% | Annual Centre Turnover | \$126.0m | |
| 2017: 15% 2018: 13% |
Key Tenants | |||
| Retail Occupancy | 100.0% | Area (sqm) | Expiry Date | |
| Coles | 3,770 | November 2019 |
Sustainability
Parkmore Shopping Centre
Victoria
Parkmore Shopping Centre, Victoria GWSCF PORTFOLIO
Parkmore Shopping Centre is a regional shopping centre offering an extensive selection of stores and services in a modern and convenient environment. The centre is located approximately 35 kilometres from the Melbourne CBD, in the suburb of Keysborough and has been servicing the eastern suburbs of Melbourne since 1973.
Parkmore Shopping Centre incorporates two discount department stores and two supermarkets as well as a strong convenience and service offering, with approximately 130 stores.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWSCF | Fair Value | \$252.0m | |
| Acquired (by GWSCF) | March 2007 | Capitalisation Rate | 6.25% | |
| Asset Type | Regional Centre | Valuation Type | External | |
| Construction/Refurbishment | Completed 1973 / Refurbished 1995, 2007 | |||
| Centre Details | Sales Information | |||
| Total GLA | 36,800 sqm | Total Centre | Specialties | |
| Number of Tenancies | 131 | Sales Turnover per Square Metre | \$7,446 | \$8,874 |
| Car Parking Spaces | 2,630 | Occupancy Costs | 7.8% | 15.2% |
| Specialty Expiry Profile by Base Rent | 2H 2016: 21% | Annual Centre Turnover | \$255.6m | |
| 2017: 22% 2018: 11% |
Key Tenants | |||
| Retail Occupancy | 99.2% | Area (sqm) | Expiry Date | |
| Kmart | 8,390 | September 2017 | ||
| Big W | 6,670 | November 2020 | ||
| Coles | 3,850 | August 2024 | ||
| Woolworths | 3,490 | July 2027 |
Sustainability
Westfield Woden
Australian Capital Territory
Westfield Woden, Australian Capital Territory GWSCF PORTFOLIO
Westfield Woden is one of the largest shopping, leisure and lifestyle destinations in Canberra, and is approximately a 10 minute drive south of the CBD. The centre includes a strong retail offer, with a department store, discount department store and two supermarkets, as well as a cinema complex and over 230 specialty retailers. Westfield Woden is owned jointly with, and managed by Scentre.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 50% GWSCF | Fair Value | \$299.5m | |
| Co-Owner | Scentre Group (50%) | Capitalisation Rate | 6.00% | |
| Acquired (by GWSCF) | June 2012 | Valuation Type | External | |
| Asset Type | Major Regional Centre | |||
| Construction/Refurbishment | Completed 1972 / Refurbished 2000 | |||
| Centre Details | Sales Information | |||
| Total GLA | 74,400 sqm | Total Centre | Specialties | |
| Number of Tenancies | 234 | Sales Turnover per Square Metre | \$5,835 | \$9,026 |
| Car Parking Spaces | 2,335 | Occupancy Costs | 12.0% | 18.7% |
| Specialty Expiry Profile by Base Rent | 2H 2016: 17% | Annual Centre Turnover | \$362.6m | |
| 2017: 19% | ||||
| 2018: 15% | Key Tenants | |||
| Retail Occupancy | 99.0% | Area (sqm) | Expiry Date | |
| David Jones | 13,630 | March 2030 | ||
| Big W | 8,490 | August 2019 | ||
| Woolworths | 4,080 | March 2019 |
Hoyts 3,780 June 2020 Coles 3,400 March 2024
Sustainability
Wollongong Central
New South Wales
Wollongong Central, New South Wales GWSCF PORTFOLIO
Wollongong Central is located in the CBD of Wollongong, approximately 90 kilometres south of Sydney. The centre includes approximately 230 tenancies stores, a Coles supermarket, a Target and over 650 car spaces.
David Jones have recently announced it will introduce a new generation department store to Wollongong Central and global fashion retailer H&M will open its first Illawarra store at the centre later this year.
Key Metrics as at 30 June 2016
General
| Ownership Interest | 100% GWSCF |
|---|---|
| Acquired (by GWSCF) | March 2007 |
| Asset Type | City Centre |
Construction/Refurbishment Completed 1975 / Refurbished 1985, 2009, 2014
Centre Details
Total GLA 56,600 sqm Number of Tenancies 230 Car Parking Spaces 2,000 Specialty Expiry Profile by Base Rent 2H 2016: 16%
2017: 9% 2018: 6% Retail Occupancy 97.2%
Sales Information2
Current Valuation
| Total Centre | Specialties | ||
|---|---|---|---|
| Sales Turnover per Square Metre | \$6,082 | \$8,158 | |
| Occupancy Costs | 12.1% | 17.2% | |
| Annual Centre Turnover | \$268.3m | ||
| Key Tenants | |||
| Area (sqm) | Expiry Date | ||
| David Jones3 | 8,180 | April 2036 | |
| Coles | 4,080 | October 2034 | |
| Target | 2,640 | October 2024 |
Fair Value1 \$391.3m Capitalisation Rate 5.75% Valuation Type External
Sustainability
-
Includes ancillary properties.
-
Development impacted. 3. Post development completion.
Note: Sustainability data as at 31 December 2015.
Australia Square
264 George Street, Sydney
Australia Square, 264 George Street, Sydney GPT
One of the most iconic prime office properties, Australia Square is situated in the core of Sydney's CBD, spanning George, Bond and Pitt Streets, and Curtin Place. The complex comprises the 48 level circular tower building, the adjacent 13 level plaza building, the O Bar revolving restaurant, a substantial car park, and external plaza courtyard.
The Tower at Australia Square has achieved a 4.5 star NABERS Energy rating and a 3.5 star NABERS Water rating, with the Plaza achieving a 5.5 star NABERS Energy rating and a 3.5 star NABERS Water rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value | \$399.5m | |
| Co-Owner | Dexus Property Group (50%) | Capitalisation Rate | 5.57% | |
| Acquired (by GPT) | September 1981 | Valuation Type | External | |
| Asset Quality | A-Grade | Income (6 months) | \$11.1m | |
| Construction/Refurbishment | Completed 1967 / Refurbished 2004 | |||
| Property Details | Office Occupancy | |||
| Office | 51,400 sqm | Actual | 97.5% | |
| Retail | 1,600 sqm | Including Signed Leases | 99.3% | |
| Car Parking Spaces | 385 | Including Heads of Agreement | 99.6% | |
| Typical Floor Plate | 1,030 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 80 | Area (sqm) | Expiry Date | |
| WALE (by income) | 4.1 years | HWL Ebsworth | 6,200 | September 2026 |
| Origin Energy | 5,150 | August 2019 |
Sustainability Lease Expiry Profile
Citigroup Centre
2 Park Street, Sydney
Citigroup Centre, 2 Park Street, Sydney GPT
The Citigroup Centre at 2 Park Street is a landmark Premium Grade office building located on the corner of George and Park Streets, Sydney. Completed in 2000, the 47 level building has large, highly efficient floor plates and upper levels that command panoramic city and harbour views. The asset is connected to a four level retail podium which has access to Town Hall Station, offering easy access to public transport to all areas of the Sydney CBD.
Citigroup Centre has achieved a 5.0 star NABERS Energy rating and a 3.5 star NABERS Water rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value | \$542.0m | |
| Co-Owner | Charter Hall Office Trust (50%) | Capitalisation Rate | 5.50% | |
| Acquired (by GPT) | December 2001 | Valuation Type | External | |
| Asset Quality | Premium Grade | Income (6 months) | \$16.1m | |
| Construction/Refurbishment | Completed 2000 | |||
| Property Details | Office Occupancy | |||
| Office | 73,200 sqm | Actual | 84.2% | |
| Retail | 500 sqm | Including Signed Leases | 99.5% | |
| Car Parking Spaces | 282 | Including Heads of Agreement | 99.5% | |
| Typical Floor Plate | 1,770 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 47 | Area (sqm) | Expiry Date | |
| WALE (by income) | 6.0 years | Citibank | 15,030 | July 2024 |
| Amazon | 11,070 | December 2016/2023 |
Sustainability Lease Expiry Profile
By Income
MLC Centre
19 Martin Place, Sydney
MLC Centre, 19 Martin Place, Sydney GPT
The MLC Centre dominates the Sydney skyline, and is located in the core of the Sydney CBD, bordered by Martin Place, Castlereagh and King Streets. The MLC Centre is in the heart of Sydney's commercial, legal and financial district and comprises a 67 level tower, an extensive retail complex, expansive outdoor areas, car parking and the Theatre Royal. The retail precinct includes a dominant food court and a number of international fashion brands.
The MLC Centre has achieved a 5.5 star NABERS Energy rating and a 2.5 star NABERS Water rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value | \$518.5m | |
| Co-Owner | QIC (50%) | Capitalisation Rate | 5.64% | |
| Acquired (by GPT) | April 1987 | Valuation Type | External | |
| Asset Quality | A-Grade | Income (6 months) | \$12.7m | |
| Construction/Refurbishment | Completed 1978 / Refurbished late 1990s and 2015 | |||
| Property Details | Office Occupancy | |||
| Office | 67,400 sqm | Actual | 90.6% | |
| Retail | 5,400 sqm | Including Signed Leases | 97.8% | |
| Car Parking Spaces | 311 | Including Heads of Agreement | 97.8% | |
| Typical Floor Plate | 1,200 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 59 | Area (sqm) | Expiry Date | |
| WALE (by income) | 5.8 years | Sparke Helmore | 5,200 | February 2026 |
| Government – NSW | 5,000 | January 2017 / March 2020 |
Sustainability Lease Expiry Profile
By Income
Governor Phillip & Governor Macquarie Towers
1 Farrer Place, Sydney
Governor Phillip & Governor Macquarie Towers, 1 Farrer Place, Sydney GPT
1 Farrer Place is regarded as Sydney's pre-eminent office building with expansive harbour views. The complex consists of 84,800 sqm of Premium Grade accommodation comprising Governor Phillip tower, a 64 level office building; Governor Macquarie Tower, a 41 level office building; Phillip Street Terraces, being five restored historic terraces; and nine levels of basement car parking for over 654 cars.
Governor Macquarie Tower has achieved a 4.5 star NABERS Energy rating and a 3.0 star NABERS Water rating. Governor Phillip Tower has achieved a 3.5 star NABERS Energy rating and a 3.0 star NABERS Water rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest Co-Owners Acquired (by GPT) Asset Quality Construction/Refurbishment |
25% GPT Dexus Property Group (50%) APPF Commercial (25%) December 2003 Premium Grade Completed 1993/1994 |
Fair Value Capitalisation Rate Valuation Type Income (6 months) |
\$426.3m 5.16% External \$9.9m |
|
| Property Details | Office Occupancy | |||
| Office Retail |
84,500 sqm 300 sqm |
Actual Including Signed Leases |
64.7% 77.8% |
|
| Car Parking Spaces Typical Floor Plate |
654 GPT: 1,450 sqm GMT: 1,240 sqm |
Including Heads of Agreement | 91.7% | |
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants WALE (by income) |
65 6.8 years |
King & Wood Mallesons Minter Ellison |
Area (sqm) 10,430 9,500 |
Expiry Date September 2026 October 2028 |
Farrer Pl
Farrer Pl
0% 10% 20% 30% 40% 50% 60% 70% 80% since 2005 58% Recycling rate of Operational Waste (% reused/recycled) 0% 10% 20% 30% 40% 50% 60% 70% 80% since 2005 58% Recycling
Sustainability Lease Expiry Profile
Melbourne Central Tower
360 Elizabeth Street, Melbourne
Melbourne Central Tower, 360 Elizabeth Street, Melbourne GPT
Melbourne Central is a landmark office and retail property located in the Melbourne CBD. Melbourne Central Tower is a 51 level, Premium Grade office tower located adjacent to Melbourne Central's retail component. Completed in 1991, the Tower is dominant in the Melbourne skyline. The asset is occupied by blue chip, banking and Government tenants.
The building has a 5.0 star NABERS Energy rating and a 3.0 star NABERS Water rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$508.0m | |
| Acquired (by GPT) | May 1999 | Capitalisation Rate | 5.75% | |
| Asset Quality | Premium Grade | Valuation Type | External | |
| Construction/Refurbishment | Completed 1991 | Income (6 months) | \$15.9m | |
| Property Details | Office Occupancy | |||
| Office | 65,600 sqm | Actual | 99.3% | |
| Retail | n/a | Including Signed Leases | 99.3% | |
| Car Parking Spaces | n/a | Including Heads of Agreement | 100.0% | |
| Typical Floor Plate | 1,480 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 21 | Area (sqm) | Expiry Date | |
| WALE (by income) | 3.4 years | Members Equity Bank | 12,200 | January 2021 |
| NBN Co | 11,340 | January/February/March 2020 |
CBW
Corner of Bourke & William Streets, Melbourne
CBW, Corner of Bourke & William Streets, Melbourne GPT
CBW is an A-Grade office complex located in the core of Melbourne's CBD and comprises a mixed use development incorporating 181 William Street, 550 Bourke Street and Goldsbrough Lane.
181 William Street comprises a 26 level office tower which occupies a prominent position on the north west corner of William Street and Bourke Street. 550 Bourke Street comprises a 19 level office tower located west of 181 William Street and borders Ramsay Lane. Goldsbrough Lane is the retail precinct of the complex and comprises an undercover retail plaza and laneway which provides pedestrian access between the two office towers.
CBW has achieved a 5.0 star Green Star rating, a 5.0 star NABERS Energy rating and a 4.5 star NABERS Water rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value | \$321.0m | |
| Co-Owner | GWOF (50%) | Capitalisation Rate | 5.63% | |
| Acquired (by GPT) | October 2014 | Valuation Type | External | |
| Asset Quality | A-Grade | Income (6 months) | \$9.5m | |
| Construction/Refurbishment | Completed 2009 | |||
| Property Details | Office Occupancy | |||
| Office | 76,100 sqm | Actual | 100.0% | |
| Retail | 5,300 sqm | Including Signed Leases | 100.0% | |
| Car Parking Spaces | 413 | Including Heads of Agreement | 100.0% | |
| Typical Floor Plate | 181 William: 1,920 sqm 550 Bourke: 1,510 sqm |
|||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 16 | Area (sqm) | Expiry Date | |
| WALE (by income) | 4.0 years | IAG | 28,520 | June 2020 |
| Deloitte | 18,120 | May 2020 |
CBW
CBW
Sustainability Lease Expiry Profile
Brisbane
One One One Eagle Street, Brisbane GPT
One One One Eagle Street is a Premium Grade, 63,800 sqm, 54 level office tower in Brisbane's prime commercial 'Golden Triangle' precinct. The recently developed tower is designed to take advantage of the outstanding location and Brisbane River views.
The building has achieved the highest rating available, a 6 star Green Star As Built rating from the Green Building Council of Australia. One One One Eagle Street has also achieved a 5.5 star NABERS Energy rating and 4.5 star NABERS Water Rating. Featuring the latest Tri-generation technology, the building can generate its own power, reducing peak demand on energy supply and lowering greenhouse gas emissions.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest Co-Owners |
33% GPT GWOF (33%) Third Party Investor (33%) |
Fair Value Capitalisation Rate Valuation Type |
\$277.0m 5.50% External |
|
| Acquired (by GPT) | October 2008 | Income (6 months) | \$8.0m | |
| Asset Quality | Premium Grade | |||
| Construction/Refurbishment | Completed 2012 | |||
| Property Details | Office Occupancy | |||
| Office | 63,800 sqm | Actual | 97.6% | |
| Retail | 400 sqm | Including Signed Leases | 97.6% | |
| Car Parking Spaces | 115 | Including Heads of Agreement | 97.6% | |
| Typical Floor Plate | 1,450 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 21 | Area (sqm) | Expiry Date | |
| WALE (by income) | 7.1 years | Arrow Energy | 14,800 | February 2018/2019/2021 |
| EY | 9,000 | June 2024 |
Sustainability Lease Expiry Profile
Liberty Place
161 Castlereagh Street, Sydney
Liberty Place, 161 Castlereagh Street, Sydney GWOF
Liberty Place is a Premium Grade office complex in the heart of the Sydney CBD comprising ANZ Tower, Legion House, 167 Castlereagh Street, an outdoor retail plaza and a car park. The 42 level ANZ Tower features unrivalled harbour and city views and incorporates a dual street frontage, connecting Castlereagh and Pitt Streets.
The asset has achieved a 6 star Green Star rating for Office Design, a 5.0 star NABERS Energy rating and a 3.5 star NABERS Water rating. Liberty Place has been awarded the Heritage Award at the 2013 API NSW Excellence in Property Awards and in 2014 was awarded 'Best Building' in the Office category at the World Architecture Festival in Singapore.
Key Metrics as at 30 June 2016
| General | Current Valuation | ||||
|---|---|---|---|---|---|
| Ownership Interest Co-Owners |
50% GWOF Blackstone (25%) ISPT (25%) |
Fair Value Capitalisation Rate |
\$575.0m 5.00% |
||
| Acquired (by GWOF) | April 2010 | Valuation Type | External | ||
| Asset Quality | Premium Grade | ||||
| Construction/Refurbishment | Completed 2013 | ||||
| Property Details | Office Occupancy | ||||
| Office | 56,400 sqm | Actual | 100.0% | ||
| Retail | 2,900 sqm | Including Signed Leases | 100.0% | ||
| Car Parking Spaces | 144 | Including Heads of Agreement | 100.0% | ||
| Typical Floor Plate | 1,625 sqm | ||||
| Office Tenant Details | Key Tenants | ||||
| Number of Office Tenants | 10 | Area (sqm) | Expiry Date | ||
| WALE (by income) | 9.2 years | ANZ Herbert Smith Freehills |
28,410 19,970 |
June 2028 June 2023 |
Sustainability Lease Expiry Profile
Darling Park 1 & 2 and Cockle Bay Wharf
201 Sussex Street, Sydney
Darling Park 1 & 2 and Cockle Bay Wharf, 201 Sussex Street, Sydney GWOF
Darling Park is a landmark commercial and retail complex located in Sydney's popular Darling Harbour precinct. The site comprises three Premium Grade office buildings and a retail and entertainment complex, known as Cockle Bay Wharf.
The towers and Cockle Bay Wharf are connected by plazas, galleries and business lounges. Darling Park provides its tenants with a complete environment, including the crescent gardens, waterfront restaurants and cafes, and large, efficient, column-free floor plates with expansive water views.
Darling Park Tower 1 has achieved a 5.5 star NABERS Energy rating and 3.5 star NABERS Water rating, with Darling Park Tower 2 achieving a 5.5 star NABERS Energy rating and 3.5 star NABERS Water rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest Co-Owners Acquired (by GWOF) |
50% GWOF AWOF (20%) Brookfield (30%) July 2006 |
Fair Value Capitalisation Rate Valuation Type |
\$785.0m 5.43% External |
|
| Asset Quality | Premium Grade | |||
| Construction/Refurbishment | Tower 1: Completed 1994 Tower 2: Completed 1999 |
|||
| Property Details | Office Occupancy | |||
| Office | 101,900 sqm | Actual | 100.0% | |
| Retail | 9,800 sqm | Including Signed Leases | 100.0% | |
| Car Parking Spaces | 691 | Including Heads of Agreement | 100.0% | |
| Typical Floor Plate | 1,900 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 8 | Area (sqm) | Expiry Date | |
| WALE (by income) | 7.0 years1 | CBA | 54,060 | December 2020/2021/2022 |
| PwC | 36,420 | July 2016 / December 2018 |
0% 10% 20% 30% 40% 50% 60% 70%
0%
Recycling rate of
Recycling rate of
Operational Waste (% reused/recycled)
Sustainability Lease Expiry Profile
- The future IAG lease has been included in the lease expiry profile. Note: Sustainability data as at 31 December 2015.
Darling Park 3
201 Sussex Street, Sydney
Darling Park 3, 201 Sussex Street, Sydney GWOF
The Premium Grade Darling Park 3, the third stage of the Darling Park complex, was completed in November 2005. The 18 level building was the first office tower to be rated a 5.0 star Base Building under the NABERS Energy ratings, the highest rating available at the time.
Since 2011, Tower 3 has achieved a 5.5 star NABERS Energy rating and a 3.5 star NABERS Water rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWOF | Fair Value | \$405.0m | |
| Acquired (by GWOF) | July 2006 | Capitalisation Rate | 5.50% | |
| Asset Quality | Premium Grade | Valuation Type | External | |
| Construction/Refurbishment | Completed 2005 | |||
| Property Details | Office Occupancy | |||
| Office | 29,800 sqm | Actual | 100.0% | |
| Retail | 20 sqm | Including Signed Leases | 100.0% | |
| Car Parking Spaces | 160 | Including Heads of Agreement | 100.0% | |
| Typical Floor Plate | 1,500 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 3 | Area (sqm) | Expiry Date | |
| WALE (by income) | 5.4 years | Marsh Mercer | 17,780 | November 2016 |
Operational Waste (% reused/recycled)
RaboBank 9,060 June 2026
Sustainability Lease Expiry Profile
By Income
HSBC Centre
580 George Street, Sydney
HSBC Centre, 580 George Street, Sydney GWOF
HSBC Centre comprises an A-Grade office and retail asset prominently located in the midtown precinct of the Sydney CBD. The building comprises 33 office levels and a retail precinct which is linked by a pedestrian underpass to Town Hall Railway Station. A \$25 million refurbishment has recently been completed, providing a dramatic new office entry area and prime George Street retail space.
HSBC Centre has achieved a 5.5 star NABERS Energy rating and a 3.5 star NABERS Water rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWOF | Fair Value | \$443.0m | |
| Acquired (by GWOF) | July 2006 | Capitalisation Rate | 6.00% | |
| Asset Quality | A-Grade | Valuation Type | External | |
| Construction/Refurbishment | Completed 1988 / Refurbished 2002/2015 | |||
| Property Details | Office Occupancy | |||
| Office | 37,300 sqm | Actual | 86.3% | |
| Retail | 4,200 sqm | Including Signed Leases | 96.5% | |
| Car Parking Spaces | 141 | Including Heads of Agreement | 100.0% | |
| Typical Floor Plate | 1,300 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 22 | Area (sqm) | Expiry Date | |
| WALE (by income) | 3.3 years | HSBC Bank Australia | 10,680 | March 2017 / December 2020 |
Operational Waste (% reused/recycled)
Avant Insurance 3,810 March 2017
Sustainability Lease Expiry Profile
By Income
workplace6
48 Pirrama Road, Sydney
workplace6 , 48 Pirrama Road, Sydney GWOF
workplace6 is a waterfront A-Grade office building achieving world leading standards in environmental design and resource efficiency. workplace6 comprises 18,200 sqm of accommodation over six levels. The building, which was developed by GPT, was the first office development to achieve 6 star Green Star ratings for Design and As Built in NSW. The asset features spectacular harbour views, large campus-style floor plates, two levels of basement parking with 135 car spaces and the award-winning Doltone House function centre occupying the waterfront retail.
workplace6 has achieved a 5.5 star NABERS Energy rating and a 4.0 star NABERS Water rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWOF | Fair Value | \$220.0m | |
| Acquired (by GWOF) | December 2007 | Capitalisation Rate | 6.00% | |
| Asset Quality | A-Grade | Valuation Type | External | |
| Construction/Refurbishment | Completed 2008 | |||
| Property Details | Office Occupancy | |||
| Office | 16,300 sqm | Actual | 100.0% | |
| Retail | 1,900 sqm | Including Signed Leases | 100.0% | |
| Car Parking Spaces | 135 | Including Heads of Agreement | 100.0% | |
| Typical Floor Plate | 3,600 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 2 | Area (sqm) | Expiry Date | |
| WALE (by income) | 3.4 years | Google Australia | 9,850 | December 2018 |
| Accenture | 6,460 | February 2021 |
)
44% 46% 48% 50% 52% 54% 56% 58% 51% Recycling rate of Operational Waste (% reused/recycled) 44% 46% 48% 50% 52% 54% 56% 58% 51% Recycling
Sustainability Lease Expiry Profile
By Income
2 Southbank Boulevard
Melbourne
2 Southbank Boulevard, Melbourne GWOF
2 Southbank Boulevard is located on the Southbank of the Yarra River in Melbourne. The A-Grade office tower benefits from a piazza which includes a retail area incorporating a café and a supermarket. The asset comprises a 38 storey tower and eight podium levels comprising approximately 53,500 sqm of office accommodation.
2 Southbank Boulevard has a 5.5 star NABERS Energy rating and a 4.0 star NABERS Water rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | ||||
|---|---|---|---|---|---|
| Ownership Interest | 50% GWOF | Fair Value | \$227.5m | ||
| Co-Owner | Frasers Property Australia (50%) | Capitalisation Rate | 5.88% | ||
| Acquired (by GWOF) | June 2014 | Valuation Type | External | ||
| Asset Quality | A-Grade | ||||
| Construction/Refurbishment | Completed 2008 | ||||
| Property Details | Office Occupancy | ||||
| Office | 53,500 sqm | Actual | 97.9% | ||
| Retail | 1,400 sqm | Including Signed Leases | 97.9% | ||
| Car Parking Spaces | 544 | Including Heads of Agreement | 97.9% | ||
| Typical Floor Plate | 1,860 sqm | ||||
| Office Tenant Details | Key Tenants | ||||
| Number of Office Tenants | 15 | Area (sqm) | Expiry Date | ||
| WALE (by income) | 2.8 years | PwC | 22,970 | May 2017 | |
| Ausnet Services | 8,110 | September 2020 |
Operational Waste (% reused/recycled)
Sustainability Lease Expiry Profile
By Income
8 Exhibition Street
Melbourne
8 Exhibition Street, Melbourne GWOF
Located at the East or 'Paris' end of Melbourne's CBD, 8 Exhibition Street is a 44,900 sqm, 35 level, Premium Grade office tower. Central to public transport and road systems, the building offers views over The Domain, Royal Botanic Gardens, Southbank and further out towards Port Phillip Bay.
Built in 2005, the asset has water and energy efficient systems in place and has achieved a 4.5 star NABERS Energy rating and 4.5 star NABERS Water Rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 50% GWOF | Fair Value | \$204.0m | |
| Co-Owner | KREIT (50%) | Capitalisation Rate | 5.25% | |
| Acquired (by GWOF) | April 2013 | Valuation Type | External | |
| Asset Quality | Premium Grade | |||
| Construction/Refurbishment | Completed 2005 | |||
| Property Details | Office Occupancy | |||
| Office | 44,600 sqm | Actual | 83.8% | |
| Retail | 300 sqm | Including Signed Leases | 88.1% | |
| Car Parking Spaces | 0 | Including Heads of Agreement | 88.1% | |
| Typical Floor Plate | 1,620 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 15 | Area (sqm) | Expiry Date | |
| WALE (by income) | 5.6 years | EY | 16,510 | November 2017/2022 |
| UBS | 4,850 | November 2025 |
Operational Waste (% reused/recycled)
Sustainability Lease Expiry Profile
By Income
150 Collins Street
Melbourne
150 Collins Street, Melbourne GWOF
Located in the exclusive 'Paris' end of Collins Street, 150 Collins Street is an A-Grade building with Premium Grade services. The development of 150 Collins Street reached completion in November 2014 and features 20,200 sqm of office and retail space.
The asset has world-leading Environmentally Sustainable Design features that together, helped the building achieve a 6 star Green Star (Version 2 Office As Built) rating and is targeting a 5 star NABERS Energy rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWOF | Fair Value | \$209.1m | |
| Acquired (by GWOF) | July 2012 | Capitalisation Rate | 5.38% | |
| Asset Quality | A-Grade | Valuation Type | External | |
| Construction/Refurbishment | Completed 2014 | |||
| Property Details | Office Occupancy | |||
| Office | 19,200 sqm | Actual | 100.0%1 | |
| Retail | 1,000 sqm | Including Signed Leases | 100.0%1 | |
| Car Parking Spaces | 143 | Including Heads of Agreement | 100.0%1 | |
| Typical Floor Plate | 1,520 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 3 | Area (sqm) | Expiry Date | |
| WALE (by income) | 9.5 years1 | Westpac Group | 12,310 | November 2026 |
| VECCI | 2,800 | September 2025 |
Operational Waste (% reused/recycled)
Sustainability Lease Expiry Profile
By Income
- Includes rental guarantee. Note: Sustainability data as at 31 December 2015. 66
530 Collins Street
Melbourne
530 Collins Street, Melbourne GWOF
Located in the heart of Melbourne's corporate precinct, on the north east corner of Collins and King Streets, 530 Collins Street is a Premium Grade commercial office building which was completed in 1991. The asset is highly sought after with large, flexible floor plates, a prime location and spectacular city views. Serviced by major public transport routes, 530 Collins Street also has four levels of basement car parking.
530 Collins Street has a 5.0 star NABERS Energy rating and a 3.0 star NABERS Water rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWOF | Fair Value | \$547.5m | |
| Acquired (by GWOF) | July 2006 | Capitalisation Rate | 5.75% | |
| Asset Quality | Premium Grade | Valuation Type | External | |
| Construction/Refurbishment | Completed 1991 / Refurbished 2009 | |||
| Property Details | Office Occupancy | |||
| Office | 65,700 sqm | Actual | 98.0% | |
| Retail | 1,600 sqm | Including Signed Leases | 98.0% | |
| Car Parking Spaces | 308 | Including Heads of Agreement | 98.0% | |
| Typical Floor Plate | Tower: 1,300 sqm Podium: 3,500 sqm |
|||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 24 | Area (sqm) | Expiry Date | |
| WALE (by income) | 4.7 years | Suncorp Bank of Melbourne |
15,450 7,030 |
June 2023 July 2017 |
Sustainability Lease Expiry Profile
655 Collins Street
Melbourne
655 Collins Street, Melbourne GWOF
655 Collins Street is an eight level, A-Grade office building, prominently located on the corner of Collins and Spencer Streets. The asset is situated opposite the major railway and transport hub of Southern Cross Station. The asset was constructed in 2009 and comprises large campus-style floors, all with excellent natural light and strong tenant appeal.
655 Collins Street has a 5.0 star NABERS Energy rating and a 3.5 star NABERS Water rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWOF | Fair Value | \$137.8m | |
| Acquired (by GWOF) | May 2014 | Capitalisation Rate | 5.25% | |
| Asset Quality | A-Grade | Valuation Type | External | |
| Construction/Refurbishment | Completed 2009 | |||
| Property Details | Office Occupancy | |||
| Office | 16,600 sqm | Actual | 100.0% | |
| Retail | 0 sqm | Including Signed Leases | 100.0% | |
| Car Parking Spaces | 89 | Including Heads of Agreement | 100.0% | |
| Typical Floor Plate | 2,500 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 1 | Area (sqm) | Expiry Date | |
| WALE (by income) | 13.4 years | The Age | 16,600 | December 2029 |
By Income
750 Collins Street
Melbourne
750 Collins Street, Melbourne GWOF
750 Collins Street is an A-Grade office building completed in 2007. Situated in Melbourne's dynamic Docklands precinct, the property occupies a 7,700 sqm site on the corner of Collins Street and Batman's Hill Drive.
The property comprises a 10 level campus-style building with super-sized office floor plates of approximately 5,550 square metres, featuring excellent natural light to each elevation. 750 Collins Street has a 5.5 star NABERS Energy rating and a 5.0 star NABERS Water rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWOF | Fair Value | \$250.0m | |
| Acquired (by GWOF) | May 2014 | Capitalisation Rate | 6.75% | |
| Asset Quality | A-Grade | Valuation Type | External | |
| Construction/Refurbishment | Completed 2007 | |||
| Property Details | Office Occupancy | |||
| Office | 37,300 sqm | Actual | 100.0% | |
| Retail | 2,500 sqm | Including Signed Leases | 100.0% | |
| Car Parking Spaces | 422 | Including Heads of Agreement | 100.0% | |
| Typical Floor Plate | 5,550 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 1 | Area (sqm) | Expiry Date | |
| WALE (by income) | 3.4 years | AMP | 37,300 | November 2019 |
Sustainability Lease Expiry Profile
By Income
CBW
Corner of Bourke & William Streets, Melbourne
CBW, Corner of Bourke & William Streets, Melbourne GWOF
CBW is an A-Grade office complex located in the core of Melbourne's CBD and comprises a mixed use development incorporating 181 William Street, 550 Bourke Street and Goldsbrough Lane.
181 William Street comprises a 26 level office tower which occupies a prominent position on the north west corner of William Street and Bourke Street. 550 Bourke Street comprises a 19 level office tower located west of 181 William Street and borders Ramsay Lane. Goldsbrough Lane is the retail precinct of the complex and comprises an undercover retail plaza and laneway which provides pedestrian access between the two office towers.
CBW has achieved a 5.0 star GreenStar rating, a 5.0 star NABERS Energy rating and a 4.5 star NABERS Water rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest Co-Owner Acquired (by GWOF) Asset Quality Construction/Refurbishment |
50% GWOF GPT (50%) October 2014 A-Grade Completed 2009 |
Fair Value Capitalisation Rate Valuation Type |
\$321.0m 5.63% External |
|
| Property Details | Office Occupancy | |||
| Office Retail Car Parking Spaces |
76,100 sqm 5,300 sqm 413 181 William: 1,920 sqm |
Actual Including Signed Leases Including Heads of Agreement |
100.0% 100.0% 100.0% |
|
| Typical Floor Plate Office Tenant Details |
550 Bourke: 1,510 sqm | Key Tenants | ||
| Number of Office Tenants | 16 | Area (sqm) | Expiry Date | |
| WALE (by income) | 4.0 years | IAG | 28,520 | June 2020 |
| Deloitte | 18,120 | May 2020 |
CBW
CBW
Sustainability Lease Expiry Profile
800/808 Bourke Street
Melbourne
800/808 Bourke Street, Melbourne GWOF
800 and 808 Bourke Street were completed in 2004. This contemporary home to the Australian head office of the National Australia Bank (NAB) is located on a prime, north-facing waterfront site in the Docklands Precinct in Melbourne.
The asset embodies the key design elements of a modern workplace such as large open plan floors, open atria, operable windows, balconies, terraces, sunshades and extensive use of natural light.
800/808 Bourke Street has a 5.5 star NABERS Energy rating and 3.0 star NABERS Water rating, and is the first building to be rated using the Green Star Performance Pilot, rating 4 stars.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWOF | Fair Value | \$508.5m | |
| Acquired (by GWOF) | July 2006 | Capitalisation Rate | 5.25% | |
| Asset Quality | A-Grade | Valuation Type | External | |
| Construction/Refurbishment | Completed 2004 | |||
| Property Details | Office Occupancy | |||
| Office | 59,600 sqm | Actual | 100.0% | |
| Retail | 1,700 sqm | Including Signed Leases | 100.0% | |
| Car Parking Spaces | 416 | Including Heads of Agreement | 100.0% | |
| Typical Floor Plate | 3,500 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 1 | Area (sqm) | Expiry Date | |
| WALE (by income) | 11.1 years | NAB | 59,600 | August 2027 |
Brisbane
One One One Eagle Street, Brisbane GWOF
One One One Eagle Street is a Premium Grade, 63,800 sqm, 54 level office tower in Brisbane's prime commercial 'Golden Triangle' precinct. The recently developed tower is designed to take advantage of the outstanding location and Brisbane River views.
The building has achieved the highest rating available, a 6 star Green Star As Built rating from the Green Building Council of Australia. One One One Eagle Street has also achieved a 5.5 star NABERS Energy rating and 4.5 star NABERS Water rating. Featuring the latest Tri-generation technology, the building can generate its own power, reducing peak demand on energy supply and lowering greenhouse gas emissions.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest Co-Owners |
33% GWOF GPT (33%) Third Party Investor (33%) |
Fair Value Capitalisation Rate Valuation Type |
\$277.0m 5.50% External |
|
| Acquired (by GWOF) | October 2008 | |||
| Asset Quality | Premium Grade | |||
| Construction/Refurbishment | Completed 2012 | |||
| Property Details | Office Occupancy | |||
| Office | 63,800 sqm | Actual | 97.6% | |
| Retail | 400 sqm | Including Signed Leases | 97.6% | |
| Car Parking Spaces | 115 | Including Heads of Agreement | 97.6% | |
| Typical Floor Plate | 1,450 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 21 | Area (sqm) | Expiry Date | |
| WALE (by income) | 7.1 years | Arrow Energy | 14,800 | February 2018/2019/2021 |
| EY | 9,000 | June 2024 |
Sustainability Lease Expiry Profile
123 Eagle Street, Brisbane
Riverside Centre, 123 Eagle Street, Brisbane GWOF
This pre-eminent landmark complex comprises a modern 41 level Premium Grade commercial building located in the heart of the 'Golden Triangle' in the Brisbane CBD, designed by one of Australia's leading architects Harry Seidler. The building incorporates quality office accommodation, waterfront restaurants, a car park for over 500 cars and an open plaza surrounded by retail accommodation.
The Riverside Centre has a 5.5 star NABERS Energy rating and a 3.5 star NABERS Water rating.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWOF | Fair Value | \$605.0m | |
| Acquired (by GWOF) | July 2006 | Capitalisation Rate | 5.88% | |
| Asset Quality | Premium Grade | Valuation Type | External | |
| Construction/Refurbishment | Completed 1986 / Refurbished 1998/2015 | |||
| Property Details | Office Occupancy | |||
| Office | 51,800 sqm | Actual | 87.3% | |
| Retail | 4,500 sqm | Including Signed Leases | 87.3% | |
| Car Parking Spaces | 500 | Including Heads of Agreement | 88.2% | |
| Typical Floor Plate | 1,500 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 29 | Area (sqm) | Expiry Date | |
| WALE (by income) | 3.3 years | PwC Deloitte |
9,560 5,800 |
July 2016 / January 2019 October 2018 |
Sustainability Lease Expiry Profile
By Income
Rosehill Business Park, Camellia, NSW GPT
Rosehill Business Park is a modern industrial asset located in the established central west industrial area of Sydney. The property features 41,900 sqm of lettable area across three buildings that were completed in separate stages. The property benefits from its close proximity to James Ruse Drive and the M4 motorway.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$79.0m | |
| Acquired (by GPT) | May 1998 | Capitalisation Rate | 7.25% | |
| Valuation Type | Internal | |||
| Income (6 months) | \$3.0m |
| GLA | 41,900 sqm |
|---|---|
| Site Area | 79,700 sqm |
| Occupancy (Actual) | 100.0% |
| Occupancy (Including Signed Leases) | 100.0% |
| Occupancy (Including Heads of Agreement) | 100.0% |
| WALE (by income) | 2.3 years |
10 Interchange Drive, Eastern Creek, NSW xxxx GPT
10 Interchange Drive is located at the intersection of the M4 and the M7 motorways, with direct exposure to the M7 motorway. The property comprises a modern, purpose built warehouse and office facility, that is fully leased to Asics. The property features undercover parking and a showroom.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$30.8m | |
| Acquired (by GPT) | August 2012 | Capitalisation Rate | 7.00% | |
| Valuation Type | Internal | |||
| Income (6 months) | \$1.2m |
| GLA | 15,100 sqm |
|---|---|
| Site Area | 30,200 sqm |
| Occupancy (Actual) | 100.0% |
| Occupancy (Including Signed Leases) | 100.0% |
| Occupancy (Including Heads of Agreement) | 100.0% |
| WALE (by income) | 4.0 years |
Connect@Erskine Park, Cnr Lockwood and Templar Road, Erskine Park, NSW xxxx GPT
Connect@Erskine Park is a 27.8 hectare site situated on the corner of Lockwood and Templar Road, Erskine Park. It is located approximately 26 kilometres west of the Parramatta CBD and 46 kilometres west of the Sydney CBD with good access to the major M4 and M7 motorways junctions.
Key Metrics as at 30 June 2016
General
Ownership Interest 100% GPT
Acquired (by GPT) May 2008
| 16–34 Templar Road (Goodman Fielder) |
36–52 Templar Road (Rand) |
54–70 Templar Road (Coles RRM) |
67–75 Templar Road (Target) |
29–55 Lockwood Road (TNT Express) |
|
|---|---|---|---|---|---|
| GLA | 15,200 sqm | 24,500 sqm | 21,000 sqm | 12,700 sqm | 32,200 sqm |
| Site Area | 39,700 sqm | 62,200 sqm | 43,300 sqm | 22,900 sqm | 75,000 sqm |
| Occupancy (Actual) | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Occupancy (Including Signed Leases) | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Occupancy (Including Heads of Agreement) | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| WALE (by income) | 13.0 years | 18.6 years | 19.0 years | 5.6 years | 13.5 years |
| Current Valuation | |||||
| Fair Value | \$54.5m | \$97.0m | \$138.0m | \$22.5m | \$85.5m |
| Capitalisation Rate | 6.00% | 5.75% | 6.00% | 6.75% | 5.75% |
| Valuation Type | External | External | External | Internal | External |
| Income (6 months) | \$1.8m | \$2.8m | \$4.9m | \$0.9m | \$2.5m |
407 Pembroke Road, Minto, NSW GPT
The property is located within easy access to major road networks (M5 and M7 motorways) and has the benefit of access to a railway siding from the Main Southern Railway. Current improvements comprise 15,300 sqm of modern office, warehouse and cold storage.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value | \$26.5m | |
| Co-Owner | Austrak (50%) | Capitalisation Rate | 7.25% | |
| Acquired (by GPT) | October 2008 | Valuation Type | External | |
| Income (6 months) | \$1.2m |
| GLA | 15,300 sqm |
|---|---|
| Site Area | 21,100 sqm |
| Occupancy (Actual) | 100.0% |
| Occupancy (Including Signed Leases) | 100.0% |
| Occupancy (Including Heads of Agreement) | 100.0% |
| WALE (by income) | 3.4 years |
4 Holker Street, Newington, NSW GPT
4 Holker Street, Newington comprises a modern, hi-tech data centre built in 2002. The property is well located close to major transport routes, approximately one kilometre north of the M4 Motorway, and in close proximity to Newington Shopping Centre and Sydney Olympic Park.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$30.5m | |
| Acquired (by GPT) | March 2006 | Capitalisation Rate | 8.50% | |
| Valuation Type | Internal | |||
| Income (6 months) | \$1.7m |
| GLA | 7,400 sqm |
|---|---|
| Site Area | 6,800 sqm |
| Occupancy (Actual) | 100.0% |
| Occupancy (Including Signed Leases) | 100.0% |
| Occupancy (Including Heads of Agreement) | 100.0% |
| WALE (by income) | 1.0 years |
83 Derby Street, Silverwater, NSW GPT
A well located property comprising a freestanding warehouse, with associated office space. The warehouse is separated into three units, however is currently being leased in one line to a single tenant. The improvements were completed between 2001 and 2003, and features 52 per cent site coverage and 142 car spaces.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$30.4m | |
| Acquired (by GPT) | August 2012 | Capitalisation Rate | 6.50% | |
| Valuation Type | Internal | |||
| Income (6 months) | \$1.1m |
| GLA | 17,000 sqm |
|---|---|
| Site Area | 31,900 sqm |
| Occupancy (Actual) | 100.0% |
| Occupancy (Including Signed Leases) | 100.0% |
| Occupancy (Including Heads of Agreement) | 100.0% |
| WALE (by income) | 9.5 years |
Town Centre, Sydney Olympic Park, NSW GPT
The Town Centre located at Sydney Olympic Park consists of five neighbouring GPT assets that form a five hectare consolidated holding. The Town Centre provides GPT with a potential mixeduse development site.
Key Metrics as at 30 June 2016
General
Ownership Interest 100% GPT
Acquired (by GPT) 2013 / 2005 / 2004 / 2010 / 2004
Property Details
| 3 Figtree Drive | 6 Herb Elliott Avenue | 8 Herb Elliott Avenue | |
|---|---|---|---|
| 6,800 sqm | 4,100 sqm | 3,300 sqm | |
| 12,900 sqm | 8,400 sqm | 9,100 sqm | |
| 100.0% | 26.8% | 100.0% | |
| 100.0% | 26.8% | 100.0% | |
| 100.0% | 26.8% | 100.0% | |
| 3.5 years | 1.8 years | 3.6 years | |
| 5 Figtree Drive 8,800 sqm 12,900 sqm 100.0% 100.0% 100.0% 3.9 years |
7 Figtree Drive 3,500 sqm 9,600 sqm 100.0% 100.0% 100.0% 1.0 years |
Current Valuation
| Fair Value | \$24.0m | \$26.6m | \$15.0m | \$11.0m | \$11.3m |
|---|---|---|---|---|---|
| Capitalisation Rate | n/a | 7.50% | n/a | n/a | n/a |
| Valuation Type | External | External | External | External | External |
| Income (6 months) | \$1.0m | \$1.1m | \$0.5m | \$0.0m | \$0.4m |
Quad 1 & Quad 4, Sydney Olympic Park, NSW GPT
Quad 1 and Quad 4 form part of an integrated office precinct located at Sydney Olympic Park, close to significant infrastructure and public recreational amenities. Set within a fully landscaped environment the business park is an outstanding example of progressive, environmentally responsible and innovative design.
The Quad 1 building has achieved 5.0 Star NABERS Energy and 5.0 Star NABERS Water rating. The Quad 4 building has achieved a 5.5 Star NABERS Energy rating and a 5.0 Star NABERS Water rating.
Key Metrics as at 30 June 2016
General
Ownership Interest 100% GPT Acquired (by GPT) Completed 2001 / 2007
Property Details
| Quad 1 | Quad 4 | |
|---|---|---|
| GLA | 4,400 sqm | 8,100 sqm |
| Site Area | 9,400 sqm | 8,000 sqm |
| Occupancy (Actual) | 88.3% | 100.0% |
| Occupancy (Including Signed Leases) | 88.3% | 100.0% |
| Occupancy (Including Heads of Agreement) | 94.9% | 100.0% |
| WALE (by income) | 3.4 years | 13.7 years |
Current Valuation
| Quad 1 | Quad 4 | |
|---|---|---|
| Fair Value | \$23.0m | \$49.3m |
| Capitalisation Rate | 7.25% | 6.50% |
| Valuation Type | External | External |
| Income (6 months) | \$0.8m | \$1.2m |
372–374 Victoria Street, Wetherill Park, NSW GPT
The property comprises a high bay warehouse and associated offices. Wetherill Park is a traditional industrial area popular with transport, storage and distribution users. Victoria Street provides direct access to the Cumberland Highway, and proximity to the M4 and M7 motorways.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$20.9m | |
| Acquired (by GPT) | July 2006 | Capitalisation Rate | 8.00% | |
| Valuation Type | Internal | |||
| Income (6 months) | \$1.0m |
| GLA | 20,500 sqm |
|---|---|
| Site Area | 40,900 sqm |
| Occupancy (Actual) | 100.0% |
| Occupancy (Including Signed Leases) | 100.0% |
| Occupancy (Including Heads of Agreement) | 100.0% |
| WALE (by income) | 3.7 years |
38 Pine Road, Yennora, NSW GPT
38 Pine Road Yennora is located within the established industrial precinct in Western Sydney. The property, comprising two separate warehouses, is well positioned to nearby transport connections including the Cumberland and Hume Highways, the M4 and M5 motorways and is opposite the Yennora Intermodal Terminal.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$52.0m | |
| Acquired (by GPT) | November 2013 | Capitalisation Rate | 7.50% | |
| Valuation Type | External | |||
| Income (6 months) | \$1.9m |
| 33,200 sqm |
|---|
| 73,900 sqm |
| 100.0% |
| 100.0% |
| 100.0% |
| 2.7 years |
Citiwest Industrial Estate, Altona North, VIC GPT
The estate comprises a complex of six high clearance warehouse distribution centres, 15 kilometres south west of the Melbourne CBD. The estate is bounded by Dohertys Road to the north, Grieve Parade to the east and Pinnacle Road to the south. Access to the Westgate Freeway and the Western Ring Road are available from Grieve Parade.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$67.4m | |
| Acquired (by GPT) | August 1994 | Capitalisation Rate | 7.90% | |
| Valuation Type | Internal | |||
| Income (6 months) | \$1.8m |
| GLA | 90,000 sqm |
|---|---|
| Site Area | 201,800 sqm |
| Occupancy (Actual) | 65.5% |
| Occupancy (Including Signed Leases) | 65.5% |
| Occupancy (Including Heads of Agreement) | 65.5% |
| WALE (by income) | 1.7 years |
Citiport Business Park, Port Melbourne, VIC GPT
Citiport Business Park is a well located office and warehouse estate comprising a low-rise office building and 10 warehouse office units with adjoining showrooms. The property is located in the Port Melbourne precinct and features a good level of underground and on-grade parking.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$71.0m | |
| Acquired (by GPT) | February 2012 | Capitalisation Rate | 7.50% | |
| Valuation Type | External | |||
| Income (6 months) | \$2.5m |
| GLA | 27,000 sqm |
|---|---|
| Site Area | 25,500 sqm |
| Occupancy (Actual) | 92.9% |
| Occupancy (Including Signed Leases) | 92.9% |
| Occupancy (Including Heads of Agreement) | 92.9% |
| WALE (by income) | 3.0 years |
Austrak Business Park, Somerton, VIC GPT
Austrak Business Park comprises approximately 99 hectares of industrial zoned land, located 20 kilometres north of the Melbourne CBD. The property offers a key point of difference with access to one of Australia's first fully integrated inter-modal rail terminals.
Key Metrics as at 30 June 2016
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value | \$159.1m |
| Co-Owner | Austrak (50%) | Capitalisation Rate | 6.67% |
| Acquired (by GPT) | October 2003 | Valuation Type | Internal |
| Income (6 months) | \$4.9m |
| GLA | 211,300 sqm |
|---|---|
| Site Area | 661,000 sqm |
| Occupancy (Actual) | 92.3% |
| Occupancy (Including Signed Leases) | 92.3% |
| Occupancy (Including Heads of Agreement) | 92.3% |
| WALE (by income) | 8.6 years |
16–28 Quarry Road, Yatala, QLD GPT
The property comprises two standalone warehouses, each providing approximately 20,400 sqm of clear span internal space and are strategically located in the Yatala Enterprise Area, approximately 40 kilometres south of the Brisbane CBD and approximately 40 kilometres north of the Gold Coast CBD.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$47.7m | |
| Acquired (by GPT) | November 2013 | Capitalisation Rate | 8.25% | |
| Valuation Type | Internal | |||
| Income (6 months) | \$2.2m |
| GLA | 40,800 sqm |
|---|---|
| Site Area | 81,500 sqm |
| Occupancy (Actual) | 94.9% |
| Occupancy (Including Signed Leases) | 94.9% |
| Occupancy (Including Heads of Agreement) | 94.9% |
| WALE (by income) | 0.6 years |
59 Forest way, Karawatha, QLD GPT
59 Forest Way is a new, state-of-the-art logistics facility located at Karawatha which is approximately 22 kilometres south of Brisbane's CBD. The 44,000 sqm of warehouse and office was custom-built for Toll Group on a 13.4 hectare site. The property is situated in the Logan Motorway precinct of South East Queensland which is now established as a prime location for large scale logistics facilities.
Key Metrics as at 30 June 2016
| General | Current Valuation | ||||
|---|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$102.5m | ||
| Acquired (by GPT) | Completed April 2014 | Capitalisation Rate | 6.25% | ||
| Valuation Type | External | ||||
| Income (6 months) | \$3.4m |
| GLA | 44,000 sqm |
|---|---|
| Site Area | 134,300 sqm |
| Occupancy (Actual) | 100.0% |
| Occupancy (Including Signed Leases) | 100.0% |
| Occupancy (Including Heads of Agreement) | 100.0% |
| WALE (by income) | 12.7 years |
3 Murray Rose Avenue, Sydney Olympic Park, NSW GMF
3 Murray Rose Avenue is a campus style business park A-Grade office building which comprises approximately 13,400 sqm of office space and 226 car spaces. The five floor suburban office building was completed in March 2015 and was developed as the national headquarters for Samsung. 3 Murray Rose Avenue incorporates modern urban design and has achieved a 5 star Green Star Design Rating. The asset has sustainability targets of a 5 star Green Star As Built Rating and 5 star NABERS Energy and Water Ratings.
Key Metrics as at 30 June 2016
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 100% GMF | Fair Value | \$91.5m |
| Acquired (by GMF) | September 2014 | Capitalisation Rate | 6.50% |
| Asset Quality | A-Grade | Valuation Type | Internal |
| Construction/Refurbishment | Completed 2015 |
| Property Details | Office Occupancy | ||
|---|---|---|---|
| Office | 13,400 sqm | Actual | 100.0% |
| Retail | 0 sqm | Including Signed Leases | 100.0% |
| Car Parking Spaces | 226 | Including Heads of Agreement | 100.0% |
| Typical Floor Plate | 2,700 sqm |
| Office Tenant Details | Key Tenants | Area (sqm) | Expiry Date | |
|---|---|---|---|---|
| Number of Office Tenants | 1 | Samsung | 13,400 | March 2022 |
| WALE (by income) | 5.7 years |
5 Murray Rose Avenue, Sydney Olympic Park, NSW GMF
5 Murray Rose Avenue forms part of the Sydney Olympic Park precinct and is a 12,300 sqm commercial building over five levels, with a 6 star Green Star As Built Rating. The asset is awardwinning, being recognised by the Property Council of Australia for Best Sustainable Development in 2014 and the Urban Development Institute of Australia NSW for Excellence in Sustainable Development in 2013.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GMF | Fair Value | \$90.5m | |
| Acquired (by GMF) | August 2014 | Capitalisation Rate | 6.25% | |
| Asset Quality | A-Grade | Valuation Type | Internal | |
| Construction/Refurbishment | Completed 2012 |
| Property Details | Office Occupancy | ||
|---|---|---|---|
| Office | 12,300 sqm | Actual | 100.0% |
| Retail | 100 sqm | Including Signed Leases | 100.0% |
| Car Parking Spaces | 229 | Including Heads of Agreement | 100.0% |
| Typical Floor Plate | 2,600 sqm |
| Office Tenant Details | Key Tenants | Area (sqm) | Expiry Date | |
|---|---|---|---|---|
| Number of Office Tenants | 1 | Lion | 12,300 | April 2024 |
| WALE (by income) | 7.8 years |
Quad 2, Sydney Olympic Park, NSW GMF
Quad 2 is part of the Quad Business Park which is characterised by low rise buildings set in a parkland environment, with large floorplates, good natural light and a high car parking ratio. The asset, with 5,100 sqm of office space over four levels, is located close to significant infrastructure, public recreational and retail amenities.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GMF | Fair Value | \$29.0m | |
| Acquired (by GMF) | August 2014 | Capitalisation Rate | 7.25% | |
| Asset Quality | A-Grade | Valuation Type | Internal | |
| Construction/Refurbishment | Completed 2002 |
Property Details
| Office | 5,100 sqm |
|---|---|
| Retail | 0 sqm |
| Car Parking Spaces | 135 |
| Typical Floor Plate | 1,700 sqm |
Office Tenant Details
Number of Office Tenants 6 WALE (by income) 3.1 years
| Key Tenants | Area (sqm) | Expiry Date |
|---|---|---|
| Universities Admissions Centre | 2,100 | March 2022 |
| BSA | 1,730 | July 2017 |
Quad 3, Sydney Olympic Park, NSW GMF
Quad 3 is part of the Quad Business Park which is characterised by low rise buildings set in a parkland environment, with large floorplates, good natural light and a high car parking ratio. The asset, with 5,200 sqm of office space over three levels, is located close to significant infrastructure, public recreational and retail amenities.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GMF | Fair Value | \$29.3m | |
| Acquired (by GMF) | August 2014 | Capitalisation Rate | 7.25% | |
| Asset Quality | A-Grade | Valuation Type | Internal | |
| Construction/Refurbishment | Completed 2004 |
| Office | 5,200 sqm |
|---|---|
| Retail | 0 sqm |
| Car Parking Spaces | 133 |
| Typical Floor Plate | 1,800 sqm |
| Office Occupancy | |
|---|---|
| Actual | 95.1% |
| Including Signed Leases | 95.1% |
| Including Heads of Agreement | 95.1% |
| Office Tenant Details | Key Tenants | Area (sqm) | Expiry Date | |
|---|---|---|---|---|
| Number of Office Tenants | 7 | Alstom Grid | 1,990 | April 2019 |
| WALE (by income) | 2.8 years | Suzanne Grae | 1,280 | April 2020 |
Vantage, 109 Burwood Road, Hawthorn, VIC GMF
Vantage is located in Hawthorn, six kilometres east of the Melbourne CBD. The A-Grade office building has 12,300 sqm of space across five floors of office accommodation and a car park for 455 vehicles. The property benefits from its prominent corner location, is close to a range of amenities and is easily accessible via car, tram or train.
Key Metrics as at 30 June 2016
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GMF | Fair Value | \$72.9m | |
| Acquired (by GMF) | April 2014 | Capitalisation Rate | 7.00% | |
| Asset Quality | A-Grade | Valuation Type | Internal | |
| Construction/Refurbishment | Completed 2008 |
| Property Details | |
|---|---|
| ------------------ | -- |
| Office | 12,300 sqm |
|---|---|
| Retail | 100 sqm |
| Car Parking Spaces | 455 |
| Typical Floor Plate | 2,500 sqm |
| Office Occupancy | |
|---|---|
| Actual | 69.6% |
| Including Signed Leases | 76.3% |
| Including Heads of Agreement | 89.2% |
| Office Tenant Details | Key Tenants | Area (sqm) | Expiry Date | |
|---|---|---|---|---|
| Number of Office Tenants | 4 | Orora Limited | 4,900 | June 2018 |
| WALE (by income) | 4.7 years | McConnell Dowell | 3,250 | March 2023 |
Optus Centre, 15 Green Square Close, Fortitude Valley, QLD GMF
The Optus Centre is located within the growing Fortitude Valley precinct, two kilometres from the Brisbane CBD and benefits from being at the northern gateway of the Brisbane CBD. It is a modern 5 star Green Star Design building with large 1,500 square metre floor plates.
Key Metrics as at 30 June 2016
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 100% GMF | Fair Value | \$127.1m |
| Acquired (by GMF) | November 2013 | Capitalisation Rate | 6.75% |
| Asset Quality | A-Grade | Valuation Type | Internal |
| Construction/Refurbishment | Completed 2013 |
Property Details
| Office | 16,200 sqm |
|---|---|
| Retail | 300 sqm |
| Car Parking Spaces | 150 |
| Typical Floor Plate | 1,500 sqm |
| Office Occupancy | |
|---|---|
| Actual | 97.8% |
| Including Signed Leases | 97.8% |
| Including Heads of Agreement | 97.8% |
Office Tenant Details Number of Office Tenants 4 WALE (by income) 5.7 years
| Key Tenants | Area (sqm) | Expiry Date |
|---|---|---|
| Queensland Urban Utilities | 7,310 | May 2023 |
| Optus | 5,920 | June 2020 |
| Papuan Oil Search | 1,840 | January 2024 |
| Regus | 1,090 | August 2021 |