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GPT GROUP Interim / Quarterly Report 2018
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Interim / Quarterly Report
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PROPERTY COMPENDIUM
CONTENTS
| Retail Portfolio | 3 |
|---|---|
| GWSCF Portfolio | 18 |
| Office Portfolio | 35 |
| GWOF Portfolio | 50 |
| Logistics Portfolio | 83 |
2018 INTERIM RESULT
RETAIL PORTFOLIO
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 complemented by a 303 bed student accommodation facility operated by Unilodge. Casuarina Square is also home to one of Australia's largest solar rooftop systems after installation of the 1.25MW (megawatt) system in 2015.
Key Metrics as at 30 June 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value1 | \$302.2m |
| Co-Owner | 50% GWSCF | Capitalisation Rate2 | 5.50% |
| Acquired (by GPT) | October 1973 | Valuation Type | Independent |
| Asset Type | Regional Centre | Income (6 months) | \$9.4m |
| Construction | Completed 1973 | ||
| Latest Refurbishment/Development | 2016 (Entertainment and Leisure Precinct) |
Centre Details
Total GLA 55,000 sqm Number of Tenancies 202 Car Parking Spaces 2,400 Retail Occupancy 99.5%
Sales Information
| Total Centre | Specialties | |
|---|---|---|
| Sales Turnover per Square Metre | \$7,763 | \$10,317 |
| Occupancy Costs | 11.3% | 18.2% |
| Annual Centre Turnover | \$355.9m |
Key Tenants
| Area (sqm) | |
|---|---|
| Kmart | 7,450 |
| Big W | 6,130 |
| Woolworths | 5,020 |
| BCC Cinemas | 4,120 |
| Coles | 3,750 |
Sustainability
- Includes retail and student accommodation. 2. Retail component only. Note: Sustainability data as at 31 December 2017.
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. The centre also incorporates international retailers such as H&M, Sephora and Apple.
Key Metrics as at 30 June 2018
| General | Current Valuation | ||||
|---|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$968.0m | ||
| Acquired (by GPT) | December 1977 | Capitalisation Rate | 5.25% | ||
| Asset Type | Super Regional Centre | Valuation Type | Independent | ||
| Construction | Completed 1979 | Income (6 months) | \$27.2m | ||
| Latest Refurbishment/Development | 2016 (International Mini-Major Remix) | ||||
| Centre Details | Sales Information | ||||
| Total GLA | 94,100 sqm | Total Centre | Specialties | ||
| Number of Tenancies | 280 | Sales Turnover per Square Metre | \$7,089 | \$12,671 | |
| Car Parking Spaces | 3,450 | Occupancy Costs | 10.3% | 14.2% | |
| Retail Occupancy | 99.4% | Annual Centre Turnover | \$574.0m | ||
| Key Tenants | |||||
| Area (sqm) | |||||
| Myer | 11,500 | ||||
| Big W | 7,750 | ||||
| Target | 5,590 | ||||
| Woolworths | 4,800 |
Reading Cinemas 4,580 Coles 4,320 Aldi 1,450
Sustainability
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 over 470 stores including western Melbourne's first David Jones, as well as several international retailers including Zara, Apple, Uniqlo and Sephora.
The centre provides an exciting 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 2018
Retail Occupancy 99.8%
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 16.67% GPT | Fair Value1 | \$447.0m | |
| Co-Owner | 83.33% GWSCF | Capitalisation Rate2 | 4.13% | |
| Acquired (by GPT) | August 2009 | Valuation Type | Independent | |
| Asset Type | Super Regional Centre | Income (6 months) | \$9.5m | |
| Construction | Main Centre: Completed 1975 | |||
| Latest Refurbishment/Development | Homemaker Centre: Completed 1990 2015 (Entertainment and Dining precinct) |
|||
| Centre Details | Sales Information | |||
| Total GLA | 154,300 sqm | Total Centre | Specialties | |
| Number of Tenancies | 476 | Sales Turnover per Square Metre | \$7,241 | \$11,221 |
| Car Parking Spaces | 7,341 | Occupancy Costs | 13.2% | 19.1% |
Key Tenants
Annual Centre Turnover \$1,017.4m
| Area (sqm) | |
|---|---|
| Myer | 19,120 |
| David Jones | 14,000 |
| Target | 9,920 |
| Hoyts | 9,030 |
| Big W | 8,160 |
| Woolworths | 4,240 |
Sustainability
(% reused/recycled)
-
Includes Homemaker Centre Maribyrnong.
-
Main Centre only. Note: Sustainability data as at 31 December 2017.
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 close to 300 retailers, the shopping centre covers two city blocks and is conveniently located directly above Melbourne Central train station.
An urban shopping centre attracting 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 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value1 | \$1,397.4m | |
| Acquired (by GPT) | May 1999 | Capitalisation Rate2 | 4.75% | |
| Asset Type | City Centre | Valuation Type | Internal | |
| Construction | Completed 1991 | Income (6 months) | \$37.8m | |
| Latest Refurbishment/Development | Underway (Existing Centre Upgrades) | |||
| Centre Details | Sales Information | |||
| Total GLA | 56,700 sqm | Total Centre | Specialties | |
| Number of Tenancies | 294 | Sales Turnover per Square Metre | \$10,943 | \$12,869 |
| Car Parking Spaces | 879 | Occupancy Costs | 14.7% | 18.6% |
| Retail Occupancy | 99.4% | Annual Centre Turnover | \$556.6m | |
Key Tenants
| Area (sqm) | |
|---|---|
| Hoyts | 7,710 |
| Coles | 1,310 |
Sustainability
-
Includes retail and car park.
-
Retail only. Note: Sustainability data as at 31 December 2017.
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 features two discount department stores, two supermarkets, a cinema/entertainment precinct and a over 250 specialty stores.
Key Metrics as at 30 June 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$618.5m |
| Acquired (by GPT) | Stage 1: September 2007 Stage 2: March 2008 |
Capitalisation Rate | 5.50% |
| Asset Type | Regional Centre | Valuation Type | Internal |
| Construction | Completed 2008 | Income (6 months) | \$19.0m |
Centre Details
Total GLA 69,500 sqm Number of Tenancies 252 Car Parking Spaces 2,767 Retail Occupancy 100.0%
Sales Information
| Total Centre | Specialties | ||
|---|---|---|---|
| Sales Turnover per Square Metre | \$7,230 | \$9,046 | |
| Occupancy Costs | 9.7% | 14.6% | |
| Annual Centre Turnover | \$439.8m |
Key Tenants
| Area (sqm) | |
|---|---|
| Big W | 8,560 |
| Target | 6,820 |
| Reading Cinemas | 5,780 |
| Woolworths | 4,610 |
| Coles | 4,120 |
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.
In August 2016, the co-owners announced that work had begun on a \$420 million re-development of the centre. The scheme incorporates a 34,400 square metre retail expansion to include David Jones, Big W, International Mini Majors, 105 specialty stores and additional 1,420 car parking spaces. The project is due for completion in the second quarter of 2019.
Key Metrics as at 30 June 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value | \$530.2m | |
| Co-Owner | 50% Australian Prime Property Fund Retail | Capitalisation Rate | 5.38% | |
| Acquired (by GPT) | December 1992 | Valuation Type | Independent | |
| Asset Type | Major Regional Centre | Income (6 months) | \$11.4m | |
| Construction | Completed 1994 | |||
| Latest Refurbishment/Development | Underway (Centre Expansion) | |||
| Centre Details | Sales Information2 | |||
| Total GLA1 | 73,400 sqm | Total Centre | Specialties | |
| Number of Tenancies1 | 249 | Sales Turnover per Square Metre | \$8,437 | \$11,842 |
| Car Parking Spaces1 | 3,546 | Occupancy Costs | 11.4% | 18.6% |
| Retail Occupancy2 | 99.4% | Annual Centre Turnover | \$506.9m | |
| Key Tenants1 | ||||
| Area (sqm) | ||||
| Myer | 12,890 | |||
| Target | 6,920 | |||
| Kmart | 6,590 | |||
| Coles | 5,850 |
BCC Cinemas 4,690 Woolworths 3,880
Sustainability
- Pre-Development Impact. 2. Development impacted.
Note: Sustainability data as at 31 December 2017.
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 Group.
Key Metrics as at 30 June 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value | \$713.5m |
| Co-Owner | 50% Scentre Group | Capitalisation Rate | 4.75% |
| Acquired (by GPT) | June 1971 | Valuation Type | Independent |
| Asset Type | Super Regional Centre | Income (6 months) | \$17.3m |
| Construction | Completed 1971 | ||
| Latest Refurbishment/Development | 2005 (Major Redevelopment) | ||
Centre Details
Total GLA 91,400 sqm Number of Tenancies 313 Car Parking Spaces 3,521 Retail Occupancy 99.9%
Sales Information
| Total Centre | Specialties | ||
|---|---|---|---|
| Sales Turnover per Square Metre | \$7,938 | \$12,211 | |
| Occupancy Costs | 12.0% | 18.2% | |
| Annual Centre Turnover | \$650.5m |
Key Tenants
| Area (sqm) |
|---|
| 20,110 |
| 8,740 |
| 7,100 |
| 4,790 |
| 3,800 |
| 1,610 |
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 complemented by a 303 bed student accommodation facility operated by Unilodge. Casuarina Square is also home to one of Australia's largest solar rooftop systems after installation of the 1.25MW (megawatt) system in 2015.
Key Metrics as at 30 June 2018
General
Centre Details
| Ownership Interest | 50% GWSCF |
|---|---|
| Co-Owner | 50% GPT |
| Acquired (by GWSCF) | June 2012 |
| Asset Type | Regional Centre |
| Construction | Completed 1973 |
| Latest Refurbishment/Development | 2016 (Entertainment and Leisure Precinct) |
Total GLA 55,000 sqm Number of Tenancies 202 Car Parking Spaces 2,400 Retail Occupancy 99.5%
Current Valuation
Capitalisation Rate2
Valuation Type Independent
Fair Value1
| Sales Information | ||||
|---|---|---|---|---|
| Total Centre | Specialties | |||
| Sales Turnover per Square Metre | \$7,763 | \$10,317 | ||
| Occupancy Costs | 11.3% | 18.2% | ||
| Annual Centre Turnover | \$355.9m |
\$302.2m
5.50%
Key Tenants
| Area (sqm) | |
|---|---|
| Kmart | 7,450 |
| Big W | 6,130 |
| Woolworths | 5,020 |
| BCC Cinemas | 4,120 |
| Coles | 3,750 |
Sustainability
- Includes retail and student accommodation. 2. Retail component only. Note: Sustainability data as at 31 December 2017.
19
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 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWSCF | Fair Value | \$299.3m | |
| Acquired (by GWSCF) | March 2007 | Capitalisation Rate | 5.50% | |
| Asset Type | Regional Centre | Valuation Type | Internal | |
| Construction | Completed 1979 | |||
| Latest Refurbishment/Development | 2017 (Existing Centre Upgrades) | |||
| Centre Details | Sales Information | |||
| Total GLA | 37,500 sqm | Total Centre | Specialties | |
| Number of Tenancies | 120 | Sales Turnover per Square Metre | \$8,515 | \$12,213 |
| Car Parking Spaces | 2,045 | Occupancy Costs | 7.7% | 15.5% |
| Retail Occupancy | 99.8% | Annual Centre Turnover | \$280.7m | |
| Key Tenants | ||||
| Area (sqm) | ||||
| Kmart | 8,250 |
| Sustainability | |
|---|---|
Target 4,770 Woolworths 4,180 Reading Cinemas 3,500 Coles 3,290 Aldi 1,520
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 over 470 stores including western Melbourne's first David Jones, as well as several international retailers including Zara, Apple, Uniqlo and Sephora.
The centre provides an exciting 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 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 83.33% GWSCF | Fair Value1 | \$2,234.7m | |
| Co-Owner | 16.67% GPT | Capitalisation Rate2 | 4.13% | |
| Acquired (by GWSCF) | March 2007 | Valuation Type | Independent | |
| Asset Type | Super Regional Centre | |||
| Construction | Main Centre: Completed 1975 Homemaker Centre: Completed 1990 |
|||
| Latest Refurbishment/Development | 2015 (Entertainment and Dining Precinct) |
Centre Details
Total GLA 154,300 sqm Number of Tenancies 476 Car Parking Spaces 7,341 Retail Occupancy 99.8%
Sales Information
| Total Centre | Specialties | ||
|---|---|---|---|
| Sales Turnover per Square Metre | \$7,241 | \$11,221 | |
| Occupancy Costs | 13.2% | 19.1% | |
| Annual Centre Turnover | \$1,017.4m |
Key Tenants
| Area (sqm) | |
|---|---|
| Myer | 19,120 |
| David Jones | 14,000 |
| Target | 9,920 |
| Hoyts | 9,030 |
| Big W | 8,160 |
| Woolworths | 4,240 |
Sustainability
Operational Waste
(% reused/recycled)
- Includes Homemaker Centre Maribyrnong. 2. Main Centre only.
Note: Sustainability data as at 31 December 2017.
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 commenced a \$240 million re-development of the centre, adding approximately 16,000 square metres to the property including a new full line Coles, Aldi, Harris Scarfe and H&M, in addition to refurbished David Jones, Woolworths and Target stores. The development added 45 specialty stores, a fresh food market hall, new dining offer and improved car parking. The main extension opened in March 2017.
Macarthur Square is jointly owned with Australian Prime Property Fund Retail and is managed by Lend Lease.
Key Metrics as at 30 June 2018
| \$613.8m 4.75% Internal Specialties |
|---|
| \$8,911 |
| 18.6% |
| Area (sqm) |
| 8,790 |
| 6,900 |
| 6,090 |
| 4,450 |
| 4,560 |
| 4,190 |
| 1,510 |
Sustainability
- Development Impacted. Note: Sustainability data as at 31 December 2017.
Northland Shopping Centre
Victoria
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 is supported by above average household income levels, continued infill and high density development which will continue to drive future population growth.
Northland Shopping Centre is jointly owned with, and managed by Vicinity Centres.
Key Metrics as at 30 June 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 50% GWSCF | Fair Value Capitalisation Rate |
\$505.9m 5.25% |
|
| Co-Owner Acquired (by GWSCF) |
50% Vicinity Centres May 2014 |
Valuation Type | Internal | |
| Asset Type | Super Regional Centre | |||
| Construction | Completed 1966 | |||
| Latest Refurbishment/Development | 2014 (Centre Expansion) |
Centre Details
Total GLA 98,200 sqm Number of Tenancies 302 Car Parking Spaces 4,640 Retail Occupancy 99.7%
Sales Information
| Total Centre | Specialties | ||
|---|---|---|---|
| Sales Turnover per Square Metre | \$6,088 | \$9,129 | |
| Occupancy Costs | 12.4% | 18.0% | |
| Annual Centre Turnover | \$529.6m |
Key Tenants
| Area (sqm) | |
|---|---|
| Myer | 18,510 |
| Target | 6,890 |
| Kmart | 6,500 |
| Hoyts | 6,180 |
| Coles | 4,220 |
| Woolworths | 4,030 |
| Aldi | 1,500 |
Sustainability
20% 25% 30% 35% 40% Recycling (% reused/recycled)
Operational Waste
35%
0% 5% 10% 15%
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 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWSCF | Fair Value | \$144.0m | |
| Acquired (by GWSCF) | November 2007 | Capitalisation Rate | 5.50% | |
| Asset Type | Neighbourhood Centre | Valuation Type | Independent | |
| Construction | Completed late 1990s and 2000 | |||
| Centre Details | Sales Information | |||
| Total GLA | 11,900 sqm | Total Centre | Specialties | |
| Number of Tenancies | 54 | Sales Turnover per Square Metre | \$13,718 | \$11,702 |
| Car Parking Spaces | 460 | Occupancy Costs | 7.2% | 14.8% |
| Retail Occupancy | 99.1% | Annual Centre Turnover | \$117.1m | |
| Key Tenants | ||||
| Area (sqm) | ||||
| Coles | 3,770 |
Sustainability
Note: This asset not operational in baseline year (2005). Sustainability data as at 31 December 2017.
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 130 stores.
Key Metrics as at 30 June 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 100% GWSCF | Fair Value | \$262.2m |
| Acquired (by GWSCF) | March 2007 | Capitalisation Rate | 6.00% |
| Asset Type | Regional Centre | Valuation Type | Internal |
| Construction | Completed 1973 | ||
| Latest Refurbishment/Development | 2007 (Centre Expansion) |
Centre Details
Total GLA 36,800 sqm Number of Tenancies 130 Car Parking Spaces 2,648 Retail Occupancy 99.7%
Sales Information
| Total Centre | Specialties | |
|---|---|---|
| Sales Turnover per Square Metre | \$7,572 | \$9,545 |
| Occupancy Costs | 8.1% | 14.6% |
| Annual Centre Turnover | \$258.8m |
Key Tenants
| Area (sqm) | |
|---|---|
| Kmart | 8,390 |
| Big W | 6,670 |
| Coles | 3,850 |
| Woolworths | 3,490 |
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 comprises over 200 tenancies including a latest format David Jones department store, Coles supermarket, a Target discount department store, H&M and over 2,000 car spaces.
Key Metrics as at 30 June 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWSCF | Fair Value1 | \$481.5m | |
| Acquired (by GWSCF) | March 2007 | Capitalisation Rate | 5.75% | |
| Asset Type | City Centre | Valuation Type | Independent | |
| Construction | Completed 1975 | |||
| Latest Refurbishment/Development | 2017 (David Jones Remix) | |||
| Centre Details | Sales Information2 | |||
| Total GLA | 54,800 sqm | Total Centre | Specialties | |
| Number of Tenancies | 208 | Sales Turnover per Square Metre | \$7,321 | \$8,705 |
| Car Parking Spaces | 2,104 | Occupancy Costs | 10.5% | 15.4% |
| Retail Occupancy2 | 98.1% | Annual Centre Turnover | \$308.7m |
Key Tenants
| Area (sqm) | |
|---|---|
| David Jones | 8,120 |
| Coles | 4,080 |
| Target | 2,640 |
Sustainability
OFFICE PORTFOLIO
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 5.0 star NABERS Energy rating (including Green Power) and a 3.5 star NABERS Water rating, with the Plaza achieving a 5.5 star NABERS Energy rating.
Key Metrics as at 30 June 2018
General
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value | \$526.5m | |
| Co-Owner | 50% Dexus | Capitalisation Rate | 5.02% | |
| Acquired (by GPT) | September 1981 | Valuation Type | Independent | |
| Asset Quality | A-Grade | Income (6 months) | \$12.7m | |
| Construction/Refurbishment | Completed 1967 / Refurbished 2004 | |||
| Property Details | Office Occupancy | |||
| Office | 51,500 sqm | Actual | 94.2% | |
| Retail | 1,700 sqm | Including Signed Leases | 96.2% | |
| Car Parking Spaces | 376 | Including Heads of Agreement | 96.5% | |
| Typical Floor Plate | 1,030 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 80 | Area (sqm) | ||
| WALE (by income) | 3.3 years | HWL Ebsworth | 6,200 | |
| Origin Energy | 5,150 |
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 (including Green Power) and a 4.0 star NABERS Water rating. Citigroup Centre has also been awarded a 6.0 star Green Star performance rating by the Green Building Council of Australia.
Key Metrics as at 30 June 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value | \$700.0m | |
| Co-Owner | 50% Charter Hall Office Trust | Capitalisation Rate | 5.00% | |
| Acquired (by GPT) | December 2001 | Valuation Type | Independent | |
| Asset Quality | Premium Grade | Income (6 months) | \$17.9m | |
| Construction/Refurbishment | Completed 2000 | |||
| Property Details | Office Occupancy | |||
| Office | 73,400 sqm | Actual | 99.0% | |
| Retail | 500 sqm | Including Signed Leases | 99.0% | |
| Car Parking Spaces | 269 | Including Heads of Agreement | 99.0% | |
| Typical Floor Plate | 1,770 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 36 | Area (sqm) | ||
| WALE (by income) | 5.0 years | Amazon Web Services | 18,280 | |
| Citibank | 13,280 |
Operational Waste (% reused/recycled)
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 fashion brands.
The MLC Centre has achieved a 5.5 star NABERS Energy rating (including Green Power) and a 2.5 star NABERS Water rating.
Key Metrics as at 30 June 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value | \$726.2m |
| Co-Owner | 50% Dexus | Capitalisation Rate | 4.98% |
| Acquired (by GPT) | April 1987 | Valuation Type | Independent |
| Asset Quality | A-Grade | Income (6 months) | \$16.5m |
| Construction/Refurbishment | Completed 1978 / Refurbished late 1990s and 2015 | ||
| Property Details | Office Occupancy | ||
| Office | 67,000 sqm | Actual | 91.8% |
| Retail | 5,600 sqm | Including Signed Leases | 91.8% |
| Car Parking Spaces | 308 | Including Heads of Agreement | 93.8% |
| Typical Floor Plate | 1,200 sqm | ||
| Office Tenant Details | Key Tenants | ||
| Number of Office Tenants | 71 | Area (sqm) | |
| WALE (by income) | 4.3 years | Sparke Helmore | 5,200 |
| The GPT Group | 3,760 |
Operational Waste (% reused/recycled)
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 84,600 sqm of Premium Grade office 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 Phillip Tower has achieved a 5.0 star NABERS Energy rating (including Green Power) and a 3.5 star NABERS Water rating. Governor Macquarie Tower has achieved a 4.5 star NABERS Energy rating (including Green Power) and a 3.5 star NABERS Water rating.
Key Metrics as at 30 June 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 25% GPT | Fair Value | \$541.3m |
| Co-Owners | 50% Dexus, 25% APPF Commercial | Capitalisation Rate | 4.75% |
| Acquired (by GPT) | December 2003 | Valuation Type | Independent |
| Asset Quality | Premium Grade | Income (6 months) | \$12.8m |
| Construction/Refurbishment | Completed 1993 / 1994 | ||
| Property Details | Office Occupancy | ||
| Office | 84,300 sqm | Actual | 90.1% |
| Retail | 300 sqm | Including Signed Leases | 94.8% |
| Car Parking Spaces | 654 | Including Heads of Agreement | 98.4% |
| Typical Floor Plate | GPT: 1,450 | ||
| GMT: 1,240 | |||
| Office Tenant Details | Key Tenants | ||
| Number of Office Tenants | 97 | Area (sqm) | |
| WALE (by income) | 5.8 years | King & Wood Mallesons | 11,020 |
| Minter Ellison | 9,550 |
Operational Waste (% reused/recycled)
Sustainability Lease Expiry Profile
By Income
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 (including Green Power) and a 3.0 star NABERS Water rating.
Key Metrics as at 30 June 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$572.9m | |
| Acquired (by GPT) | May 1999 | Capitalisation Rate | 5.13% | |
| Asset Quality | Premium Grade | Valuation Type | Independent | |
| Construction/Refurbishment | Completed 1991 | Income (6 months) | \$17.1m | |
| Property Details | Office Occupancy | |||
| Office | 65,500 sqm | Actual | 91.0% | |
| Retail | N/A | Including Signed Leases | 97.1% | |
| Car Parking Spaces | N/A | Including Heads of Agreement | 98.2% | |
| Typical Floor Plate | 1,480 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 29 | Area (sqm) | ||
| WALE (by income) | 3.5 years | NBN Co | 14,760 | |
| Members Equity Bank | 13,040 |
Sustainability Lease Expiry Profile
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.
181 William Street has achieved a 5.5 star NABERS Energy rating (including Green Power) and achieved a 3.5 star NABERS Water rating. 550 Bourke Street has a 5.5 star NABERS Energy rating (including Green Power) and a 3.5 star NABERS Water rating.
Key Metrics as at 30 June 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value | \$370.0m |
| Co-Owner | 50% GWOF | Capitalisation Rate | 5.13% |
| Acquired (by GPT) | October 2014 | Valuation Type | Independent |
| Asset Quality | A-Grade | Income (6 months) | \$10.5m |
| 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 | 13 | Area (sqm) | |
| WALE (by income) | 5.5 years | IAG | 28,520 |
| Deloitte | 21,210 |
Sustainability Lease Expiry Profile
One One One Eagle Street
Brisbane
One One One Eagle Street, Brisbane GPT
One One One Eagle Street is a Premium Grade, 63,700 sqm, 54 level office tower in Brisbane's prime commercial 'Golden Triangle' precinct. The 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 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 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 33.33% GPT | Fair Value | \$294.8m |
| Co-Owners | 66.67% GWOF | Capitalisation Rate | 5.13% |
| Acquired (by GPT) | October 2008 | Valuation Type | Independent |
| Asset Quality | Premium Grade | Income (6 months) | \$10.5m |
| Construction/Refurbishment | Completed 2012 | ||
| Property Details | Office Occupancy | ||
| Office | 63,700 sqm | Actual | 97.8% |
| Retail | 400 sqm | Including Signed Leases | 99.7% |
| Car Parking Spaces | 114 | Including Heads of Agreement | 99.7% |
| Typical Floor Plate | 1,450 sqm | ||
| Office Tenant Details | Key Tenants | ||
| Number of Office Tenants | 23 | Area (sqm) | |
| WALE (by income) | 5.7 years | Arrow Energy | 11,970 |
| EY | 9,000 |
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 As Built and Performance Rating, a 5.5 star NABERS Energy rating (including Green Power) and a 4.0 star NABERS Water rating. Liberty Place was 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 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest Co-Owners Acquired (by GWOF) Asset Quality Construction/Refurbishment |
50% GWOF 25% Blackstone, 25% ISPT April 2010 Premium Grade Completed 2013 |
Fair Value Capitalisation Rate Valuation Type |
\$710.0m 4.63% Independent |
|
| Property Details | Office Occupancy | |||
| Office | 56,400 sqm | Actual | 92.2% | |
| Retail | 2,900 sqm | Including Signed Leases | 92.2% | |
| Car Parking Spaces | 144 | Including Heads of Agreement | 100.0% | |
| Typical Floor Plate | 1,630 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 9 | Area (sqm) | ||
| WALE (by income) | 10.3 years | ANZ | 28,410 | |
| Herbert Smith Freehills | 15,560 |
0% 10% 20% 30% 40% 50% 60% 70% 53% Recycling rate of Operational Waste (% reused/recycled)
Sustainability Lease Expiry Profile
By Income
2H 2018
| 2019 | |
|---|---|
| 2020 | |
| 2021 | 4% |
| 2022 | |
| 2023 | 16% |
| 2024 | 49% |
| 2025 | |
| 2026 | |
| 2027 | |
| 2028+ | 80% |
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 (including Green Power) and 3.5 star NABERS Water rating, with Darling Park Tower 2 achieving a 6.0 star NABERS Energy rating (including Green Power) and 3.5 star NABERS Water rating.
Key Metrics as at 30 June 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 50% GWOF | Fair Value | \$943.2m |
| Co-Owners | 30% Brookfield, 20% AWOF | Capitalisation Rate | DP1: 5.40% |
| Acquired (by GWOF) | July 2006 | DP2: 5.05% | |
| Asset Quality | Premium Grade | Valuation Type | Internal |
| Construction/Refurbishment | Tower 1: Completed 1994 Tower 2: Completed 1999 |
||
| Property Details | Office Occupancy | ||
| Office | 101,800 sqm | Actual | DP1: 100%, |
| Retail | 9,800 sqm | DP2: 33.9%1 | |
| Car Parking Spaces | 691 | Including Signed Leases | DP1: 100% DP2: 98.3%1 |
| Typical Floor Plate | 1,900 sqm | Including Heads of Agreement | DP1: 100%, DP2: 98.3%1 |
| Office Tenant Details | Key Tenants | ||
| Number of Office Tenants | 11 | Area (sqm) | |
| WALE (by income) | DP1: 3.5 years | CBA | 52,170 |
| DP2: 9.9 years1 | IAG | 32,550 | |
Sustainability Lease Expiry Profile
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.
Tower 3 has achieved a 5.5 star NABERS Energy rating (including Green Power) and a 3.5 star NABERS Water rating.
Key Metrics as at 30 June 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest Acquired (by GWOF) Asset Quality |
100% GWOF July 2006 Premium Grade |
Fair Value Capitalisation Rate Valuation Type |
\$543.5m 5.05% Internal |
|
| Construction/Refurbishment | Completed 2005 | |||
| Property Details | Office Occupancy | |||
| Office | 29,800 sqm | Actual | 74.9% | |
| Retail | 30 sqm | Including Signed Leases | 100.0% | |
| Car Parking Spaces | 137 | Including Heads of Agreement | 100.0% | |
| Typical Floor Plate | 1,500 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 6 | Area (sqm) | ||
| WALE (by income) | 7.2 years | Rabobank | 7,560 | |
| Dimension Data | 5,990 |
By Income
580 George Street
Sydney
580 George Street, Sydney GWOF
580 George Street 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. The recently completed foyer refurbishment provides a dramatic new office entry area and prime George Street retail space.
580 George Street has achieved a 5.0 star NABERS Energy rating (including Green Power) and a 3.0 star NABERS Water rating.
Key Metrics as at 30 June 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 100% GWOF | Fair Value | \$594.5m |
| Acquired (by GWOF) | July 2006 | Capitalisation Rate | 5.13% |
| Asset Quality | A-Grade | Valuation Type | Independent |
| Construction/Refurbishment | Completed 1988 / Refurbished 2002/2015 | ||
| Property Details | Office Occupancy | ||
| Office | 37,000 sqm | Actual | 81.3% |
| Retail | 4,200 sqm | Including Signed Leases | 91.3% |
| Car Parking Spaces | 141 | Including Heads of Agreement | 94.8% |
| Typical Floor Plate | 1,300 sqm | ||
| Office Tenant Details | Key Tenants | ||
| Number of Office Tenants | 27 | Area (sqm) | |
| WALE (by income) | 4.7 years | Arcadis Australia | 4,260 |
Sustainability Lease Expiry Profile
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 (including Green Power) and a 4.5 star NABERS Water rating.
Key Metrics as at 30 June 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWOF | Fair Value | \$283.0m | |
| Acquired (by GWOF) | December 2007 | Capitalisation Rate | 5.38% | |
| Asset Quality | A-Grade | Valuation Type | Independent | |
| 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 | 3,620 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 1 | Area (sqm) | ||
| WALE (by income) | 4.7 years | Google Australia | 16,300 |
Sustainability Lease Expiry Profile
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 boasts a brand new contemporary 6 star lobby completed in January 2018. The tower also 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 53,400 sqm of office accommodation.
2 Southbank Boulevard has a 5.5 star NABERS Energy rating (including Green Power) and a 3.5 star NABERS Water rating.
Key Metrics as at 30 June 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 50% GWOF | Fair Value | \$279.9m | |
| Co-Owner | 50% Frasers Property Australia | Capitalisation Rate | 5.13% | |
| Acquired (by GWOF) | June 2014 | Valuation Type | Internal | |
| Asset Quality | A-Grade | |||
| Construction/Refurbishment | Completed 2008 | |||
| Property Details | Office Occupancy | |||
| Office | 53,400 sqm | Actual | 77.5% | |
| Retail | 1,500 sqm | Including Signed Leases | 92.6% | |
| Car Parking Spaces | 541 | Including Heads of Agreement | 94.5% | |
| Typical Floor Plate | 1,860 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 20 | Area (sqm) | ||
| WALE (by income) | 4.9 years | AusNet Services | 8,110 | |
| CUB | 6,390 |
0% 10% 20% 30% 40% 50% 60% 70%
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 44,800 sqm 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 5.0 star NABERS Energy rating (including Green Power) and 3.5 star NABERS Water Rating.
Key Metrics as at 30 June 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 50% GWOF | Fair Value | \$254.5m | |
| Co-Owner | 50% KREIT | Capitalisation Rate | 4.88% | |
| Acquired (by GWOF) | April 2013 | Valuation Type | Independent | |
| Asset Quality | Premium Grade | |||
| Construction/Refurbishment | Completed 2005 | |||
| Property Details | Office Occupancy | |||
| Office | 44,500 sqm | Actual | 93.1% | |
| Retail | 300 sqm | Including Signed Leases | 97.6% | |
| Car Parking Spaces | 0 | Including Heads of Agreement | 97.6% | |
| Typical Floor Plate | 1,620 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 18 | Area (sqm) | ||
| WALE (by income) | 5.2 years | EY | 14,940 | |
| UBS | 4,850 |
Sustainability Lease Expiry Profile
100 Queen Street
Melbourne
100 Queen Street, Melbourne GWOF
100 Queen Street is the former headquarters of the ANZ Banking Group which incorporates 100 Queen Street comprising a 35 level A-Grade office tower flanked by three integrated heritage buildings known as 380 Collins Street (five level former Stock Exchange Building), 90 Queen Street (seven level Safe Deposit Building) and 388 Collins Street (five level ANZ Branch building).
The property is located on the corner of Collins and Queen Streets, within the Western Core of the Melbourne CBD. The property benefits from a central Collins Street location and is situated within close proximity to the retail core and nearby transport linkages.
100 Queen Street has a 3.0 star NABERS Energy rating and a 2.0 star NABERS water rating.
Key Metrics as at 30 June 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 100% GWOF | Fair Value | \$284.0m |
| Acquired (by GWOF) | December 2016 | Capitalisation Rate | 5.00% |
| Asset Quality Construction/Refurbishment |
A-Grade Completed 1993 (Office Tower) |
Valuation Type | Independent |
| Property Details | Office Occupancy | ||
| Office | 34,900 sqm | Actual | 100.0% |
| Retail | 1,400 sqm | Including Signed Leases | 100.0% |
| Car Parking Spaces | 81 | Including Heads of Agreement | 100.0% |
| Typical Floor Plate | 935 sqm | ||
| Office Tenant Details | Key Tenants | ||
| Number of Office Tenants | 1 | Area (sqm) | |
| WALE (by income) | 1.0 years | ANZ Banking Group | 34,900 |
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 20,100 sqm of office and retail space.
150 Collins Street has a 5.0 star NABERS Energy rating (including Green Power) and a 4.0 star NABERS Water rating.
Key Metrics as at 30 June 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWOF | Fair Value | \$243.7m | |
| Acquired (by GWOF) | July 2012 | Capitalisation Rate | 5.00% | |
| Asset Quality | A-Grade | Valuation Type | Internal | |
| Construction/Refurbishment | Completed 2014 | |||
| Property Details | Office Occupancy | |||
| Office | 19,100 sqm | Actual | 97.3% | |
| Retail | 1,000 sqm | Including Signed Leases | 97.3% | |
| Car Parking Spaces | 143 | Including Heads of Agreement | 97.3% | |
| Typical Floor Plate | 1,520 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 5 | Area (sqm) | ||
| WALE (by income) | 8.1 years | Westpac Group | 14,080 | |
| VECCI | 2,800 |
rate of
Sustainability Lease Expiry Profile
By Income
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 5.5 star NABERS Energy rating (including Green Power) and a 3.0 star NABERS Water rating.
Key Metrics as at 30 June 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest Acquired (by GWOF) Asset Quality |
100% GWOF July 2006 Premium Grade |
Fair Value Capitalisation Rate Valuation Type |
\$670.0m 5.00% Independent |
| Construction/Refurbishment | Completed 1991 / Refurbished 2009 | ||
| Property Details | Office Occupancy | ||
| Office | 65,700 sqm | Actual | 89.3% |
| Retail | 1,600 sqm | Including Signed Leases | 89.3% |
| Car Parking Spaces | 304 | Including Heads of Agreement | 89.3% |
| Typical Floor Plate | Tower: 1,260 sqm Podium: 3,510 sqm |
||
| Office Tenant Details | Key Tenants | ||
| Number of Office Tenants | 28 | Area (sqm) | |
| WALE (by income) | 4.1 years | Suncorp | 15,450 |
| HWL Ebsworth | 5,040 |
Sustainability Lease Expiry Profile
By Income
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 (including Green Power) and a 3.5 star NABERS Water rating.
Key Metrics as at 30 June 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWOF | Fair Value | \$154.5m | |
| Acquired (by GWOF) | May 2014 | Capitalisation Rate | 4.88% | |
| Asset Quality | A-Grade | Valuation Type | Internal | |
| 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) | ||
| WALE (by income) | 11.4 years | The Age | 16,600 |
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 square metre site on the corner of Collins Street and Batman's Hill Drive.
The property comprises a 10 level campus-style building with super-sized floor plates of approximately 5,550 square metres, featuring excellent natural light to each elevation. 750 Collins Street has a 6 star NABERS Energy rating (including Green Power) and a 4.5 star NABERS Water rating.
Key Metrics as at 30 June 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GWOF | Fair Value | \$284.0m | |
| Acquired (by GWOF) | May 2014 | Capitalisation Rate | 4.75% | |
| Asset Quality | A-Grade | Valuation Type | Internal | |
| Construction/Refurbishment | Completed 2007 | |||
| Property Details | Office Occupancy | |||
| Office | 37,300 sqm | Actual | 100.0% | |
| Retail | 3,200 sqm | Including Signed Leases | 100.0% | |
| Car Parking Spaces | 422 | Including Heads of Agreement | 100.0% | |
| Typical Floor Plate | 5,530 sqm | |||
| Office Tenant Details | Key Tenants | |||
| Number of Office Tenants | 1 | Area (sqm) | ||
| WALE (by income) | 17.3 years1 | AMP | 37,300 |
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 (including Green Power) and 3.5 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 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 100% GWOF | Fair Value | \$581.0m |
| Acquired (by GWOF) | July 2006 | Capitalisation Rate | 4.88% |
| Asset Quality | A-Grade | Valuation Type | Independent |
| 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) | |
| WALE (by income) | 9.1 years | NAB | 59,600 |
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.
181 William Street has achieved 5.5 star NABERS Energy rating (including Green Power) and a 3.5 star NABERS Water rating. 550 Bourke Street has achieved a 5.5 star NABERS Energy rating (including Green Power) and a 3.5 star NABERS Water rating.
Key Metrics as at 30 June 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest Co-Owner Acquired (by GWOF) Asset Quality Construction/Refurbishment |
50% GWOF 50% GPT October 2014 A-Grade Completed 2009 |
Fair Value Capitalisation Rate Valuation Type |
\$370.0m 5.13% Independent |
| Property Details | Office Occupancy | ||
| Office Retail Car Parking Spaces Typical Floor Plate |
76,100 sqm 5,300 sqm 413 181 William: 1,920 sqm 550 Bourke: 1,510 sqm |
Actual Including Signed Leases Including Heads of Agreement |
100.0% 100.0% 100.0% |
| Office Tenant Details | Key Tenants | ||
| Number of Office Tenants WALE (by income) |
13 5.5 years |
IAG Deloitte |
Area (sqm) 28,520 21,210 |
-e/m2 )
Sustainability Lease Expiry Profile
One One One Eagle Street
Brisbane
One One One Eagle Street, Brisbane GWOF
One One One Eagle Street is a Premium Grade, 63,700 sqm, 54 level office tower in Brisbane's prime commercial 'Golden Triangle' precinct. The 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 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 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 66.67% GWOF | Fair Value | \$589.7m |
| Co-Owners | 33.33% GPT | Capitalisation Rate | 5.13% |
| Acquired (by GWOF) | October 2008 (33.33%) and December 2016 (33.33%) | Valuation Type | Independent |
| Asset Quality | Premium Grade | ||
| Construction/Refurbishment | Completed 2012 | ||
| Property Details | Office Occupancy | ||
| Office | 63,700 sqm | Actual | 97.8% |
| Retail | 400 sqm | Including Signed Leases | 99.7% |
| Car Parking Spaces | 114 | Including Heads of Agreement | 99.7% |
| Typical Floor Plate | 1,450 sqm | ||
| Office Tenant Details | Key Tenants | ||
| Number of Office Tenants | 23 | Area (sqm) | |
| WALE (by income) | 5.7 years | Arrow Energy | 11,970 |
| EY | 9,000 |
Sustainability Lease Expiry Profile
Riverside Centre
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 490 cars and an open plaza surrounded by retail accommodation. The building has recently been refurbished, including new lobby and landscaped plaza, vertical transport upgrade and major mechanical services upgrade.
The Riverside Centre has a 5.0 star NABERS Energy rating (including Green Power) and a 3.5 star NABERS Water rating.
Key Metrics as at 30 June 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 100% GWOF | Fair Value | \$668.0m |
| Acquired (by GWOF) | July 2006 | Capitalisation Rate | 5.50% |
| Asset Quality | Premium Grade | Valuation Type | Internal |
| Construction/Refurbishment | Completed 1986 / Refurbished 2017 | ||
| Property Details | Office Occupancy | ||
| Office | 51,500 sqm | Actual | 81.7% |
| Retail | 4,500 sqm | Including Signed Leases | 86.1% |
| Car Parking Spaces | 497 | Including Heads of Agreement | 92.1% |
| Typical Floor Plate | 1,500 sqm | ||
| Office Tenant Details | Key Tenants | ||
| Number of Office Tenants | 35 | Area (sqm) | |
| WALE (by income) | 4.4 years | Grocon | 9,490 |
| Deloitte | 6,040 |
Sustainability Lease Expiry Profile
2H 2018
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 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$82.3m |
| Acquired (by GPT) | May 1998 | Capitalisation Rate | 6.00% |
| Valuation Type | Internal | ||
| Income (6 months) | \$2.7m |
| GLA | 41,900 sqm |
|---|---|
| Site Area | 79,700 sqm |
| Actual | 83.3% |
| Including Signed Leases | 100.0% |
| 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. The property provides prominent frontage to the M7 and Wallgrove Road.
Key Metrics as at 30 June 2018
General Ownership Interest 100% GPT Acquired (by GPT) August 2012 Current Valuation Fair Value \$33.2m Capitalisation Rate 6.00% Valuation Type Internal Income (6 months) \$1.3m
| GLA | 15,100 sqm |
|---|---|
| Site Area | 30,200 sqm |
| Actual | 100.0% |
| Including Signed Leases | 100.0% |
| Including Heads of Agreement | 100.0% |
| WALE (by income) | 2.0 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 junction.
Key Metrics as at 30 June 2018
General
Ownership Interest 100% GPT
Acquired (by GPT) May 2008
Property Details
| 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 |
| Actual | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Including Signed Leases | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Including Heads of Agreement | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| WALE (by income) | 11.0 years | 16.6 years | 17.0 years | 3.6 years | 11.5 years |
| Current Valuation | |||||
| Fair Value | \$58.3m | \$100.1m | \$149.5m | \$24.2m | \$99.8m |
| Capitalisation Rate | 6.00% | 5.75% | 5.75% | 6.25% | 5.50% |
Valuation Type Internal Independent Independent Internal Independent Income (6 months) \$1.9m \$3.0m \$5.2m \$0.9m \$2.8m
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 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value | \$25.5m |
| Co-Owner | Austrak (50%) | Capitalisation Rate | 7.00% |
| Acquired (by GPT) | October 2008 | Valuation Type | Independent |
| Income (6 months) | \$1.3m | ||
| Property Details | |||
| GLA | 15,300 sqm | ||
| Site Area | 21,100 sqm | ||
| Actual | 100.0% | ||
| Including Signed Leases | 100.0% | ||
| Including Heads of Agreement | 100.0% | ||
| WALE (by income) | 1.5 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 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$34.0m |
| Acquired (by GPT) | March 2006 | Capitalisation Rate | 6.50% |
| Valuation Type | Internal | ||
| Income (6 months) | \$1.1m |
| GLA | 7,400 sqm |
|---|---|
| Site Area | 6,800 sqm |
| Actual | 100.0% |
| Including Signed Leases | 100.0% |
| Including Heads of Agreement | 100.0% |
| WALE (by income) | 8.3 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 the site now features 142 car spaces.
Key Metrics as at 30 June 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$34.9m | |
| Acquired (by GPT) | August 2012 | Capitalisation Rate | 6.00% | |
| Valuation Type | Internal | |||
| Income (6 months) | \$1.2m |
| GLA | 17,000 sqm |
|---|---|
| Site Area | 31,900 sqm |
| Actual | 100.0% |
| Including Signed Leases | 100.0% |
| Including Heads of Agreement | 100.0% |
| WALE (by income) | 7.5 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 2018
General
Ownership Interest 100% GPT Acquired (by GPT) 2013 / 2005 / 2004 / 2010 / 2004
Property Details
| 3 Figtree Drive | 5 Figtree Drive | 7 Figtree Drive | 6 Herb Elliott Avenue | 8 Herb Elliott Avenue | |
|---|---|---|---|---|---|
| GLA | 6,800 sqm | 8,800 sqm | 3,500 sqm | 4,100 sqm | 3,300 sqm |
| Site Area | 12,900 sqm | 12,900 sqm | 9,600 sqm | 8,400 sqm | 9,100 sqm |
| Actual | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Including Signed Leases | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Including Heads of Agreement | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| WALE (by income) | 1.5 years | 5.4 years | 0.1 years | 0.6 years | 1.6 years |
Current Valuation
| Fair Value | \$24.5m | \$28.5m | \$15.5m | \$12.4m | \$12.1m |
|---|---|---|---|---|---|
| Capitalisation Rate | 7.50% | 7.50% | N/a | N/a | N/a |
| Valuation Type | Independent | Independent | Independent | Independent | Independent |
| Income (6 months) | \$1.1m | \$1.1m | \$0.2m | \$0.1m | \$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 6.0 Star NABERS Energy (including Green Power) and 5.5 Star NABERS Water rating.
Key Metrics as at 30 June 2018
General
Ownership Interest 100% GPT
Acquired (by GPT) Completed 2001 / 2007
Property Details
| Quad 1 | Quad 4 | |
|---|---|---|
| NLA | 4,700 sqm | 8,100 sqm |
| Site Area | 9,400 sqm | 8,000 sqm |
| Actual | 100.0% | 100.0% |
| Including Signed Leases | 100.0% | 100.0% |
| Including Heads of Agreement | 100.0% | 100.0% |
| WALE (by income) | 3.6 years | 11.7 years |
Current Valuation
| Quad 1 | Quad 4 | |
|---|---|---|
| Fair Value | \$26.5m | \$54.8m |
| Capitalisation Rate | 6.75% | 6.00% |
| Valuation Type | Independent | Independent |
| Income (6 months) | \$1.0m | \$1.7m |
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 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$24.9m |
| Acquired (by GPT) | July 2006 | Capitalisation Rate | 7.00% |
| Valuation Type | Internal | ||
| Income (6 months) | \$1.0m |
| GLA | 20,500 sqm |
|---|---|
| Site Area | 40,900 sqm |
| Actual | 100.0% |
| Including Signed Leases | 100.0% |
| Including Heads of Agreement | 100.0% |
| WALE (by income) | 1.7 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 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$54.0m |
| Acquired (by GPT) | November 2013 | Capitalisation Rate | 7.00% |
| Valuation Type | Independent | ||
| Income (6 months) | \$1.9m |
| GLA | 33,200 sqm |
|---|---|
| Site Area | 73,900 sqm |
| Actual | 100.0% |
| Including Signed Leases | 100.0% |
| Including Heads of Agreement | 100.0% |
| WALE (by income) | 0.7 years |
18-24 Abbott Road, Seven Hills, NSW GPT
This modern warehouse facility was developed by GPT and completed in April 2017. The asset is well located, being less than one kilometre from the M2/M7 motorway.
Key Metrics as at 30 June 2018
| General | Current Valuation | ||
|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$37.3m |
| Developed (by GPT) | April 2017 | Capitalisation Rate | 5.75% |
| Valuation Type | Independent | ||
| Income (6 months) | \$1.1m |
| Property Details | |
|---|---|
| GLA | 18,100 sqm |
| Site Area | 40,500 sqm |
| Actual | 100.0% |
| Including Signed Leases | 100.0% |
| Including Heads of Agreement | 100.0% |
| WALE (by income) | 6.2 years |
1 Huntingwood Drive, Huntingwood, NSW GPT
The property is located on the corner of Huntingwood Drive and Great Western Highway. Acquired by GPT as a vacant possession site in 2016, the facility has been upgraded, including significant internal refurbishment, to allow for more adaptive warehouse use. An additional 11,000 square metre standalone facility is currently under construction and is due for practical completion in Q3 2018.
Key Metrics as at 30 June 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$61.2m1 | |
| Acquired (by GPT) | November 2016 | Capitalisation Rate | 5.57%1 | |
| Valuation Type | Independent | |||
| Income (6 months) | \$1.2m |
| GLA | 21,000 sqm |
|---|---|
| Site Area | 69,800 sqm |
| Actual | 100.0% |
| Including Signed Leases | 100.0% |
| Including Heads of Agreement | 100.0% |
| WALE (by income) | 9.1 years |
54 Eastern Creek Drive, Eastern Creek, NSW GPT
The property is located 1.2 kilometres from the M7 Interchange and 2.0 kilometres from the M4 Interchange. GPT acquired the 5.1 hectare site in 2016 and completed the development of a 25,4000 square metre distribution centre in October 2017.
Key Metrics as at 30 June 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$48.0m | |
| Developed (by GPT) | December 2017 | Capitalisation Rate | 5.75% | |
| Valuation Type | Independent | |||
| Income (6 months) | \$1.2m |
| GLA | 25,400 sqm |
|---|---|
| Site Area | 51,100 sqm |
| Actual | 100.0% |
| Including Signed Leases | 100.0% |
| Including Heads of Agreement | 100.0% |
| WALE (by income) | 4.6 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 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$83.5m | |
| Acquired (by GPT) | August 1994 | Capitalisation Rate | 6.72% | |
| Valuation Type | Internal | |||
| Income (6 months) | \$3.1m |
| GLA | 90,100 sqm |
|---|---|
| Site Area | 201,800 sqm |
| Actual | 100.0% |
| Including Signed Leases | 100.0% |
| Including Heads of Agreement | 100.0% |
| WALE (by income) | 3.5 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 2018
| General | Current Valuation | ||||
|---|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$78.0m | ||
| Acquired (by GPT) | February 2012 | Capitalisation Rate | 6.50% | ||
| Valuation Type | Independent | ||||
| Income (6 months) | \$3.1m |
| GLA | 27,000 sqm |
|---|---|
| Site Area | 25,500 sqm |
| Actual | 78.2% |
| Including Signed Leases | 78.2% |
| Including Heads of Agreement | 78.2% |
| WALE (by income) | 2.7 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 includes an intermodal rail terminal.
Key Metrics as at 30 June 2018
| General | Current Valuation | |||
|---|---|---|---|---|
| Ownership Interest | 50% GPT | Fair Value | \$170.7m | |
| Co-Owner | Austrak (50%) | Capitalisation Rate | 6.25% | |
| Acquired (by GPT) | October 2003 | Valuation Type | Internal | |
| Income (6 months) | \$5.7m |
| GLA | 210,000 sqm |
|---|---|
| Site Area | 661,000 sqm |
| Actual | 100.0% |
| Including Signed Leases | 100.0% |
| Including Heads of Agreement | 100.0% |
| WALE (by income) | 6.2 years |
59 Forest Way, Sunshine Business Estate, Karawatha, QLD Sunshine, VIC xxxx GPT
Located in the inner suburb of Sunshine, the estate comprises four properties, fully leased to the listed print and communications business, IVE Group. The business estate is positioned within close proximity of other established industrial precincts including Altona North.
Key Metrics as at 30 June 2018
| General | Current Valuation | ||||
|---|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$74.5m | ||
| Acquired (by GPT) | January 2018 | Capitalisation Rate | 6.00% | ||
| Valuation Type | Independent | ||||
| Income (6 months) | \$2.0m |
| GLA | 52,800 sqm |
|---|---|
| Site Area | 88,700 sqm |
| Actual | 100.0% |
| Including Signed Leases | 100.0% |
| Including Heads of Agreement | 100.0% |
| WALE (by income) | 8.5 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 2018
| General | Current Valuation | ||||
|---|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$44.4m | ||
| Acquired (by GPT) | November 2013 | Capitalisation Rate | 7.50% | ||
| Valuation Type | Internal | ||||
| Income (6 months) | \$1.1m |
| GLA | 40,800 sqm |
|---|---|
| Site Area | 81,500 sqm |
| Actual | 55.1% |
| Including Signed Leases | 55.1% |
| Including Heads of Agreement | 55.1% |
| WALE (by income) | 1.7 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 2018
| General | Current Valuation | ||||
|---|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$110.0m | ||
| Acquired (by GPT) | Completed April 2014 | Capitalisation Rate | 6.00% | ||
| Valuation Type | Independent | ||||
| Income (6 months) | \$3.6m |
| GLA | 44,000 sqm |
|---|---|
| Site Area | 134,300 sqm |
| Actual | 100.0% |
| Including Signed Leases | 100.0% |
| Including Heads of Agreement | 100.0% |
| WALE (by income) | 10.7 years |
55 Whitelaw Place, Wacol, QLD GPT
55 Whitelaw Place was the first facility to be constructed at the 60 hectare Metroplex site located in Wacol, QLD. The asset includes 5,600 square metres of warehouse accomodation along with over 12,000 square metres of hardstand, reflecting purpose built specifications for pre-lease tenant, Loscam Australia.
Key Metrics as at 30 June 2018
| General | Current Valuation | ||||
|---|---|---|---|---|---|
| Ownership Interest | 100% GPT | Fair Value | \$15.8m | ||
| Acquired (by GPT) | December 2016 | Capitalisation Rate | 6.00% | ||
| Valuation Type | Independent | ||||
| Income (6 months) | \$0.5m |
| GLA | 5,600 sqm |
|---|---|
| Site Area | 22,900 sqm |
| Actual | 100.0% |
| Including Signed Leases | 100.0% |
| Including Heads of Agreement | 100.0% |
| WALE (by income) | 13.9 years |