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Piccadilly Complex,
133-145 Castlereagh Street, Sydney, NSW
Piccadilly Centre comprises the Tower, an A grade 32 storey office
building, and Piccadilly Court, a 14 storey B grade office building,
with a retail mall over three levels constructed between the two
office buildings. Basement parking is provided for 228 vehicles.
The Stockland Head Office is located within the building,
occupying nine floors, including the recently refurbished Level 2
which includes Stockland’s child care facility. The space achieved
the first 6-star green star rating for a tenant fitout.
Location: Sydney CBD, NSW
Acquisition date: October 2000
Ownership/title: 100%/Leasehold (Expiring 2091)
Cost including additions: $216.4 million*
Independent valuation: June 2009
Valuation/($/m2): $285.8 million ($7,244/m2*)
Capitalisation rate: 7.25% - 8.00%
Discount rate: 9.00% - 9.50%
Net lettable area: 39,451m2
Car parking spaces: 228
Major Tenants NLA (m2)
Stockland 10,434
GHD 4,357
Commonwealth of Aust (HREOC) 4,124
Uniting Church 3,757
Lease expiry profile
Vacant 3%
FY10 2%
FY11 28%
FY12 6%
FY13 1%
FY14+ 60%
* Excludes retail.
Waterfront Place,
Eagle Street, Brisbane, QLD
Waterfront Place is a 36 level premium grade office building.
Located on Eagle Street and fronting the Brisbane River,
Waterfront Place is Brisbane’s prime commercial location
providing panoramic river and Brisbane vistas from all
commercial levels.
The building’s foyer presents a grand entrance with extensive
marble, granite and stainless steel. The building provides floor
plates averaging 1,800m2.
Location: Brisbane CBD, QLD
Acquisition date: February 2004
Ownership/title: 50%/Freehold/Leasehold
Cost Including additions: $156.8 million
Independent valuation: June 2009
Valuation/($/m2): $235.7 million ($7,997/m2*)
Capitalisation rate: 7.25%
Discount rate: 9.00%
Net lettable area: 58,948m2
Car parking spaces: 498
Major Tenants N LA (m2*)
Minter Ellison 7,860
Ernst & Young 6,187
DLA Phillips Fox 4,147
Corrs Chambers Westgarth 3,733
Lease expiry profile
Vacant 0%
FY10 6%
FY11 18%
FY12 12%
FY13 6%
FY14+ 58%
* 100% interest.
Colonial Centre,
52 Martin Place, Sydney, NSW
Colonial Centre is a landmark building which was completed
in 1985 and comprises 33 office floors including Channel 7’s
news studio, a two level banking chamber with a ten storey
atrium and a retail arcade linked at basement level to
Martin Place railway station.
The property is located within the financial core of the Sydney
CBD and the high-rise floors have views across the Domain
and Botanic Gardens to Sydney Harbour.
The property is a leasehold title, with 33% of the area leased
to the State Government of NSW for the full term of the ground
lease until March 2110.
Location: Sydney CBD, NSW
Acquisition date: June 2003
Ownership/title: 50%/Leasehold (Expiring 2110)
Cost including additions: $176.2 million
Independent valuation: June 2009
Valuation/($/m2): $175.0 million ($8,958/m2*)
Capitalisation rate: 7.00%
Discount rate: 8.63%
Net lettable area: Office 36,920m2/Retail 2,153m2
Car parking spaces: 127
Major Tenants N LA (m2*)
Colonial First State/CBA 17,289
State Government of NSW 12,870
Lease expiry profile
Vacant 0%
FY10 1%
FY11 0%
FY12 20%
FY13 39%
FY14+ 40%
* 100% interest.
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