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16 Giffnock Avenue,
Macquarie Park, NSW
16 Giffnock Avenue comprises a modern commercial office with an ancillary warehouse. The property has an NLA of 11,739m2, parking for 266 vehicles, and has recently undergone a facade upgrade.
The property is well located in Macquarie Park 12km north-west of Sydney. It is strategically located adjacent to the Optus Centre in the Macquarie Park precinct.
Location: North-west Sydney, NSW
Acquisition date: July 2000
Ownership/title: 100%/Freehold
Cost including additions: $29.5 million
Independent valuation: June 2009
Valuation/($/m2): $37.0 million ($3,152/m2)
Capitalisation rate: 8.25%
Discount rate: 9.25%
Net lettable area: 11,739m2
Car parking spaces: 266
Major Tenants NLA (m2)
Alstom Power 3,985
Kenwood Electronics 2,277
Eli Lilly Australia 1,967
Chloride Power Electronics 1,556
Lease expiry profile
Vacant 17%
FY09 19%
FY10 17%
FY11 0%
FY12 13%
FY13+ 34%
Mantra Hotel,
161 Grey Street, South Bank, QLD
Mantra is a premium hotel completed in January 2006 offering 161 rooms, being a combination of studio, one and two bed accommodation. The hotel is part of a larger 13 level development which includes 88 residential apartments.
The hotel is located on Grey Street, adjacent to the Brisbane Convention and Exhibition Centre and includes a restaurant, bar, first floor meeting rooms, and access to a pool, spa and gym.
Location: South Bank, QLD
Acquisition date: April 2007
Ownership/title: 100%/Leasehold
(999 year lease term)
Cost including additions: $38.7 million
Independent valuation: June 2009
Valuation: $35.0 million
Valuation per room $297,391
Capitalisation rate: 9.00%
Discount rate: 10.50%
Number of rooms: 161
Accommodation standard: 4.5 Star
Lease Details
Lease Term 15 years
Review Structure 3% annual increases
Market every 3 years
Lease expiry profile
Vacant 0%
FY10 0%
FY11 0%
FY12 0%
FY13 0%
FY14+ 100%
Garden Square,
Mt Gravatt, QLD
Garden Square occupies a high profile location in the regional business district of Upper Mt Gravatt, approximately 11km south of Brisbane’s CBD.
Garden Square is a good quality commercial office park comprising three buildings offering a total of seven levels of office accommodation and on-site parking for 367 vehicles. A DA has been lodged for the development of additional office space on the adjoining car park.
Location: Upper Mount Gravatt, QLD
Acquisition date: February 2007
Ownership/title: 100%/Freehold
Cost including additions: $60.2 million
Independent valuation: June 2009
Valuation/($/m2): $37.0 million ($2,918/m2)
Capitalisation rate: 9.25%
Discount rate: 9.75%
Net lettable area: 12,681m2
Car parking spaces: 367
Major Tenants NLA (m2)
QLD Dept of Public Works 8,370
Lease expiry profile
Vacant 7%
FY10 17%
FY11 31%
FY12 45%
FY13 0%
FY14+ 0%
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