The Investment Portfolio consists of 7 properties located in Brisbane, Sydney, Canberra and Goulburn.
The following table summarises the key details of the portfolio:
Property
Location
Asset Type
Major Tenant
Initial Lease
Duration
Lease Start Date
Value Base Capitalisation Rate
Director's Valuation
$m(1)
Portfolio %
Thiess Corporate HQ
QLD
A-grade Office
A subsidiary of Leighton Holdings
10 yrs
March 11
8.50%
$62.51
36.8%
Fujitsu Centre
QLD
A-grade Office
Fujitsu
5 yrs
June 10
8.50%
$22.50
13.3%
ATO Hurstville
NSW
A-grade Office
Commonwealth Government
10 yrs
February 05
8.75%
$54.90
32.4%
Goulburn
NSW
B-grade Industrial
Vacant
N/A
N/A
12.00%
$7.00
4.1%
EDI Rail HQ
NSW
A-grade Industrial
EDI Limited
2 yrs
September 10
9.50%
$5.85
3.4%
DOTARS building
ACT
B-grade Office
Department of Infrastructure
7 yrs
August 10
9.50%
$16.89
10.0%
Totals
(Weighted Yield)
8.86%
$169.65
100%
Notes
1) Director's Valuations are supported by independant valuations dated June 2010
The weighted core yield has increased (from 8.54% as at June 2010) to 8.86% as at 31 December 2010 due to the sale of the Melbourne Broadcast Centre
The focus for investment properties is to renew expiring tenant leases.
A new 10 year lease has been agreed with Thiess Group for the Thiess Building.
A new 5 year lease has been entered into with Carabella Resources for 578m2 of space within the Fujitsu Centre.
A new 2 year lease has been entered into with Downer EDI Group in relation to the Granville building
