Australand Property Portfolio June 2006 4 Investment Portfolio
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AUSTRALAND PROPERTY PORTFOLIO JUNE 2006 1. CONTENTS 2. Commercial Residential Commercial 3. 1. NSW NSW & Industrial Vic Vic NSW Industrial Qld Vic NSW WA Qld Vic SA/WA Qld SA/WA Car Park Vic DEVELOPMENT PORTFOLIO INVESTMENT PORTFOLIO 1. LG, Eastern Creek 2. Paramount, Warriewood 3. Altair, Sydney O 2. 1. 1D, Homebush Bay Drive, Rhodes, NSW (Nestlé) Commercial 2. 10 Butu Wargun Drive, Greystanes, NSW (Cadbury Schweppes) NSW 1. Vic Industrial NSW Vic Qld SA/WA Car Park 2 Vic INVESTMENT PORTFOLI Investment Property Portfolio Geographic Diversifi cation SA 2% WA 1% Property Lettable Book Value % of QLD 8% Property Suburb State Type Area m2 ($m) Portfolio 1D Homebush Bay Drive Rhodes NSW Offi ce 17,238 67.9 4.8% 26-30 Lee Street, Gateway Building Sydney NSW Offi ce 12,549 63.5 4.5% NSW 56% 66 Goulburn Street Sydney NSW Offi ce 23,255 57.8 4.1% VIC 33% Tower A, 197-201 Coward Street Mascot NSW Offi ce 12,700 53.7 3.8% 80 Alfred Street Milsons Point NSW Offi ce 12,818 50.2 3.6% 1B Homebush Bay Drive Rhodes NSW Offi ce 12,793 48.6 3.4% Sector Diversifi cation (1) 1C Homebush Bay Drive Rhodes NSW Offi ce 10,827 43.3 3.1% Car Park 1% 20 Lee Street, Henry Deane Building Sydney NSW Offi ce 9,112 41.5 2.9% Tower B, 197-201 Coward Street Mascot NSW Offi ce 10,253 40.6 2.9% Industrial 48% 2 Southbank Boulevard Southbank VIC Offi ce 55,462 144.3 10.2% Offi ce 51% 690 Springvale Road & 350 Wellington Road Mulgrave VIC Offi ce 22,247 73.3 5.2% Building 10, 658 Church Street Richmond VIC Offi ce 8,618 27.5 1.9% Eastern Creek, 80 Hartley Street Smeaton Grange NSW Industrial 62,472 52.7 3.7% 1. 2 Wonderland Drive Eastern Creek NSW Industrial 29,043 47.4 3.4% 10 Butu Wargun Drive Greystanes NSW Industrial 25,705 41.9 3.0% 35 Huntingwood Drive Huntingwood NSW Industrial 25,079 36.4 2.6% 8 Butu Wargun Drive Greystanes NSW Industrial 22,511 31.5 2.2% 6 Butu Wargun Drive Greystanes NSW Industrial 19,218 26.5 1.9% 227 Walters Road Arndell Park NSW Industrial 17,733 26.0 1.8% 23 Wonderland Drive Eastern Creek NSW Industrial 23,081 25.7 1.8% 8 Stanton Road Seven Hills NSW Industrial 10,708 16.8 1.2% 10 Stanton Road Seven Hills NSW Industrial 7,065 11.4 0.8% 57-71 Platinum Street Crestmead QLD Industrial 19,299 20.0 1.4% 51 Stradbroke Street Heathwood QLD Industrial 14,916 17.6 1.2% 286 Queensport Road Murarrie QLD Industrial 21,531 17.0 1.2% 5-7 Trade Street Lytton QLD Industrial 14,479 14.6 1.0% 99 Shettleston Street Rocklea QLD Industrial 15,186 13.0 0.9% (1) For statutory accounting purposes this property is considered to be “owner occupied” and therefore its book value is eliminated on consolidation. Investment Property Portfolio (Continued) % of No. of Property Suburb State Property Lettable Book Value % of Type Area m2 ($m) Portfolio State Value ($m) Portfolio Properties 5 Viola Place Brisbane Airport QLD Industrial 14,726 12.2 0.9% NSW 786.9 56% 19 47-59 Boundary Road Carole Park QLD Industrial 13,260 8.5 0.6% VIC 473.0 33% 20 16 Archimedes Place Murarrie QLD Industrial 4,011 7.3 0.5% QLD 113.3 8% 9 1 Viola Place Brisbane Airport QLD Industrial 3,429 3.2 0.2% SA 31.5 2% 4 12-16 Butler Boulevard Adelaide Airport SA Industrial 16,800 9.6 0.7% WA 8.1 1% 1 Lot 102 Coghlan Road Outer Harbor SA Industrial 6,626 7.9 0.6% Total 1,412.9 100% 53 10 Butler Boulevard Adelaide Airport SA Industrial 8,461 7.3 0.5% 91 Transport Avenue Adelaide Airport SA Industrial 6,494 6.7 0.5% Value % of No. of 2 Douglas Street Port Melbourne VIC Industrial 18,541 20.1 1.4% Property Type ($m) Portfolio Properties 130 Sharps Road Tullamarine VIC Industrial 28,100 18.8 1.3% Offi ce 715.6 51% 12 40 Annandale Road Tullamarine VIC Industrial 22,079 17.0 1.2% Industrial 684.2 48% 40 120 Link Road Tullamarine VIC Industrial 26,517 16.8 1.2% Car Park 13.1 1% 1 35-59 South Park Drive Dandenong South VIC Industrial 21,345 15.6 1.1% Total 1,142.9 100% 53 20 Thackray Road Port Melbourne VIC Industrial 9,027 15.5 1.1% 21-33 South Park Drive Dandenong South VIC Industrial 22,106 13.7 1.0% 60 Annandale Road Tullamarine VIC Industrial 16,276 13.7 1.0% 64 West Park Drive Derrimut VIC Industrial 20,337 13.3 0.9% 23 Scanlon Drive Epping VIC Industrial 12,361 13.2 0.9% 63-71 South Park Drive Dandenong South VIC Industrial 13,963 11.8 0.8% 22-28 Bam Wine Court Dandenong South VIC Industrial 13,420 10.4 0.7% 45-55 South Centre Road Tullamarine VIC Industrial 14,082 9.9 0.7% 34-78 South Park Drive Dandenong South VIC Industrial 10,998 9.6 0.7% 89-103 South Park Drive Dandenong South VIC Industrial 10,425 9.0 0.6% 75 Annandale Road Tullamarine VIC Industrial 10,280 6.5 0.5% 811 Abernethy Road Forrestfi eld WA Industrial 7,021 8.1 0.6% Freshwater Place, Public Car Park Southbank VIC Car Park 267 Spaces 13.1 0.9% Other 3.5 0.2% Total 886,582 1,412.9 100.0% AUSTRALAND PROPERTY PORTFOLIO JUNE 2006 4 INVESTMENT PORTFOLIO Commercial Property Property NSW 1D Homebush Bay Drive, Rhodes, NSW Gateway Building, 26-30 Lee Street, Sydney, NSW Vic Major Tenant(s) Major Tenant(s) Nestle Australia Limited The Commonwealth Government of Australia Industrial Description The New South Wales State Government NSW Six level commercial offi ce building Description Vic Lettable Area 17,238m2 Nine level commercial offi ce building 2 Qld Car Spaces 375 Lettable Area 12,550m SA/WA Land Area 6,263m2 Car Spaces 44 Car Park Rental Income (approx) $5.3 million Land Area 3,246m2 Vic Occupancy 100% Rental Income (approx) $4.9 million Unexpired Lease Term 7.4 years Occupancy 100% Year Completed 2003 Unexpired Lease Term 5.1 years Latest Valuation $67.1 million Year Completed 2002 Valuation Date 31 December 2005 Latest Valuation $63.5 million Valuer Colliers Valuation Date 30 June 2006 Cap Rate 7.81% Valuer Knight Frank Terminal Yield Yr. 10 8.25% Cap Rate 7.30% Internal Rate of Return 8.98% Terminal Yield Yr. 10 8.00% Value per m2 of NLA $3,893/m2 Internal Rate of Return 9.00% Book Value $67.9 million Value per m2 of NLA $5,060/m2 Book Value $63.5 million Commercial NSW (Continued) Property Property Property Property 66 Goulburn Street, Sydney, NSW (50% interest) Tower A, 197-201 Coward Street, Mascot, NSW 80 Alfred Street, Milsons Point, NSW 1B Homebush Bay Drive, Rhodes, NSW Major Tenant(s) Major Tenant(s) Major Tenant(s) Major Tenant(s) Publishing Broadcasting Limited TNT Australia Limited Tower Risk & Investment Limited Nestle Australia Limited The Commonwealth Government of Australia Qantas Airways Limited (Subsidiary of Tower Limited) National Australia Bank Limited Description Description Description Description Twenty four level CBD offi ce building Eight level commercial offi ce building Thirteen level commercial offi ce building Five level commercial offi ce building Lettable Area 23,189m2 Lettable Area 12,700m2 Lettable Area 10,299m2 Lettable Area 12,793m2 Car Spaces 54 Car Spaces 299 Car Spaces 84 Car Spaces 278 Land Area Nil, airspace leasehold Land Area 3,902m2 Land Area 1,309m2 Land Area 4,068m2 Rental Income (approx) $4.1 million Rental Income (approx) $4.0 million Rental Income (approx) $3.8 million Rental Income (approx) $3.9 million Occupancy Occupancy 100% Occupancy 100% Occupancy 100% 69% (Vacancy shortfall covered by rent guarantee) Unexpired Lease Term 7.0 years Unexpired Lease Term 5.9 years Unexpired Lease Term 5.5 years Unexpired Lease Term 9.3 years Year Completed 2003 Year Completed 1971, refurbished Year Completed 2003 (excludes vacancy) 1994/95 Latest Valuation $53.5 million Latest Valuation $47.3 million Year Completed 2004 Latest Valuation $47.5 million Valuation Date 31 December 2005 Valuation Date 31 December 2005 Latest Valuation $54.4 million Valuation Date 1 December 2005 Valuer Colliers Valuer Colliers Valuation Date 26 October 2005 Valuer Colliers Cap Rate 7.50% Cap Rate 8.25% Valuer CB Richard Ellis Cap Rate 7.75% Terminal Yield Yr. 10 8.25% Terminal Yield Yr. 10 8.50% Cap Rate 7.25% Terminal Yield Yr. 10 8.00% Internal Rate of Return 9.00% Internal Rate of Return 9.02% Terminal Yield Yr. 10 7.50% 2 Internal Rate of Return 9.21% 2 Value per m of NLA $4,213/m2 Value per m of NLA $3,697/m2 Internal Rate of Return 9.25% Value per m2 of NLA $4,612/m2 Book Value $53.7 million Book Value $48.6 million 2 Value per m of NLA $4,062/m2 Book Value $50.2 million Book Value $57.8 million (50% interest) AUSTRALAND PROPERTY PORTFOLIO JUNE 2006 6 Commercial NSW (Continued) Property Property Property 1C Homebush Bay Drive, Rhodes, NSW (1) Henry Deane Building, 20 Lee Street, Sydney, NSW Tower B, 197-201 Coward Street, Mascot, NSW Major Tenant(s) Major Tenant(s) Major Tenant(s) Australand Property Group The New South Wales State Government Qantas Airways Limited Description Description Description Six level commercial offi ce building in new offi ce park Eight level CBD offi ce building Eight level commercial offi ce building Lettable Area 10,827m2 Lettable Area 9,112m2 Lettable Area 10,253m2 Car Spaces 230 Car Spaces 31 Car Spaces 245 Land Area 2,782m2 Land Area 2,783m2 Land Area Part 2,812m2 stratum lot Rental Income (approx) $3.3 million Rental Income (approx) $2.8 million Rental Income (approx) $3.1 million Occupancy 100% Occupancy 100% Occupancy 100% Unexpired Lease Term 5.1 years Unexpired Lease Term 5.4 years Unexpired Lease Term 7.1 years Year Completed 2001 Year Completed 2001 Year Completed 2003 Latest Valuation $40.8 million Latest Valuation $41.5 million Latest Valuation $39.0 million Valuation Date 31 December 2005 Valuation Date 30 June 2006 Valuation Date 30 June 2005 Valuer Colliers Valuer Knight Frank Valuer Savills Cap Rate 7.81% Cap Rate 7.60% Cap Rate 7.85% Terminal Yield Yr.