1 December 2009 DEXUS Funds Management Limited ABN 24 060 920 783 AFSL: 238163 Level 9, 343 George Street Sydney NSW 2000
PO Box R1822 The Manager Royal Exchange NSW 1225 Australian Securities Exchange Limited 20 Bridge Street Telephone 61 2 9017 1100 Sydney NSW 2000 Direct 61 2 9017 1134 Facsimile 61 2 9017 1110
Email: [email protected] Dear Sir/Madam
DEXUS Property Group (ASX: DXS) Sydney Office Tour 2009
DEXUS Funds Management Limited, as responsible entity for DEXUS Property Group (DXS), provides a copy of the 2009 Sydney Office Tour booklet.
For further information, please contact:
Investor Relations: Daniel Rubinstein (02) 9017 1336 Media Relations: Emma Parry (02) 9017 1133
Yours sincerely
Tanya Cox Company Secretary
2009 DEXUS Property Group SYDNEY OFFICE TOUR 1 DECEMBER Contents Tour agenda 1 DEXUS SYDNEY CBD OFFICE PORTFOLIO 2 Tour properties: GPT/GMT 1 Farrer Place, Sydney 4 1 Bligh Street, Sydney 6 Australia Square, 264-278 George Street, Sydney 8 44 Market Street, Sydney 10 383-395 Kent Street, Sydney 12 309-321 Kent Street, Sydney 14 One Margaret Street, Sydney 16 45 Clarence Street, Sydney 18 30 The Bond, 30-34 Hickson Road, Sydney 20 Victoria Cross, 60 Miller Street, North Sydney 22 The Zenith, 821 Pacific Highway, Chatswood 24 Notes 26
Cover: Governor Phillip Tower, 1 Farrer Place, Sydney NSW
This page: Australia Square, 264-278 George Street, Sydney NSW TOUR AGENDA Time Agenda item Duration
9.45 for 10.00am Meet at Governor Phillip Tower foyer
10.00am Governor Phillip Tower: Property update and then proceed to rooftop 30 mins
10.30am Level 21, Governor Macquarie Tower: Development update on 1 Bligh Street 30 mins
11.00am Walk to Australia Square: Foyer and retail – property update 30 mins
11.30pm Walk to 343 George Street
12.00pm Lunch and DEXUS Presentation 90 mins
1.30pm Depart 343 George Street: Western Corridor and Northern Suburbs tour 15 mins
1.45pm Western Corridor tour: 40 mins 44 Market Street One Margaret Street 383-395 Kent Street Bond One, Hickson Road 309-321 Kent Street 30 The Bond, 30-34 Hickson Road 45 Clarence Street
2.15pm Northern Suburbs tour: 70 mins 60 Miller Street, North Sydney – Tour new extension and retail The Zenith, Chatswood – Tour foyer and proceed to office level
3.25pm Return to 343 George Street
4.00pm Depart city for airport DEXUS SYDNEY CBD OFFICE PORTFOLIO
83 Clarence St 100% owned by STC One Margaret St 100% managed 100% owned 100% managed
309–321 Kent St 50% owned 100% managed
383–395 Kent St 100% owned 100% managed
44 Market St 100% owned 100% managed
201–217 Elizabeth St Australia Square Complex 50% owned Externally managed 50% owned Externally managed
NLA (‘000 m2) Book value Occupancy 5,649 $4,047 m 96.5% 45 Clarence St 30 The Bond 100% owned 100% managed 100% owned 100% managed
Bond One 100% owned by AXA 100% managed
Gateway 100% owned by DWPF 100% managed
1 Bligh St GMT/GPT 33% owned 100% managed 50% owned 100% managed
WALE Tenant retention rate 5.4 years 64% Governor Phillip tower & Governor Macquarie Tower 1 Farrer Place, Sydney
Major Tenants1
Mallesons Stephen Jaques 21.7% State of NSW 16.1% Goldman Sachs JBWere 10.6%
1 By income.
Key statistics at 30 June 2009
Acquisition date Dec 1998 Acquisition price plus additions ($m) 493.8 Book value ($m) 615 Independent valuation date Dec 2008 Independent valuation ($m) 680 Market cap rate (%) 6.57 Initial yield (%) 6.32 Discount rate (%) 8.50 Average passing rent ($/m2) 820 Average market rent ($/m2) 890 Leased by area (%) 97 Weighted lease term by income (years) 5.3
Sustainability GPT GMT Governor Phillip Tower and Governor NABERS energy rating 3.0 3.0 Macquarie Tower, Sydney’s leading NABERS water rating 2.5 3.5 premium grade office buildings. Lease MATURITY (%)
The complex is located in the heart of Sydney’s financial district. The complex consists of Governor Phillip Tower, 24% a 64 level premium office building; Governor Macquarie Tower, 18% a 42 level premium office building; Phillip Street Terraces, 18% 14%
five restored historic terraces; and nine levels of basement 13% parking for 654 cars.
Property details 4% 3% 3% Building type Premium Grade – office 0% 0% Title Freehold + Ownership (%) 50
Co-owner General Property Trust and ear 2010 ear 2011 ear 2012 ear 2013 ear 2014 ear 2015 ear 2016 ear 2017 ear 2018 Y Y Y Y Y Y Y Y Y ear 2019 Australian Prime Property Fund Y Metro area Sydney CBD Zoning City Centre Site area (ha) 0.6 Lettable area (‘000 m2) 87.1 Number of buildings 3 Typical floor area (m2) 1,460 Cap parking spaces 654
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Reposition
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Light Rail ORGE Belmor GE
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Proposed Metro Station 1 Bligh Street Sydney
1 Bligh offers a unique opportunity combining: nn Premium quality workspace: –– 27 levels of premium grade office accommodation –– horizontal and vertical connectivity between floors –– high levels of access to natural light nn World-leading technology and architectural innovation: –– double-skin, column free façade –– full height atrium –– twin offset cores –– unique floor plates designed to maximise workspace nn Large, flexible and highly functional floor plates: –– approximately 42,000 square metres of net lettable area (NLA) –– low-rise: levels 1-15 – approximately 23,000 square metres (typical floor 1,600 square metres) – leased to Clayton Utz –– high-rise: levels 17-28 – approximately 19,000 square metres (typical floor 1,630 square metres) –– raised access flooring nn World class amenity and staff enjoyment: –– reception and special use floors, including a stunning 1 Bligh: a new benchmark for roof terrace sustainable high-rise –– foyer café, childcare centre, shower facilities, bicycle racks –– naturally ventilated workspaces within the atrium 1 Bligh, Sydney – the next generation in high performing nn Environmentally Sustainable Design: sustainable office space. 1 Bligh is a building that combines –– highly energy efficient leading edge design, technology and sustainability in one of the –– designed to achieve a 6 star Green Star rating world’s most enviable locations. As the flagship development in –– designed to achieve a 5 star NABERS Energy rating DEXUS Property Group, DEXUS Wholesale Property Fund (DWPF) and Cbus Property’s respective office portfolios, nn The premier business address in Sydney’s CBD: 1 Bligh is testament to our commitment to deliver the highest –– located in the heart of the financial district quality office space in premium locations. –– boasting street frontages to Bligh, Bent and The building will provide a new level of workplace interaction O’Connell Streets and connectivity in an environment that will inspire tenants –– spectacular Sydney Harbour and city views everyday. Every aspect of the tower from the double-skin façade to the full-height glass atrium is designed to optimise Key statistics at 30 June 2009 sustainability performance. The result is a highly efficient Ownership (%) 33.3 working environment that combines floor-to-floor connectivity Book value ($m) 85.2 with natural light, comfort and space. Estimated total cost ($m) 210 Our vision for 1 Bligh is to develop the next generation of Estimated total cost to completion ($m) 129 high‑rise office space in Australia, located in the heart of Estimated yield on total cost (%) 7.0 Sydney’s CBD. Estimated completion date May 2011
2000 – 2004 2005 – 2007 1 Bligh Five properties at Bligh, Bent and Dec 05 Stage 1 DA lodged timeline O’Connell Streets are acquired by Mar 06 First meeting with Clayton Utz regarding 1 Bligh DEXUS Group companies Sep 06 Design competition, five architects involved Jan 07 Ingenhoven Architects and Architectus appointed Nov 07 Grocon win tender as design and construction contractor
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0 50 100 150 200 R OAD Metres A breakthrough in high-rise design and technology The design of 1 Bligh displays clarity of concept, innovation and design technology. DEXUS Property Group created a comprehensive design brief in 2006 and launched a design
competition with the winning design originating from a highly T successful collaboration between Ingenhoven Architects in BRIDGE STREE
DISTRIBUTOR Germany and Architectus in Sydney; an outcome which
TREET RN combines leading edge European design philosophy with local S E
P knowledge and experience to deliver new levels of efficiency I
EET and innovation to theWEST Sydney CBD.
T PHILL EE
Double-skin façade PITT STR
T Royal Botanic Gardens 1 Bligh will be the first high-rise office tower in the southern E MARGARET STREET hemisphere to feature a double-skin, glass façade, setting ’CONNELL STR CQUARIE STREET O A new technical and creative standards for office development. H STRE M
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Park BLIG An outer glass skin protects computer-controlled sun shades, shielding the double glazed curtain wall from the sun, whilst reflecting natural light into the building. This is one of the most energy efficient features available in high-riseynyard buildings today. W HUNTER STREET
Central atrium STREET YORK ERSKINE GE STREET A naturally ventilated glass atrium, the tallest in Australia, soars
STREE
the full height of the building, providing a consistent flow ofGEOR fresh air and a sense of openness on every floor. A stunning NOTES
T feature of the building, the atrium provides the social hub, MA RTIN PLA with naturally ventilated work areas and glass lifts activating the CE space. Providing dynamic views through the building, the atrium The Domain is an arrival point for all floors, enhancing communication, T connection and community. Superior access to the building REE is achieved with seven passenger lifts per rise, one dedicated T goods lift which servicesKING each STREE floor and two separate carpark
lifts. Four glass elevators in each rise travel through the atrium PHILLIP ST Darling H STREET to enhance the connectivity betweenCLARENCEST the building’s occupants. ET
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achievable north facing floor plate, optimisingMARKET STaccessREET to natural light and views on every floor.
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2008 2009 TLERE
CAS Feb Stage 2 DA approval received from Sydney City Council Jan Clayton Utz signed an Agreement for Lease TREET DRUITT S Mar Site works commence DEXUS and DWPF entered into joint venture with Cbus Property PAR Jul Heads of Agreement entered into with Clayton Utz as May ConcreteK ST RpourEET ceremony signalled start of tower construction anchor tenant Sep Lobby floor slab completed
H ARRIS STREET Nov L1 floor slab completed
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DEXUS property GROUP SYDNEY OFFICEEET TOUR 7
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Reposition
OAD Knockdown and Redevelopment R ET LTIMO U e Park STRE
Light Rail ORGE Belmor GE
TT STREET PI ALBI Train Station ON STREET
Proposed Metro Station Australia Square 264-278 George Street Sydney
Property details
Building type A Grade – office Title Freehold Ownership (%) 50 Co-owner General Property Trust Metro area Sydney CBD Zoning City Centre Site area (ha) 0.6 Lettable area (‘000 m2) 52.7 Number of buildings 2 Typical floor area (m2) 1,020 Cap parking spaces 400
Major Tenants1
Origin Energy 9.3% Ninemsn 7.7% HWL Ebsworth 6.9%
1 By income.
Key statistics at 30 June 2009
Acquisition date Aug 2000 One of Sydney’s most iconic prime office Acquisition price plus additions ($m) 211 Book value ($m) 267 properties, Australia Square is situated in Independent valuation date Dec 2007 the heart of Sydney’s CBD. Independent valuation ($m) 312.5 Market cap rate (%) 7.25 The complex comprises a 48-level circular Tower fronting Initial yield (%) 7.20 onto George Street and the smaller 13-level Plaza building Discount rate (%) 8.75 that fronts Pitt Street. The external Plaza courtyard is a feature Average passing rent ($/m2) 612 of this landmark building. The food court features specialty Average market rent ($/m2) 669 food retailers, Australia Post, hairdressers, a newsagency Leased by area (%) 100 and two ATM’s. Weighted lease term by income (years) 4.7 In 2003, a major refurbishment program was completed in the Complex. In the Tower building, lighting was updated and new Sustainability TOWER PLAZA paving was laid in the forecourts and public areas. In the Plaza NABERS energy rating1 4.0 5.0 building, a major upgrade was completed on building services, NABERS water rating1 3.5 3.5 plus improvements in lighting and creation of a larger lobby 1 With green power. entrance leading in from the public areas. The Sulman Award-winning Australia Square Tower was Lease MATURITY (%) designed by Harry Seidler and was constructed in 1967. The façade of the building has been heritage listed with the internal space having had a $110 million refurbishment 18% program completed in 1996 whereby the floors were 15%
completely stripped back to concrete slab and ceiling 13% 12% 10% 10% and all new services installed. 10% 8% 4% 1%
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OAD Knockdown and Redevelopment R ET LTIMO U e Park STRE
Light Rail ORGE Belmor GE
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Proposed Metro Station 44 Market Street Sydney
Property details
Building type A Grade – office Title Strata Ownership (%) 100 Metro area Sydney CBD Zoning City Centre Site area (ha) 0.3 Lettable area (‘000 m2) 30.2 Number of buildings 1 Typical floor area (m2) 1,000 Cap parking spaces 138
Major Tenants1
Maunsell Australia Pty Ltd 15.3% Commonwealth Bank 12.1% Australian Medical Legal Services 6.7%
1 By income.
Key statistics at 30 June 2009
Acquisition date Aug 1987 Acquisition price plus additions ($m) 181.7 44 Market Street is located on a prominent Book value ($m) 190 Independent valuation date Jun 2008 corner location at the heart of Sydney’s Independent valuation ($m) 225 CBD. The building is at the gateway to the Market cap rate (%) 7.5 0 entertainment precincts King Street Wharf Initial yield (%) 6.74 Discount rate (%) 8.75 and Darling Harbour and is directly adjacent Average passing rent ($/m2) 426 to Sydney’s busiest retail spots – the QVB Average market rent ($/m2) 489 Leased by area (%) 95 and Pitt Street Mall. Weighted lease term by income (years) 3
After undergoing an extensive refurbishment, 44 Market Street Sustainability is one of the Sydney CBD’s most stylish and progressive NABERS energy rating 1.5 business address. NABERS water rating 2.5 nn Abundant natural light on all sides nn Stunning 360 degree city views from upper floors Lease MATURITY (%) nn Internal café and foyer meeting areas nn Landmark western-corridor building on prominent corner 21%
of York, Market and Clarence Street 20% nn Easy vehicular access to the Sydney Harbour Bridge, Eastern Suburbs and Western Distributor 11% 10% 10% nn Conveniently located between Sydney’s major transport hubs 10% of Town Hall and Wynyard Stations 6%
nn Secure basement car parking for 138 cars with loading dock 3% 2% facilities and 24/7 on site security 1%
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DEXUS property GROUP SYDNEY OFFICE TOUR 11 Reposition
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Light Rail ORGE Belmor GE
TT STREET PI ALBI Train Station ON STREET
Proposed Metro Station 383-395 Kent Street Sydney
Major Tenants1
Grant Thornton 28.1% Solution 6 19.1% InterSystems 16.9%
1 By income.
Key statistics at 30 June 2009
Acquisition date Sep 1987 Acquisition price plus additions ($m) 106.3 Book value ($m) 120 Independent valuation date Jun 2008 Independent valuation ($m) 153 Market cap rate (%) 7.5 0 Initial yield (%) 6.44 Discount rate (%) 8.75 Average passing rent ($/m2) 467 Average market rent ($/m2) 509 Leased by area (%) 100 Weighted lease term by income (years) 2.5
Sustainability A 21-level, A-Grade office tower incorporating NABERS energy rating 3.5 NABERS water rating 2.5 a multi-level car park. 383 Kent Street is located along the western corridor of Office Lease MATURITY (%) Sydney and has dual frontage to Kent and
Sussex Streets. 45%
The office tower provides 18,000 square metres of office 35% accommodation over 14 floors. The tower was built in 2002 on top of the existing car park. The lobby includes a unique double height ceiling providing a great natural light environment, incorporating a café and other retail facilities. 14%
OFFICE details 4%
Building type A Grade – office 1% 0% 0% 0% 0% 0% Title Freehold + Ownership (%) 100
Metro area Sydney CBD ear 2010 ear 2011 ear 2012 ear 2013 ear 2014 ear 2015 ear 2016 ear 2017 ear 2018 Y Y Y Y Y Y Y Y Y ear 2019 Zoning City Centre Y Site area (ha) 0.4 Lettable area (‘000 m2) 18.1 Number of buildings 1 Typical floor area (m2) 1,577
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Building type Car park Title Freehold STREE Ownership (%) 100 T KING STREE
Metro Area Sydney CBD PHILLIP Darling H STREET Zoning City Centre CLARENCESTR ET Lettable area (‘000 m2) 3.6 SUSSEX
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1 By income. MARKET STREET Key statistics at 30 June 2009
T Hyde Park Acquisition date Sep 1987 (North) Acquisition price plus additions ($m) Cockle30.7
STREE Book value ($m) Bay 58
Independent valuation date Jun 2008 AGH Independent valuation ($m) 65 Market cap rate (%) 7.75 TLERE
Initial yield (%) 8.65 CAS TREET Discount rate (%) 9.00 DRUITT S Leased by area (%) 100 PAR Weighted lease term by income (years) 10 K STREET
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NUE E V A Buy Premium Grade property TH WOR
H STREET NT E W ET Buy A-Grade property HA Y STREE T ELIZAB Development buy-in DEXUS property GROUP SYDNEY OFFICE TOUR 13
Reposition
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Light Rail ORGE Belmor GE
TT STREET PI ALBI Train Station ON STREET
Proposed Metro Station 309-321 Kent Street Sydney
Property details
Building type A Grade – office Title Freehold Ownership (%) 50 Co-owner AMP Metro area Sydney CBD Zoning City Centre Site area (ha) 0.6 Lettable area (‘000 m2) 47.1 Number of buildings 2 Typical floor area (m2) 1,060 Cap parking spaces 497
Major Tenants1
Sparke Helmore 23% Promina/Asteron 21.1% WHK 9.2%
1 By income.
Key statistics at 30 June 2009
Acquisition date Dec 1998 This prestigious property is located in a Acquisition price plus additions ($m) 171.2 Book value ($m) 177 prime position on Sydney’s western corridor. Independent valuation date Dec 2008 Independent valuation ($m) 199.2 A two-office tower complex comprising 36 levels of office Market cap rate (%) 7. 32 accommodation, with 19 levels in 321 Kent Street and 17 levels Initial yield (%) 6.88 in Lumley House (309 Kent Street), a ground level retail plaza Discount rate (%) 8.82 and five levels of basement parking. Average passing rent ($/m2) 463 309-321 Kent Street is surrounded by the Sydney CBD’s Average market rent ($/m2) 496 principal public transport systems. The Wynyard train and bus Leased by area (%) 97 stations are a few minutes walk from the building’s doorstep to Weighted lease term by income (years) 5.3 the east and the King Street Wharf ferry services only a stone’s throw away to the west. While only another few minutes away to Sustainability the south is Town Hall and its train and bus services. NABERS energy rating 3.5 NABERS water rating 3.5
Lease MATURITY (%) 23% 20% 19% 13% 10% 9% 2% 1% 0% 0%
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14 DEXUS property GROUP SYDNEY OFFICE TOUR Sydney Harbour Bridge
Sydney Harbour
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Sydney target list BOURK OXF ORD
S TREET GOUL DEXUS BURN STREET
NUE E V A Buy Premium Grade property TH WOR
H STREET NT E W ET Buy A-Grade property HA Y STREE T ELIZAB Development buy-in
Reposition
OAD Knockdown and Redevelopment R ET LTIMO U e Park STRE
Light Rail ORGE Belmor GE
TT STREET PI ALBI Train Station ON STREET
Proposed Metro Station One Margaret Street Sydney
Property details
Building type A Grade – office Title Freehold Ownership (%) 100 Metro area Sydney CBD Zoning City Centre Site area (ha) 0.2 Lettable area (‘000 m2) 20.8 Number of buildings 1 Typical floor area (m2) 1,000 Cap parking spaces 103
Major Tenants1
PKF Services 27% Credit Union Services Corporation (Australia) Limited 19.5% Travelex 11.9%
1 By income.
Key statistics at 30 June 2009
Acquisition date Dec 1998 Acquisition price plus additions ($m) 144.9 One Margaret Street is a high quality, A-grade Book value ($m) 170 Independent valuation date Dec 2007 office tower located in the western corridor Independent valuation ($m) 200 of the Sydney CBD with direct access to the Market cap rate (%) 7.25 Wynyard Station underpass. Initial yield (%) 7.20 Discount rate (%) 8.75 Average passing rent ($/m2) 535 This 19-storey building comprises an area of approximately Average market rent ($/m2) 538 19,700 square metres with 18 levels of A-grade office Leased by area (%) 100 accommodation and three levels of basement car parking. Weighted lease term by income (years) 4.6 The foyer and ground floor common areas underwent a significant refurbishment in 2002. Sustainability One Margaret is located in the western corridor in the Sydney CBD and provides easy access to public transport via the NABERS energy rating 3.5 Wynyard underpass and a bus stop located directly adjacent NABERS water rating 2.5 the property. One Margaret provides excellent vehicular access to the Sydney Harbour Bridge, Western Distributor Lease MATURITY (%) and Eastern Suburbs. 33% 24% 18% 13% 9% 2% 0% 0% 0% 0%
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ear 2010 ear 2011 ear 2012 ear 2013 ear 2014 ear 2015 ear 2016 ear 2017 ear 2018 Y Y Y Y Y Y Y Y Y ear 2019 Y
16 DEXUS property GROUP SYDNEY OFFICE TOUR Sydney Harbour Bridge
Sydney Harbour
AY W
HIGH
AD
ELD I F
KSON RO AD C R Barangaroo HI B
WINDMILL STREET
KE
NT STRENT
Observatory
ET Park Circular Qua y
CAHILL EXPR ESSWAY [ HICKSON A LFRE D STREET
0 50 100 150 200 R OAD Metres
EET
PITT STR T BRIDGE STREE
TREET
S
P
I
T PHILL DISTRIBUTOR EE
RN E T Royal Botanic Gardens E MARGARET STREET WEST ’CONNELL STR CQUARIE STREET A CLARENCEST O
H STRE M YORK
KENTSTREET BLIG
GE STREET STREE
GEOR REET
T HUNTER STREET
ynyard Park
W TREET ERSKINE S
MARTIN PLACE The Domain NOTES T
REE
T KING STREE
PHILLIP ST Darling H STREET
ET
Harbour SUSSEX
ELIZAB
ET MALL
STR
RE
T
S EET The Domain
PITT
MARKET STREET
T Hyde Park Cockle (North) Bay STREE
AGH
TLERE
CAS
TREET DRUITT S
PAR K STREET
H ARRIS STREET
BATHURST WIL STREET LIAM STREET
EET
R
KENTSTREE T
S
WA
LEGE
T L TLE STREET DEXUS property GROUP SYDNEY OFFICE TOUR 17 T Hyde Park CO T (South) REE
N ST
CROW L IVERPOOL ST T REET
TREE
S
E
Sydney target list BOURK OXF ORD
S TREET GOUL DEXUS BURN STREET
NUE E V A Buy Premium Grade property TH WOR
H STREET NT E W ET Buy A-Grade property HA Y STREE T ELIZAB Development buy-in
Reposition
OAD Knockdown and Redevelopment R ET LTIMO U e Park STRE
Light Rail ORGE Belmor GE
TT STREET PI ALBI Train Station ON STREET
Proposed Metro Station 45 Clarence Street Sydney
Property details
Building type A Grade – office Title Freehold Ownership (%) 100 Metro area Sydney CBD Zoning City Centre Site area (ha) 0.4 Lettable area (‘000 m2) 32.2 Number of buildings 1 Typical floor area (m2) 1,250 Cap parking spaces 162
Major Tenants1
HBOS Australia Pty Ltd 35.7% Hudson Global Resources 15.6% Citco Fund Services 6.7%
1 By income.
Key statistics at 30 June 2009
Acquisition date Dec 1998 Acquisition price plus additions ($m) 222.1 45 Clarence Street is one of the most Book value ($m) 250 Independent valuation date Jun 2009 prominent buildings in the north west Independent valuation ($m) 250 precinct of Sydney’s central business district. Market cap rate (%) 7.25 Initial yield (%) 6.55 Benefiting from an extensive refurbishment, this 28 storey Discount rate (%) 9.00 landmark tower offers a completely revitalised and technology Average passing rent ($/m2) 482 driven office environment boasting large and efficient floor Average market rent ($/m2) 543 plates averaging 1,200 square metres. Leased by area (%) 98 45 Clarence Street also offers 162 car spaces and first class Weighted lease term by income (years) 3.4 amenities including, five male and female showers, change rooms and locker facilities. Sustainability The building presents a bold entrance statement to impress NABERS energy rating 3.5 all who step into its spacious and interactive lobby. Three NABERS water rating 3.0 distinct yet open spaces – a corporate entry, an airy and informal lounge area and a chic café – combine to create Lease MATURITY (%) a truly inviting ambience. 45 Clarence Street is a landmark building with an address 36% that maximises its position on the western corridor of the Sydney CBD. It is in a prime location close to the corner of
Margaret Street and within minutes walk to the Wynyard Rail 26% and Bus terminal. This address provides excellent vehicular access to the Sydney Harbour Bridge, Western Distributor
and Eastern Suburbs. 13% 12% 8% 4% 0% 0% 0% 0%
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18 DEXUS property GROUP SYDNEY OFFICE TOUR Sydney Harbour Bridge
Sydney Harbour
AY W
HIGH
AD
ELD I F
KSON RO AD C R Barangaroo HI B
WINDMILL STREET
KE
NT STRENT
Observatory
ET Park Circular Qua y
CAHILL EXPR ESSWAY [ HICKSON A LFRE D STREET
0 50 100 150 200 R OAD Metres
EET
PITT STR T BRIDGE STREE
CLARENCEST
TREET
S
P
I
DISTRIBUTOR PHILL T REET EE GE STREET RN
KENTSTREET T Royal Botanic Gardens GEOR E WESTE MARGARET STREET ’CONNELL STR CQUARIE STREET O A
YORK H STRE M
BLIG
STREE
Park
T
ard
y HUNTER STREET
yn
W TREET ERSKINE S
MARTIN PLACE NOTES The Domain
T
REE
T KING STREE
PHILLIP ST Darling H STREET
ET
Harbour SUSSEX
ELIZAB
ET MALL
STR
RE
T
S EET The Domain
PITT
MARKET STREET
T Hyde Park Cockle (North) Bay STREE
AGH
TLERE
CAS
TREET DRUITT S
PAR K STREET
H ARRIS STREET
BATHURST WIL STREET LIAM STREET
EET
R
KENTSTREE T
S
DEXUS property GROUP SYDNEY OFFICE TOUR 19 WA
LEGE
T L TLE STREET T Hyde Park CO T (South) REE
N ST
CROW L IVERPOOL ST T REET
TREE
S
E
Sydney target list BOURK OXF ORD
S TREET GOUL DEXUS BURN STREET
NUE E V A Buy Premium Grade property TH WOR
H STREET NT E W ET Buy A-Grade property HA Y STREE T ELIZAB Development buy-in
Reposition
OAD Knockdown and Redevelopment R ET LTIMO U e Park STRE
Light Rail ORGE Belmor GE
TT STREET PI ALBI Train Station ON STREET
Proposed Metro Station 30 The Bond 30-34 Hickson Road Sydney
The use of chilled beam technology and naturally ventilated/ mixed mode spaces significantly enhances indoor environment quality and reduces greenhouse gas emissions; the design
providing 30% lower CO2 emissions than a typical office building. The building façade features external aluminium solar louvres, floor to ceiling window glazing to Hickson Road and a daylight filled atrium, which harmonises with the office space and bathes the floors in natural light. 30 The Bond is located just minutes walk from Wynyard rail and bus station, in an area steeped in and surrounded by a rich heritage of early Australian commerce, such as the old bond stores, the original gas works, Gas Lane and the wharves – all carving their own historic place in time. The Bond precinct encompasses three heritage buildings, constructed from the 1840s which were preserved through the sympathetic reuse and redesign of the complex with 30 The Bond completed in 2004.
Property details
Building type A Grade – office Title Freehold Ownership (%) 100 30 The Bond stands out as a leading Metro area Sydney CBD Zoning City Centre architectural statement, setting the standard Site area (ha) 0.4 for environmental design in Australia. Lettable area (‘000 m2) 19.8 Number of buildings 1 30 The Bond was the first office building in Australia to achieve Typical floor area (m2) 2,000 a 5 Star Australian Building Greenhouse Rating (now the Cap parking spaces 113 NABERS Energy for office rating) and the first project to be awarded a 5 star Green Star – Office As Built Certified Rating. Major Tenants1 In recognition of its positive impact on the property landscape, Lend Lease Corporation Limited 89.3% 30 The Bond has received more than 30 industry awards for EDS 10.1%
design innovation, heritage adaptation and sustainability, 1 By income. including “Building of the Decade – 2000s” by the Royal Institute of Architects’ Architectural Bulletin (NSW chapter). Key statistics at 30 June 2009 When you first enter 30 The Bond you are struck by its sheer Acquisition date May 2002 scale – a soaring atrium, abundant natural light, suspended Acquisition price plus additions ($m) 118 meeting rooms and breakout spaces that are open to the Book value ($m) 150 outside world. The building incorporates some of the largest Independent valuation date Dec 2008 floor plates in Sydney, with between 2,000 square metres and Independent valuation ($m) 170 2,500 square metres – that give new meaning to workspace Market cap rate (%) 7.25 efficiency and flexibility and maximise workplace integration Initial yield (%) 7.05 and interaction. Discount rate (%) 8.75 Average passing rent ($/m2) 500 Average market rent ($/m2) 540 Leased by area (%) 100 Weighted lease term by income (years) 4.4
20 DEXUS property GROUP SYDNEY OFFICE TOUR Sydney Harbour Bridge
Sydney Harbour
AY W
HIGH
AD
ELD I F
KSON RO AD C R HI B
WINDMILL STREET
Sustainability
Green Star rating 5 NABERS energy rating 5.0 NABERS water rating 3.5 Observatory Park Lease MATURITY (%) Circular Qua y 90%
IBUTOR CAH KE ILL EXPR HICKSON ESSWAY [ STRENT A LFRE D STREET
N DISTR
R
ET 10% OAD 0 50 100 150 200 WESTER 0% Metres 0% 0% 0% 0% 0% 0% 0%
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ear 2010 ear 2011 ear 2012 ear 2013 ear 2014 ear 2015 ear 2016 ear 2017 ear 2018 Y Y Y Y Y Y Y Y Y ear 2019 EET Y
PITT STR T BRIDGE STREE NOTES
TREET
S
P
I
T PHILL EE
T Royal Botanic Gardens E MARGARET STREET ’CONNELL STR CQUARIE STREET O A
H STRE M
KENTSTREET BLIG
HUNTER STREET
ynyard Park T YORK STREE W ERSKINE GE STREET
STREE
GEOR
T MARTIN PLACE The Domain
T
TREE
T KING STREE
PHILLIP S Darling H STREET
CLARENCESTR ET
Harbour SUSSEX
ELIZAB
ET MALL
STR
RE
T
S
EET EET The Domain DEXUS property GROUP SYDNEY OFFICE TOUR 21 PITT
MARKET STREET
T Hyde Park Cockle (North) Bay STREE
AGH
TLERE
CAS
TREET DRUITT S
PAR K STREET
H ARRIS STREET
BATHURST WIL STREET LIAM STREET
EET
R
KENTSTREE T
S
WA
LEGE
T L TLE STREET T Hyde Park CO T (South) REE
N ST
CROW L IVERPOOL ST T REET
TREE
S
E
Sydney target list BOURK OXF ORD
S TREET GOUL DEXUS BURN STREET
NUE E V A Buy Premium Grade property TH WOR
H STREET NT E W ET Buy A-Grade property HA Y STREE T ELIZAB Development buy-in
Reposition
OAD Knockdown and Redevelopment R ET LTIMO U e Park STRE
Light Rail ORGE Belmor GE
TT STREET PI ALBI Train Station ON STREET
Proposed Metro Station Victoria Cross 60 Miller Street North Sydney
Property details
Building type A Grade – office Title Freehold Ownership (%) 100 Metro area North Sydney Zoning Commercial (3a) Site area (ha) 0.4 Lettable area (‘000 m2) 19.2 Number of buildings 1 Typical floor area (m2) 1,150 Cap parking spaces 180
Major Tenants1
Carnival PLC 26.1% EMC Global 16.3% Euro RSCG 12.5%
1 By income.
Key statistics at 30 June 2009
Acquisition date Dec 1998 Acquisition price plus additions ($m) 112 Victoria Cross, is a landmark A-grade Book value ($m) 120 Independent valuation date Dec 2008 property comprising a 12-level office tower, Independent valuation ($m) 124.8 ground floor retail, basement car parking Market cap rate (%) 7.5 0 and a bar. Initial yield (%) 4.66 Discount rate (%) 9.00 Average passing rent ($/m2) 436 This prominent office tower has completed a redevelopment Average market rent ($/m2) 471 on the western portion of the site with an integrated office Leased by area (%) 97 building of approximately 4,500 square metres adjoining Weighted lease term by income (years) 5.4 the existing building.
The additional office development provides floor plates of Sustainability approximately 200 square metres on levels 1-5 and increased the building’s net lettable area to 19,170 square metres. NABERS energy rating 2.5 It also provides ground floor retail including an espresso NABERS water rating 2.5 bar, a revitalised licensed premise and a public open plaza. Lease MATURITY (%) Victoria Cross at 60 Miller Street is in a prominent corner location at the intersection of Miller Street, the Pacific Highway and Mount Street in the heart of the North Sydney CBD. The property is within a short walking distance to North Sydney 26%
Station’s trains and buses and is located directly opposite 22% 21% Greenwood Plaza and the Northpoint building. 11% 10% 8% 0% 0% 0% 0%
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22 DEXUS property GROUP SYDNEY OFFICE TOUR BERRY STREET
Y
WA ET
E
TR
S
H FREE P ACIFIC HIGH MOUNT STREET ENISON D RRINGA
T MOUNT WA WA EE STREET Y
TR
S
WILLIAM R STREET MILLER STREET ER STREET
K
L
THU
WA
AR
BL UE STR EET
NOTES
DEXUS property GROUP SYDNEY OFFICE TOUR 23 The Zenith 821 Pacific Highway Chatswood
Property details
Building type A Grade – office Title Freehold Ownership (%) 50 Co-owner GPT Wholesale Office Fund Metro area Chatswood Zoning 3(c2) – Business Commercial Site area (ha) 0.8 Lettable area (‘000 m2) 44.3 Number of buildings 2 Typical floor area (m2) 1,050 Cap parking spaces 799
Major Tenants1
Ezipark 16.9% Oracle 11.8% Austrac 11.2%
1 By income.
Key statistics at 30 June 2009
Acquisition date Dec 1998 The Zenith provides contemporary corporate Acquisition price plus additions ($m) 110.4 Book value ($m) 110 accommodation in one of Sydney’s most Independent valuation date Jun 2007 recognised office developments. Independent valuation ($m) 130 Market cap rate (%) 8.25 The Zenith provides over 44,000 square metres of high quality Initial yield (%) 6.88 corporate office accommodation in two 21 level towers. All Discount rate (%) 9.25 levels offer efficient, column-free office space, enjoying an Average passing rent ($/m2) 315 abundance of natural light on four sides, providing excellent Average market rent ($/m2) 364 district views. Leased by area (%) 82 To maintain its status as one of Sydney’s pre-eminent Weighted lease term by income (years) 3.7 commercial properties, The Zenith has undergone a significant refurbishment. The forecourt, entry pavilion and lobbies Sustainability provide high quality finishes and amenities and combined with NABERS energy rating Ratings underway extensive landscaping, the property provides a grand entrance. NABERS water rating Ratings underway Chatswood is centrally positioned to the neighbouring commercial centres of North Sydney, St Leonards and Lease MATURITY (%) Sydney CBD and the emerging metropolitan areas of North Ryde, Homebush and Rhodes. Located on the North Shore
line, Chatswood is well serviced by rail and bus. The new 20% Chatswood to Epping Road Link provides greater connectivity. 14%
Easily accessible by road, Chatswood is served by the Pacific 13% 13%
Highway to the north and south and is within easy reach of the 11% M2 Motorway to the northwest and Gore Hill Freeway, providing
access to the Sydney CBD. 4% 4% 3% 3% 0%
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24 DEXUS property GROUP SYDNEY OFFICE TOUR A N
DERSO
N ST ST DAY R E ET
ANDERSON ST
T T REE T ST
STREE E ELP TOSH H
McIN
TRE S
Y REET F ULLERS T REE WA
ST IL E ROA U D HELP A AVEN
RA RI VICTO
P
ACIFIC HIG
UE EN AV HW A ORI VICT AY
UE VEN T A ALBER NOTES
DEXUS property GROUP SYDNEY OFFICE TOUR 25 NOTES
26 DEXUS property GROUP SYDNEY OFFICE TOUR NOTES
About dexus DEXUS is one of Australia’s leading diversified property groups specialising in world-class office, industrial and retail properties with total assets under management of $13.5 billion in Australia, New Zealand, North America and Europe. In Australia, DEXUS is the number 1 owner/manager of office, number 3 in industrial and a leading manager and developer of shopping centres. DEXUS is committed to being a market leader in Corporate Responsibility and Sustainability and has been recognised as one of the Global 100 Most Sustainable Corporations at the World Economic Forum in Davos and recently achieved listing on the DJSI World and Asia Pacific Indexes. www.dexus.coma
DEXUS property GROUP SYDNEY OFFICE TOUR 27 www.dexus.com