The Galeries 500 George Street, Sydney NSW 2000 Thegaleries.Com
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The Galeries 500 George Street, Sydney NSW 2000 thegaleries.com The Galeries is a four level City Centre located in the heart of Sydney's CBD. The Galeries is a lifestyle and cultural destination for fashion, art and dining and features Books Kinokuniya, Incu, JB Hi-Fi, MUJI, The Grounds of the City, Vans, Arthouse Hotel and more than 60 specialty stores. Property overview Tenant mix by gross lettable area (GLA) State NSW Centre type City Centre Mini majors 39% Ownership interest (%) Vicinity Centres – 50 Specialties 37% Co-owner (%) GIC – 50 Other retail 24% Date acquired 2018 Centre first opened 2000 Latest redevelopment n.a. Valuation External/Internal External Valuation ($m)1 305.0 Valuation date Dec-20 Capitalisation rate (%) 5.00 Discount rate (%) 6.50 Property metrics Specialty store lease expiry profile by income Gross lettable area (GLA) (sqm) 15,004 FY213 7% Number of tenants 72 FY22 21% Total Trade Area (000's) 2,364 FY23 17% Major tenants2 – FY24 11% Car spaces – Occupancy rate by GLA (%) 98.5 FY25+ 44% Weighted average lease expiry by GLA (years) 2.7 Green Star – Performance 2 Stars NABERS Energy rating n.a. NABERS Water rating n.a. Note: Some asset metrics have not been reported this period due to COVID-19 impacts. 1 Expressed on 100% basis. 2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas. 3 Includes holdovers. Vicinity Centres December 2020 LOWER GROUND GROUND THE GEORGE STREET ARTHOUSE HOTEL JB HI-FI PARK STREET PARK STREET TO QVB AND TOWN HALL STATION LEVEL ONE LEVEL TWO LOTUS THE ARTHOUSE HOTEL PITT STREET PITT FITNESS GEORGE STREET GEORGE FITNESS FIRST MUJI FIRST BOOKS KINOKUNIYA PARK STREET PARK STREET MINI MAJORS SPECIALTIES ENTRANCES Floor plan as at 31 December 2020..