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Property Valuation and Advisory Services - PVAWA

Sales Analysis – 45 St Georges Terrace, Perth, WA

Property Location

The building is located in the eastern sector of the preferred financial district of the Perth CBD, on the southern alignment of St Georges Terrace, between Barrack Street and Sherwood Court. Accordingly, the building is directly north of Elizabeth Quay, and is in a precinct directly influenced by this development.

Property Description

The property comprises a ten-storey office building with two basement levels, constructed in 1972 as the headquarters of the Reserve Bank of Australia. It was extensively refurbished in 1995, and has had subsequent upgrades to lobbies and infrastructure. The building generally provides good standard B-grade office accommodation. It comprises substantial basement secure storage areas and provides only limited onsite parking in the form of 16 secure bays.

Tenancy and Leasing Information

Spacecubed, a co-working hub, recently signed a 15 year lease for just over 2,000 square metres over two floors. Amcom renewed their lease over 1,100 square metres earlier in 2017. Other major tenants include Citic Pacific Mining and accountancy firm Crowe Horwath.

Sale & Tenancy details

Sale Price	$53,569,416
Sale Date	December 2017
Purchaser	One CCW Pty Ltd
Vendor	Credit Suisse

Vacancy (by area)	18.7%
WALE (by area)	5.0 years
WALE (by income)	5.6 years

Net Lettable Area (NLA)	9905 m²
NABERS Rating	4.5 star

Gross Passing Income	$5,620,480 p.a.
Gross Market Income	$6,556,906 p.a.
Adopted Outgoings	$1,625,017 p.a.
Net Passing Income	$3,995,463 p.a.
Net Market Income	$4,931,889 p.a.

Analysis

Passing Yield	7.46%
Passing Yield (fully leased)	9.30%
Market Yield	8.46%
IRR	8.66%
Terminal Yield	8.50%
NLA Rate	$5,408/m²

Gross Passing Income	$567/m²
Gross Market Income	$662/m²
Adopted Outgoings	$164/m²
Net Passing Income	$403/m²
Net Market Income	$498/m²

For further details please contact:

Gavin Chapman - Managing Director
gavin.chapman@pvawa.com.au
(08) 6500 3600

Property Valuation & Advisory (WA)

Unit 2, 168 Stirling Highway, Nedlands WA 6009

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This analysis relies upon third party sources of information.While the resources are considered reliable, their accuracy cannot be guaranteed. We therefore accept no liability for any reliance on our analysis.

Sales Analysis -7 Ashby Close, Forrestfield, WA

Property Location

7 Ashby Close is situated on the corner of Ashby Close and Berkshire Road in the industrial suburb of Forrestfield, approximately 13 kilometres east of the Perth CBD. The property is in close proximity to Perth's ring road network via Roe and Tonkin Highways and is adjacent to the new Berkshire Road/Roe Highway overpass, part of the $1 billion Gateway WA Perth Airport and Freight Access Project.

Property Description

The site of 3.21 hectares is improved with a modern A-grade office and warehouse/workshop building with canopies and a hardstand. The property has a total GLA of 11,416 square metres including canopies. The warehouse/workshop component is 8,745 square metres, office 671 square metres and canopies 2,000 square metres. In addition there is a washbay of 150 square metres and concrete and bitumen hardstand of approximately 11,000 square metres.

Tenancy and Leasing Information

The property is leased to ASCO Transport & Logistics, part of the ASCO Group, who provide support to the oil and gas industry . The current lease commenced at the end of April 2016 for a term of 8 years. Rent reviews are annual to CPI. The passing net rent at the date of sale was $1,408,991.

Sale & Tenancy details

Sale Price	$20,500,000
Sale Date	April 2018
Purchaser	Lester Group
Vendor	Perdaman Industrial Properties

Vacancy (by area)	0.0%
WALE (by area)	6.07 years
WALE (by income)	6.07 years

Gross Lettable Area (GLA)	11,416 m²

Gross Passing Income	$1,637,311 p.a.
Gross Market Income	$1,528,320 p.a.
Adopted Outgoings	$228,320 p.a.
Net Passing Income	$1,408,991 p.a.
Net Market Income	$1,300,000 p.a.

Analysis

Passing Yield	6.87%
Passing Yield (fully leased)	6.87%
Market Yield	6.66%
IRR	7.05%
Terminal Yield	6.67%

GLA Rate	$1,796/m²

Gross Passing Income	$143/m²
Gross Market Income	$134/m²
Adopted Outgoings	$20/m²
Net Passing Income	$123/m²
Net Market Income	$114/m²

For further details please contact:

Gavin Chapman - Managing Director
gavin.chapman@pvawa.com.au
(08) 6500 3600

Property Valuation & Advisory (WA)

Unit 2, 168 Stirling Highway, Nedlands WA 6009

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Sales Analysis -13 Modal Crescent, Canning Vale, WA

Property Location

13 Modal Crescent is located within the core industrial estate of Canning Vale, approximately 16 kilometres south east of the Perth CBD. The estate was originally underpinned by the development of the Swan Brewery, but has since attracted significant development by local, national and international companies. The estate has become a destination for distribution centres and contains a component of showroom and light industrial uses.

Property Description

The site of 1,8771 hectares is improved with an office and warehouse building, constructed in 2008. The property has a total GLA of 7,773 square metres; office and amenities of 392 square metres, a warehouse of 5,085 square metres and a canopy of 2,296 square metres. It is of modern and generic design, is fully sprinklered, but is constructed with a laminated timber portal frame, similar to systems used in North America and New Zealand, rather than the usual steel frame used in the Western Australian market. Research shows superior fire resistant qualities for this product compared to steel.

Tenancy and Leasing Information

The property is leased by Timberlink Australia Pty Ltd. The lease commenced on 1 August 2010 for a term of 10 years with an option of a further 5 years. Commencing rental was $760,000 with rental reviews fixed at 4% annually with greater of market or 4% in 2015 and 2021.

Sale & Tenancy details

Sale Price	$10,100,000
Sale Date	November 2017
Purchaser	Sentinel Property Group
Vendor	Warrington Property

Vacancy (by area)	0.0%
WALE (by income)	2.66 years

Gross Lettable Area (GLA)	7,773 m²

Gross Passing Income	$1,270,905 p.a.
Gross Market Income	$970,797 p.a.
Adopted Outgoings	$270,797 p.a.
Net Passing Income	$1,000,108 p.a.
Net Market Income	$700,000 p.a.

Analysis

Passing Yield	9.90%
Passing Yield (fully leased)	9.90%
Market Yield	7.26%
IRR	7.77%
Terminal Yield	7.25%
GLA Rate	$1,299/m²

Gross Passing Income	$164/m²
Gross Market Income	$125/m²
Adopted Outgoings	$35/m²
Net Passing Income	$129/m²
Net Market Income	$90/m²

For further details please contact:

Gavin Chapman - Managing Director
gavin.chapman@pvawa.com.au
(08) 6500 3600

Property Valuation & Advisory (WA)

Unit 2, 168 Stirling Highway, Nedlands WA 6009

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Sales Analysis -92 Robinson Avenue, Belmont, WA

Property Location

92 Robinson Avenue is located in Belmont in an established near-city industrial and commercial area, approximately six kilometres east of the Perth CBD. The property is situated at the southern corner of the intesection of Robinson Avenue and Esther Street, east of Belmont Avenue.

Property Description

The site of 1.5215 hectares is improved with an office and warehouse building, constructed in 1990 and refurbished in 2013. The property has a total GLA of 8,595 square metres; office and amenities of 829 square metres, a warehouse of 5,651 square metres, a production area of 644 square metres and canopies of 1,471 square metres. It is of modern and market relevant presentation.

Tenancy and Leasing Information

The property is leased by Toll Transport Pty Ltd. The lease commenced on 1 April 2013 for a term of 8 years and 3 months with an option of a further 5 years. Commencing rental was $1,191,738 with rental reviews fixed at 3.5% annually, and market on 1 July 2019 with ratchet.

Sale & Tenancy details

Sale Price	$11,200,000
Sale Date	August 2017
Purchaser	Centuria
Vendor	Warrington Property

Vacancy (by area)	0.0%
WALE (by income)	3.91 years

Net Lettable Area (NLA)	8,595 m²

Gross Passing Income	$1,516,710 p.a.
Gross Market Income	$1,048,636 p.a.
Adopted Outgoings	$283,261 p.a.
Net Passing Income	$1,233,449 p.a.
Net Market Income	$765,375 p.a.

Analysis

Passing Yield	11.01%
Passing Yield (fully leased)	11.01%
Market Yield	7.33%
IRR	7.56%
Terminal Yield	8.00%
NLA Rate	$1,303/m²

Gross Passing Income	$176/m²
Gross Market Income	$122/m²
Adopted Outgoings	$33/m²
Net Passing Income	$144/m²
Net Market Income	$89/m²

For further details please contact:

Gavin Chapman - Managing Director
gavin.chapman@pvawa.com.au
(08) 6500 3600

Property Valuation & Advisory (WA)

Unit 2, 168 Stirling Highway, Nedlands WA 6009

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Sales Analysis -5 Clayton Street, Midland, WA

Property Location

The property is situated near the corner of Clayton and Lloyd Streets in Midland, approximately 16 kilometres east of Perth with exposure to around 23,000 vehicles per day. The surrounding area is undergoing significant infrastructure development including the St John of God hospital and Curtin University campus plus numerous housing projects. The area is a major large format retail precinct, incorporating approximamtely 40,000 square metres of large format retail development within 400 metres, including Harvey Norman, Good Guys, Freedom Furniture & JB Hi-Fi.

Property Description

The property is a modern large format retail complex, built in 2011, comprising six main tenancies and one site lease.

Tenancy and Leasing Information

The tenants are Super A Mart, The Outdoor Furniture Specialists, Ray's Outdoors, PETstock WA, Cremoso Coffee and Barbeques Galore, plus a recent letting to the Minister for Works for 12 years.

Sale & Tenancy details

Sale Price	$30,750,000
Sale Date	April 2017
Purchaser	TBA
Vendor	Primewest

Vacancy (by area)	0.0%
WALE (by income)	4.54 years

Net Lettable Area (NLA)	9,772 m²

Gross Passing Income	$2,751,217 p.a.
Gross Market Income	$2,751,217 p.a.
Adopted Outgoings	$490,451 p.a.
Net Passing Income	$2,260,766 p.a.
Net Market Income	$2,260,766 p.a.

Analysis

Passing Yield	7.35%
Passing Yield (fully leased)	7.35%
Market Yield	7.40%
IRR	8.39%
Terminal Yield	7.75%
NLA Rate	$3,147/m²

Gross Passing Income	$282/m²
Gross Market Income	$282/m²
Adopted Outgoings	$50/m²
Net Passing Income	$231/m²
Net Market Income	$231/m²

For further details please contact:

Gavin Chapman - Managing Director
gavin.chapman@pvawa.com.au
(08) 6500 3600

Property Valuation & Advisory (WA)

Unit 2, 168 Stirling Highway, Nedlands WA 6009

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Sales Analysis – 15 Sundew Rise, Joondalup, WA

Property Location

The subject property is located in an established large format retail precinct known as "The Quadrangle" in the Edgewater/Joondalup area some 25 kilometres north of Perth and approximately 500 metres south of Hodges Drive. This area is the 4th largest large format retail precinct in Australia.

Property Description

Surrounding developments include Bunnings Warehouse, Good Guys, Snooze and a variety of other major brands. The property comprises a freestanding, modern large format retail outlet, built in 2015, which occupies a prime corner site.

Tenancy and Leasing Information

The property is leased to the JB Hi-Fi Group for 12 years from 2015, with two further five year options.

Comments

Our analysis of this transaction is based upon the tenancy position at the date of sale and not on the tenancy position at the date of listing for sale.

Sale & Tenancy details

Sale Price	$7,500,000
Sale Date	July 2017
Purchaser	TBA
Vendor	The Stephens Group Pty Ltd

Vacancy (by area)	0.0%
WALE (by income)	10.37 years

Net Lettable Area (NLA)	1,793 m²

Gross Passing Income	$528,623 p.a.
Gross Market Income	$499,063 p.a.
Adopted Outgoings	$95,683 p.a.
Net Passing Income	$432,940 p.a.
Net Market Income	$403,380 p.a.

Analysis

Passing Yield	5.77%
Passing Yield (fully leased)	5.77%
Market Yield	5.79%
IRR	7.00%
Terminal Yield	6.00%
NLA Rate	$4,183/m²

Gross Passing Income	$295/m²
Gross Market Income	$278/m²
Adopted Outgoings	$53/m²
Net Passing Income	$241/m²
Net Market Income	$225/m²

For further details please contact:

Gavin Chapman - Managing Director
gavin.chapman@pvawa.com.au
(08) 6500 3600

Property Valuation & Advisory (WA)

Unit 2, 168 Stirling Highway, Nedlands WA 6009

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Sales Analysis – 144 Stirling Street, Perth

Property Location

The Hatch Building is located on the intersection of Stirling and Newcastle Streets on the northern fringe of the Perth CBD. The property is adjacent to the Graham Farmer Freeway, has views to the city centre and is within walking distance of the main railway station.

Property Description

The building is a 4 story modern A-grade office building which was extensively refurbished in 2001, with further refurbishments in 2011. The ground floor consists of a foyer, cafe, gym and end-of-trip facilities as well as office accommodation. The three upper floors consist of office accommodation. There is also an adjoining two level warehouse of approximately 1,563 square meters. The property has a total net lettable area of 11,042 square meters.

Tenancy and Leasing Information

The Minister for Works occupy just over 75% of the building (including direct and sub-lease areas from Hatch). The majority of the remainder of the building is leased to engineering services company, Hatch. The building is 98.5% metres.

Comments

Our analysis of this transaction is based upon the tenancy position at the date of sale and not on the tenancy position at the date of listing for sale.

Sale & Tenancy details

Sale Price	$54,940,000
Sale Date	July 2017
Purchaser	Centuria
Vendor	Charter Hall

Vacancy (by area)	1.5%
WALE (by area)	3.7 years
WALE (by income)	3.9 years

Net Lettable Area (NLA)	11,042 m²
NABERS Rating	4.5 star

Gross Passing Income	$6,262,691 p.a.
Gross Market Income	$6,203,408 p.a.
Adopted Outgoings	$1,134,878 p.a.
Net Passing Income	$5,127,813 p.a.
Net Market Income	$5,068,530 p.a.

Analysis

Passing Yield	9.33%
Passing Yield (fully leased)	9.49%
Market Yield	8.37%
IRR	9.12%
Terminal Yield	8.50%
NLA Rate	$4,976/m²

Gross Passing Income	$567/m²
Gross Market Income	$562/m²
Adopted Outgoings	$103/m²
Net Passing Income	$464/m²
Net Market Income	$459/m²

For further details please contact:

Gavin Chapman - Managing Director
gavin.chapman@pvawa.com.au
(08) 6500 3600

Property Valuation & Advisory (WA)

Unit 2, 168 Stirling Highway, Nedlands WA 6009

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Sale Analysis – Workzone East1 Nash Street, Perth, WA

Property Location

The property is located in the north eastern city fringe, within a gentrifying precinct of the Perth-Armadale rail line and east of Beaufort Street. The area contains a number of older style commercial and industrial premises as well as recently developed commercial and mixed use developments.

Property Description

Workzone East was completed in 2013 and is a modern, market relevant 7 storey office building offering A grade accommodation. It has been designed incorporating many state of the art energy saving and technological features, and is designed to meet a 5 star NABERS rating. Floor plates are large, typically 1,950 square metres, and feature as a side located core to maximise floor plate efficiency. Significant glazing is a feature of all elevations for penetration of natural light. Extensive end of trip facilities are included.

Tenancy and Leasing Information

At the date of sale, the building was 100% leased to 4 tenants offering substantial covenants being BP, Leighton, Telstra and JDSI Consulting Engineers.

Comments

Our analysis of this transaction is based upon the tenancy position at the date of sale and not on the tenancy position at the date of listing for sale.

Sale & Tenancy details

Sale Price	$68,250,000
Sale Date	December 2016
Purchaser	Corval
Vendor	Charter Hall

Vacancy (by area)	0.0%
WALE (by area)	9.30 years
WALE (by income)	9.05 years

Net Lettable Area (NLA)	12,361 m²
NABERS Rating	5 star

Gross Passing Income	$7,160,922 p.a.
Gross Market Income	$6,193,496 p.a.
Adopted Outgoings	$1,558,121 p.a.
Net Passing Income	$5,602,801 p.a.
Net Market Income	$4,635,375 p.a.

Analysis

Passing Yield	8.21%
Passing Yield (fully leased)	8.21%
Market Yield	7.43%
IRR	8.30%
Terminal Yield	7.75%
NLA Rate	$5,521/m²

Gross Passing Income	$579/m²
Gross Market Income	$501/m²
Adopted Outgoings	$126/m²
Net Passing Income	$453/m²
Net Market Income	$375/m²

For further details please contact:

Gavin Chapman - Managing Director
gavin.chapman@pvawa.com.au
(08) 6500 3600

Property Valuation & Advisory (WA)

Unit 2, 168 Stirling Highway, Nedlands WA 6009

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Sales Analysis – 45 St Georges Terrace, Perth, WA

Sales Analysis -7 Ashby Close, Forrestfield, WA

Sales Analysis -13 Modal Crescent, Canning Vale, WA

Sales Analysis -92 Robinson Avenue, Belmont, WA

Sales Analysis -5 Clayton Street, Midland, WA

Sales Analysis – 15 Sundew Rise, Joondalup, WA

Sales Analysis – 144 Stirling Street, Perth

Sale Analysis – Workzone East1 Nash Street, Perth, WA

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