2 and 4 Dawn Fraser Avenue, Sydney Olympic Park
The property comprises two adjoining office buildings, each with seven levels of office accommodation, associated basement car parking and ground floor retail. The property is located opposite Sydney Olympic Park railway station.
Property details
| Location |
2 and 4 Dawn Fraser Avenue, Sydney Olympic Park NSW |
| Date acquired |
July 2006 |
| CPA ownership |
50% |
Lease expiry profile by income
* Includes vacancies and holdovers
Property breakdown
|
Area (NLA)(sqm) |
%NLA |
%Income |
| Office |
32,318 |
94 |
83 |
Retail |
1,838 |
5 |
8 |
Carpark |
593 spaces |
- |
8 |
Other |
370 |
1 |
1 |
Total |
34,526 |
100 |
100 |
Typical floor plate |
1,950 (4 Dawn Fraser), 2,700 (2 Dawn Fraser) |
|
|
Valuation
| Valuation ($M) |
83.7 |
| Valuation date |
December 2012 |
| Capitalisation rate (%) |
8.00 |
| Discount rate (%) |
9.50 |
| Terminal yield (%) |
8.25 |
| Discounted cash flow (DCF)(years) |
10 |
| Book value($M) |
83.8^ |
Income (six months to December)
| Net Income to CPA($M) |
3.2^^ |
Major tenants
|
%NLA |
Expiry date |
Next major review date |
| Commonwealth Bank of Australia (2 Dawn Fraser) |
55 |
Dec 2017 |
Jan 2013 |
| Commonwealth Bank of Australia (4 Dawn Fraser) |
40 |
Aug 2019 |
Sep 2013 |
Office statistics
| Vacancy (%) |
- |
| Average passing rent(occupied office)($/sqm)* |
332 |
| Over/(Under) renting (%) |
(8.3) |
| Weighted average lease term by income (years) |
5.2 |
| Review type for six months to June 2013 (by area) |
34,157sqm - 100% Fixed |
| Outgoings - statutory($/sqm) |
Double net lease |
| Outgoings - non-statutory($/sqm) |
Double net lease |
| Outgoings - recoverable (%) |
100 |
| Gross leases (area) (%) |
- |
| Net leases (area) (%) |
100 |
* Represents base rent plus recoveries, including increases over base years.
^ Representing the value of units in the Homebush Bay Trust.
^^ Representing the distributions from the Homebush Bay Trust.
** 5.0-star Office As Built v2 and 5.0-star Office As Designed v2.
