Finlay Crisp Centre, Canberra
The property comprises three adjacent office buildings, with associated basement car parking. Customs House is a 12-level building, while Allara House and Nara Centre are six levels each. The property is located at the southern end of the Canberra CBD, with frontages to Nangari Street, London Circuit, Constitution Avenue and Allara Street.
Tenant leasing and building information is available at finlaycrispcentre.com
Property details
| Location |
Finlay Crisp Centre, Canberra ACT |
| Date acquired |
April 1999 |
| CPA ownership |
100% |
Lease expiry profile by income
* Includes vacancies and holdovers
Property breakdown
|
Area (NLA)(sqm) |
%NLA |
%Income |
| Office |
28,637 |
95 |
87 |
Retail |
- |
- |
- |
Carpark |
315 spaces |
- |
10 |
Other |
1,463 |
5 |
3 |
Total |
30,100 |
100 |
100 |
Typical floor plate |
1,050-1,300 |
|
|
Valuation
|
Customs |
Allara |
Nara |
| Valuation ($M) |
35.5 |
23.5 |
26.5 |
| Valuation date |
September 2012 |
September 2012 |
September 2012 |
| Capitalisation rate (%) |
9.50 |
9.75 |
8.75 |
| Discount rate (%) |
10.00 |
10.00 |
9.75 |
| Terminal yield (%) |
10.00 |
10.25 |
9.25 |
| Discounted cash flow (DCF)(years) |
10 |
10 |
10 |
| Book value($M) |
35.4 |
23.4 |
26.5 |
Income (six months to December)
|
Customs |
Allara |
Nara |
| Net Income to CPA($M) |
1.9 |
1.2 |
1.3 |
Major tenants
|
%NLA |
Expiry date |
Next major review date |
| Australian Customs Service (Customs House) |
43 |
Jul 2016 |
Jul 2014 |
| Australian Customs Service (Allara House) |
31 |
Jul 2016 |
Jul 2014 |
| ACT Government (Nara Centre) |
26 |
Jun 2020 |
Jul 2013 |
Office statistics
|
Customs |
Allara |
Nara |
| Vacancy (%) |
- |
- |
- |
| Average passing rent(occupied office)($/sqm)* |
n/a |
n/a |
n/a |
| Weighted average lease term by income (years) |
3.5 |
3.5 |
7.4 |
| Review type for six months to June 2013 (by area) |
Nil |
Nil |
Nil |
| Outgoings - statutory($/sqm) |
23^ |
23^ |
23^ |
| Outgoings - non-statutory($/sqm) |
82^ |
82^ |
82^ |
| Outgoings - recoverable (%) |
3 |
3 |
3 |
| Gross leases (area) (%) |
100 |
100 |
100 |
| Net leases (area) (%) |
- |
- |
- |
* Represents base rent plus recoveries, including increases over base years.
^ Represents average outgoings for Finlay Crisp Centre.
