56 Pitt Street, Sydney
The property comprises an office building over 26 levels with associated basement car parking and ground floor retail. The property is located in the core precinct of the Sydney CBD with frontages to Pitt, Bridge and Gresham Streets.
Tenant leasing and building information is available at 56pittstreetsydney.com
Property details
| Location |
56 Pitt Street, Sydney NSW |
| Date acquired |
October 2002 |
| CPA ownership |
100% |
Lease expiry profile by income
* Includes vacancies and holdovers
Property breakdown
|
Area (NLA)(sqm) |
%NLA |
%Income |
| Office |
20,192 |
99 |
91 |
Retail |
243 |
1 |
4 |
Carpark |
68 spaces |
- |
4 |
Other |
17 |
- |
1 |
Total |
20,452 |
100 |
100 |
Typical floor plate |
800 |
|
|
Valuation
| Valuation ($M) |
166.0 |
| Valuation date |
December 2012 |
| Capitalisation rate (%) |
7.25 |
| Discount rate (%) |
9.00 |
| Terminal yield (%) |
7.25 |
| Discounted cash flow (DCF)(years) |
10 |
| Book value($M) |
166.0 |
Income (six months to December)
| Net Income to CPA($M) |
4.5 |
Major tenants
|
%NLA |
Expiry date |
Next major review date |
| NEHTA |
10 |
Feb 2013, Sep 2014 and Aug 2015 |
Sep 2013 |
Office statistics
| Vacancy (%) |
8.7 |
| Average passing rent(occupied office)($/sqm)* |
787 |
| Over/(Under) renting (%) |
3.8 |
| Weighted average lease term by income (years) |
2.1 |
| Review type for six months to June 2013 (by area) |
3,428sqm - 100% Fixed |
| Outgoings - statutory($/sqm) |
56 |
| Outgoings - non-statutory($/sqm) |
103 |
| Outgoings - recoverable (%) |
7 |
| Gross leases (area) (%) |
100 |
| Net leases (area) (%) |
- |
* Represents base rent plus recoveries, including increases over base years.
