2 Southbank Boulevard, Melbourne
The property comprises an office building over 30 levels situated above an eight-level podium building, with associated car parking and ground floor retail. The property is located within the Southbank precinct of the Melbourne CBD, 500 metres south of Flinders Street railway station, and has frontages to Southbank Boulevard and Freshwater Place.
Tenant leasing and building information is available at 2southbankboulevard.com.au
Property details
| Location |
2 Southbank Boulevard, Melbourne VIC |
| Date acquired |
June 2005 |
| CPA ownership |
50% |
Lease expiry profile by income
* Includes vacancies and holdovers
Property breakdown
|
Area (NLA)(sqm) |
%NLA |
%Income |
| Office |
54,243 |
98 |
87 |
Retail |
692 |
1 |
2 |
Carpark |
553 spaces |
- |
11 |
Other |
278 |
1 |
- |
Total |
55,213 |
100 |
100 |
Typical floor plate |
1,850 |
|
|
Valuation
| Valuation ($M) |
182.3 |
| Valuation date |
March 2012 |
| Capitalisation rate (%) |
7.25 |
| Discount rate (%) |
9.25 |
| Terminal yield (%) |
7.50 |
| Discounted cash flow (DCF)(years) |
10 |
| Book value($M) |
182.5 |
Income (six months to December)
| Net Income to CPA($M) |
6.9 |
Major tenants
|
%NLA |
Expiry date |
Next major review date |
| PricewaterhouseCoopers |
42 |
May 2017 |
Jun 2013 |
| SPI Powernet |
15 |
Sep 2015 |
Oct 2013 |
| HJ Heinz |
9 |
Aug 2015 |
Sep 2013 |
Office statistics
| Vacancy (%) |
- |
| Average passing rent(occupied office)($/sqm)* |
572 |
| Over/(Under) renting (%) |
(2.4) |
| Weighted average lease term by income (years) |
3.8 |
| Review type for six months to June 2013 (by area) |
28,426sqm - 100% Fixed |
| Outgoings - statutory($/sqm) |
30 |
| Outgoings - non-statutory($/sqm) |
107 |
| Outgoings - recoverable (%) |
98 |
| Gross leases (area) (%) |
1 |
| Net leases (area) (%) |
99 |
* Represents base rent plus recoveries, including increases over base years.
