180-222 Lonsdale Street, Melbourne
The property is a mixed use site comprising a CBD retail centre, two office buildings, a car park and a crèche. The property is located in the heart of the Melbourne CBD approximately 100 metres to the north-east of the Bourke Street Mall retail precinct.
Property details
| Location |
180-222 Lonsdale Street, Melbourne VIC |
| Date acquired |
November 2010 |
| CPA ownership |
50% |
Lease expiry profile by income
* Includes vacancies and holdovers
Property breakdown
|
Area (NLA)(sqm) |
%NLA |
%Income |
| Office |
59,675 |
55 |
43 |
Retail |
47,438 |
44 |
47 |
Carpark |
1,497 spaces |
- |
9 |
Other |
1,453 |
1 |
1 |
Total |
108,566 |
100 |
100 |
Typical floor plate |
1,800-3,900 |
|
|
Valuation
|
Office |
Retail |
Carpark |
| Valuation ($M) |
138.5 |
110.3 |
34.5 |
| Valuation date |
March 2012 |
March 2012 |
March 2012 |
| Capitalisation rate (%) |
7.32 |
7.25 |
8.25 |
| Discount rate (%) |
9.32 |
9.25 |
10.25 |
| Terminal yield (%) |
7.57 |
7.50 |
8.50 |
| Discounted cash flow (DCF)(years) |
10 |
10 |
10 |
| Book value($M) |
138.6 |
111.7 |
34.6 |
Income (six months to December)
|
Office |
Retail |
| Net Income to CPA($M) |
5.6 |
5.5 |
Major tenants
|
%NLA |
Expiry date |
Next major review date |
| Telstra |
54 |
Jun 2014 and Jul 2021 |
Jul 2013 |
| BHP Billiton |
20 |
Sep 2013 |
Nil |
| National Australia Bank |
12 |
Sep 2013 |
Nil |
| GHD |
10 |
Dec 2014 |
Apr 2013 |
Office statistics
|
Office |
Retail |
| Vacancy (%) |
- |
1.7 |
| Average passing rent(occupied office)($/sqm)* |
497 |
533 |
| Over/(Under) renting (%) |
(6.2) |
- |
| Weighted average lease term by income (years) |
3.1 |
3.9 |
| Review type for six months to June 2013 (by area) |
5,670sqm - 100% Fixed |
7,763sqm - 100% Fixed |
| Outgoings - statutory($/sqm) |
25 |
34 |
| Outgoings - non-statutory($/sqm) |
91 |
138 |
| Outgoings - recoverable (%) |
98 |
7 |
| Gross leases (area) (%) |
- |
91 |
| Net leases (area) (%) |
100 |
9 |
* Represents base rent plus recoveries, including increases over base years.
