The 26 storey B-grade office tower holds a prime location in the heart of the Sydney CBD, appealing mainly to smaller office users attracted to its central location, affordable average net rents and the ~600sqm of easily divided floor plates.

This asset offers 4.5-star NABERS Energy rating across 14,591sqm of office space. The completion of a newly refurbished lobby and end-of-trip facilities is anticipated to be completed by August 2016

Highlights

  • 15,992 SQM
    Total Lettable area
  • $180.0 million
    Book
    Value
  • 2.5 Years
    Weighted Average lease expiry
  • 4.5
    4.0
    Stars
    Energy | water Nabers Rating

Key Features

Building grade B Grade
Ownership 100%
Acquired/built/refurbished 2014/1970/1998 & 2010
Car spaces 108
Lettable area 15,992sqm
Average floor plate 630sqm
Passing face rent $793psqm pa gross
Net property income $9.1m
External valuation/date $180.0m/June 2016
Value/lettable area $11,256psqm
Book value $180.0m
Cap rate 6.00%
Discount rate 7.25%
  • LEASE EXPIRY PROFILE BY INCOME
Vacant
7% OCCUPANCY 93%
FY17
25%
FY18
23%
FY19
24%
FY20
6%
FY21
5%
BEYOND
9%

Major Tenants

Restaurant Normandy 720sqm 5% of NLA

EXPIRY Aug 2025

Hays 630sqm 4% of NLA

EXPIRY Aug 2017

GCKW Services 630sqm 4% of NLA

EXPIRY May 2019