30 alfred street milsons point, nsw...2013/12/30 · ground floor retail/commercial space and...

An asset of Centuria Property Funds

Centuria Property Funds

Information Memorandum

•Iconicresidentialdevelopmentsite

•DevelopmentApprovalforresidentialapartments

•OutstandinglocationoverlookingtheSydneyHarbourBridge

•3streetfrontages

•Magnificentviews

•3,706sqm(approx.)officebuilding

30 Alfred Street Milsons Point, NSW

30 Alfred Street

1 Information Memorandum for 30 Alfred Street, Milsons Point2

Centuria Property Funds 2

Contents1: Introduction 32: Executive Summary 53: Key Investment/Development Highlights 64: Location 85: Development 106: Asset Overview 207: Market Commentary 228: Financial Information 239: Conclusion 2710: Sales Process 28

Section Page

Introduction

IIICenturia Property Funds

Extremely well located directly opposite Bradfield Park on Sydney Harbour’s northern foreshore, 30 Alfred Street comprises a prominently positioned commercial office building with significant residential redevelopment upside.

Approval has been obtained allowing the construction of a mixed use development on the site comprising a minimum of 50 residential units, ground floor retail/commercial space and basement parking for 48 vehicles.

3

30 Alfred Street is being offered for Sale by Expressions of Interest closing Thursday 20 June 2013 at 4pm AEST

1 Information Memorandum for 30 Alfred Street, Milsons Point

Introduction

On behalf of Centuria Property Funds, Savills Australia and Chesterton International are pleased to offer for sale a unique harbour side property, 30 Alfred Street, Milsons Point.

4

30AlfredStreetprovidesanoutstandingopportunitytoacquireacommercialofficebuildingprovidinganexistingcashflowwithanapprovalforresidentialredevelopment.

ThepropertycommandsaprimecornerlocationwithintheprestigiouslowernorthshoresuburbofMilsonsPoint.Justmetresfromthewaterfront,30AlfredStreetissituateddirectlyoppositeBradfieldParkandtheSydneyHarbourBridge,providingspectacularviews.Thebuildingalsobenefitsfromexcellentlocalamenityandeasyaccesstoallformsofpublictransport,includingrail,busandferry.

Approximately90%occupied,thecurrentleasingprofileofthebuildingallowsthesuccessfulpurchaseraccesstothesiteforredevelopmentintheshorttomediumterm.Withanestimatedpassingnetincomeof$1,549,206p.a.asat 31May2013underpinnedbyfixedannualrentalincreasesofpredominantly4%,30AlfredStreetisasolidofficeassetofferingtheopportunitytocapitaliseonanundersupplyinSydney’sresidentialapartmentmarket.

ThepropertyisbeingofferedforSalebyExpressionsofInterestclosingThursday,20June2013at4pmAEST.

Section 1

EasternelevationfromBradfieldPark


Executive Summary

Property 30 Alfred Street, Milsons Point NSW 2061

Location ThepropertyisstrategicallylocatedwithintheheartoftheexclusivelowernorthshoresuburbofMilsonsPointonthecornerofAlfredStreetandDindStreet.OfferingimpressiveviewsofBradfieldPark,theHarbourBridge,CBDandLavenderBay.NearbyKirribillioffersanabundanceofrestaurants,cafesandtransportfacilitiesmakingthisahighlydesirableresidentiallocation.

Development Potential Approvalhasbeenobtainedallowingtheconstructionofamixedusedevelopmentcomprisingaminimumof50residentialunits,groundfloorretail/commercialspaceandbasementparkingfor48vehicles.AS96applicationwillyieldapproximately81residentialunitspluslimitedlowergroundretail(referSecton5).

Building Description Asevenlevelcommercialofficebuildingcomprisingasinglelevelofbasementparking,groundfloorretailaccommodationandsixupperfloorsofofficespace.

Site Area 910.9sqm

Estimated Passing Net Income $1,549,206(asat31May2013)

Estimated Fully Leased Net Income

$1,819,218(asat31May2013)

Net Lettable Area (NLA)* 3,706.1sqm

Car Parking 20spaces-plus4storageunits

Zoning “MixedUse”undertheNorthSydneyLocalEnvironmentalPlan

NABERS 0stars

Weighted Average Lease Expiry (WALE) by Income

1.87years(asat31May2013)

Method of Sale ForSalebyExpressionsofInterestclosingThursday,20June2013at4pmAEST.

Section 2

*Approx


Key Investment/Development Highlights

6

Iconic Residential Development Opportunity

ThepropertyoffersanoutstandingopportunityfordevelopmentofforeshoreresidentialapartmentswithinoneofSydney’smostdesirableharbourfrontlocations.Givenitsposition,outlook,andsurroundingamenity,thesiteisideallysuitedtoresidentialdevelopment.

Consenthasbeengrantedallowingtheconstructionofamixedusedevelopmentonthesitecomprising: •50residentialunits •2xstudios •24x1bedroom •18x2bedroom •6x3bedroom •908sqmofretail/commercialspace;and •Basementparkingfor48vehicles. SubstantialcommencementhasbeenobtainedthroughconstructionofastormwaterconversiononMaryWollstonecraftLaneandcreationofastructurefortheelectricitysubstation.AcopyoftheConstructionCertificate iscontainedwithintheduediligencematerial.

However,inordertomaximisethevalueofthepropertyarevisedschemeincorporating81apartmentsisbeingdiscussedwithNorthSydneyCouncil(SeeSection5-DevelopmentPotentialforfurtherinformation).

Premium Lower North Shore Location

30AlfredStreetformspartofwhatisconsideredtobetheNorthShore’spremierapartmentdestination,wheredwellingsincloseproximitytothewaterarehighindemand.Theareaishometonumerouscafes,restaurants,parks,leisurefacilitiesandhasexcellentaccesstobothmotorwayconnectionsandpublictransportationservices.ThiseasilycementsitasoneoftheNorthShore’sbestresidentiallocations.

Furthermore,thelocaleisalsoparticularlyappealingtoadvertising,media,informationtechnologyandfinancialstyletenants,providingtheflexibilitytoretaintheassetasacommercialinvestment.

Ability to Unlock Redevelopment Potential

ThepropertyhasbeenwellpositionedforredevelopmentthelatestleaseexpiryisSeptember2016.Inaddition,amajorityofleasescontainDemolitionClauseswherebyfrom31December2015,theLessormayterminatetheleaseprovidingsixmonthswrittennoticeisgiven.Thiswillenableresidentialdevelopmenttooccurintheshorttomediumterm.

Strong Holding Income

30AlfredStreetisapproximately90%leasedtoamixofqualitytenantsprovidingastablenetpassingincomeof$1,549,206p.a.(asat31May2013).Fixedannualincreasesof4%areincludedwithinalargeproportionofleases,whichdeliversstrong,built-inrentalgrowth.Bothdevelopersandinvestorsalikecanbenefitfromthisstrongholdingincomewhilepotentiallyamendingplanningapprovals,finalisingschemesorrepositioningtheasset.


Section 3

Attractive Residential Apartment Demand

ThepopulationgrowthwithinMilsonsPointcontinuestogrowatahealthyrateandatalevelwhichiswellabovetheremainderoftheSydneyMetroarea.AccordingtotheAustralianBureauofStatistics,overthe2001-2006and2006-2011censuses,theaveragepercentagegrowthpercensusperiodforMilsonsPointwas24.7%whiletheSydneyMetrorecorded5.5%,whichonanannualbasisis4.9%ascomparedto0.9%.Furthermore,coupleswithoutchildrenrepresented64.8%ofthepopulation.Thiscombinedwithitshighlydesirablelocation,potentialforviews,proximitytoamenitiesandtransport,willcontinuetodrivestrongdemandforresidentialpropertyinMilsonsPoint.Consequently,30AlfredStreetiswellpositionedtocapitaliseontheresultingpotentialincreasesinmedianapartmentprices.

Corner Position Enhancing Natural Light and Views

30AlfredStreet’scornerpositionandthreestreetfrontagesprovidethebuildingwithgenerousnaturallightandmagnificentviewsacrosstheadjacentBradfieldPark,SydneyHarbourBridgeandthroughtoCBD,aswellasoverLavenderBay.Thethreestreetfrontageswillalsobeanadvantageforaredevelopmentbyenablingbetteraccesstothesiteandenhanceviewcorridors.

7

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0

97 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 1898

Sydney Other Dwellings Median Prices

Source: ABS, BIS Shrapnel

Inner Ring Middle Ring Outer Ring Sydney SD

Forecast

Viewslookingsouth


30 Alfred Street is prominently located within the picturesque northern foreshore of Sydney Harbour on the corner of Alfred Street and Dind Street in Milsons Point.

Location

30AlfredStreetoccupiesaprimepositionoppositeBradfieldParkprovidingspectacularviewsoftheSydneyHarbourBridge,CBDandbackoverLavenderBay.

Theareaishometoarangeofcosmopolitancafes,bars,villageshops,finediningrestaurantsandleisurefacilitiesincludingNorthSydneyOlympicPool,AquaDining,RipplesCafe,theKirribilliClub,LunaPark,McMahonsPointandnumerousscenicgardensnearthewaterfront.

SituatedapproximatelythreekilometresnorthacrosstheSydneyHarbourBridge,30AlfredStreetiswithinwalkingdistancefromboththeCBDandNorthSydney.ThepropertyisalsoextremelywellservicedbypublictransportwithMilsonsPointRailwayStationjustmetresawayandbusesrunningfrequentlyalongAlfredStreet.Furthermore,theMilsonsPoint/LunaParkFerryWharfissituatedapproximately150metresfromtheproperty.

AccessbyvehicleisalsoreadilyavailableviatheLavenderStreetandAlfredStreetexits,forvehiclestravelingfromthenorthontheBradfieldHighwayandPacificHighway,aswellassouthovertheHarbourBridgefromtheCBDandbeyond.

MilsonsPointasacommercialofficedestinationisrelativelytightlyheldandcontinuestoshowstrongtenantdemandparticularlyfromadvertising,mediaandfinancialcompaniesduetoitsproximitytotheCBD,connectivitytoNorthShoreresidentiallocations,outstandingviewsandhighlevelofamenity.

Theseattributesconfirmthatthelocationof30AlfredStreetisperfectlysuitedforpremiumresidentialdevelopment.

8


Section 4

59

30 Alfred Street


Development

X18X10 Information Memorandum for 30 Alfred Street, Milsons Point

30 Alfred Street is one of the best residential addresses north of Sydney Harbour. It offers the unique benefit of being secluded yet close to North Sydney, Kirribilli and within walking distance of the Sydney CBD. It offers unprecedented convenience and amenity. This unique property offers the benefit of being close to Milsons Point and Kirribilli Village, with good connectivity to the train, ferry and bus network, whilst overlooking Sydney Harbour and the Sydney CBD.

Artist’s impression of completed residential redevelopment of 30 Alfred Street, Milsons Point

Development

Development Approval

BlighVollerNield(BVN)ledtheoriginalconsultantteamthatpreparedthearchitecturalplans,townplanningandassociatedreportsforsubmissionofthedevelopmentapplication.DevelopmentApproval(DA)wasgrantedbyNorthSydneyCouncil(Council)togetherwithsubsequentS96approvalsfortheredevelopmentofthepropertyasanewresidentialapartmentbuildingof50apartments, 908sqmofretail/commercialspaceatgroundandlowergroundlevels,andbasementcarparkingfor48cars.

TheVendorseparatelypurchasedairspacefromCouncilandthishasbeenconsolidatedonTitle.Thisairspaceisapproximately4.6sqminareaandunlimitedinheight.ItconsistsofasmalltriangularshapedlotonthecornerofAlfredandDindStreets.Consolidationofthislotallowsthewholepropertytoberegularinitsdimensions.

TheDAwasdeferred(inJune2006)and‘commencement’requiredbeforeDAexpiryinJune2011.CommencementwasachievedpriortoexpiryoftheDA(primarilythroughthephysicalprovisionofstormwaterinfrastructure,propertysurveysandprovisionsfortheelectricalsubstation).Constructioncertificationwasobtainedfromtheprivatecertifier,whichextendsthelifeoftheDAinperpetuity.Thisfacilitatestherapidcommencementofthenextstageofredevelopmentworks,atthediscretionofthepropertyowner.

Centuria Property Funds 2Centuria Property Funds 11

Section 5

Refinement of Current Development Approval

TheoriginalDAwasmanagedbyEclipsePropertyGroup(EPG).EPGwassubsequentlyacquiredbyCenturia.Centuriahas,togetherwithitssmallconsultantteam,reviewedtheDAanddevelopedplansthatitbelievesaremoreefficient,willbettermeetresidentialmarketdemandandwilldeliverbetterreturns.TheteamledbyCenturiaincludesAllenJack+Cottier(AJ+Carchitects)andJBA(townandstatutoryplanners)andhasfocusedonaddressingthefollowingkeyissues:

•MaximisetheNetSaleableArea(NSA)andNet Realisationofthedevelopment;

•Rationalisethebuildingcoretoreducethenumberoflift cores/firestairs;

•Reconfigurethefloorplanstoreflectabettermix(ie. size,type,design,flexibility)ofapartmentsthatmeet currentmarketdemand,optimisesalesrates,purchaser pricepointsandfacilitateaneffectiveprojectmarketing campaign;and

•Increasetheresidentialfootprint(NSA)byrationalising theretail/commercialspaceongroundleveland introduceresidentialapartmentsfrontingAlfredStreet.

ToassistinguidingitsreviewCenturiaalsoconsultedseveralprominentresidentialmarketing,advisoryandsalesagents.Thecurrentapartmentmixreflectsthisadvice.

CenturiahasmetseveraltimeswithCounciltopresentitsproposedrevisionsanddiscussthemattersoutlinedabove.AdvicewasalsosoughtonhowbesttoamendthecurrentDAandgainthenecessaryapprovalfromCouncil.BasedonadvicefromJBAandCouncil,thesuggestedrevisionsaredeemednottorequireanewDAbutcanbesubmittedthroughaS96application,whichisamuchmorestreamlineapprovalprocess.

ThefirststepinthisprocesswastoarticulatethedesignchangesandundertakeadialoguewithCouncil.CenturiaanditsteamundertookmeetingswithCounciltounderstandtheirrequirementsandgaugetheirsupportfortheproposedamendments.Inpart,thepreviousBVNdesignwasinformedandguidedbyspecificdesignprinciples,whicharenotnecessarilyapplicablenow.

MaintainingtheapprovedbuildingenvelopeandthepreservedviewcorridorsisimportanttoCouncilandcannotbealtered,thereforeCenturia’sproposedamendmentsdonotseektoamendthesepartsofthedevelopment.However,reworkingtheinternalfloorlayouts,rationalisingthecoreandservices,andreconfiguringthegroundfloorretailtoresidentialcanbeachievedandaresupportedbyCouncil,subjecttoS96application.

Sketch design of completed residential redevelopment of 30 Alfred Street, Milsons Point


Development

XII18XII

Development


Reconfiguring the floor plans and apartment mix delivers approximately 81 apartments in total. This is significantly more than the 50 apartments approved in the current DA and is achievable through improved planning, design, and efficiency.

Itisenvisagedthatwiththeincreaseinthenumberofunitssomeadditionalcarparkingwillberequired.Initialforecastsarethatapercentageofthesmallerapartments(ie.studiosandsome1bedroomapartments)canbesoldsuccessfullywithoutadedicatedcarparkingspaceduetotheexcellentlocationandforecastsalepricepoints.Councilpolicyistoactivelyencouragetheuseofpublictransport,cyclingandpedestriantraffictoreducethedependenceoncars.Therefore,anoveralldecreaseintheratioofcarsperapartmentwillbeviewedpositively.

Inthiscontexttheadditional30apartmentswillresultinapproximately10additionalcarparkingspaces,whichisnotconsideredsignificantandunlikelytopresenttrafficissues.

Street Activation

InresponsetoCouncil’srequirementtoactivatethestreetfrontageandincludebusinessusesontheground(street)level,Centuriahaspresentedaproposalthatmeetsthisrequirementbutalsointegratesnewresidentialapartmentsfrontingthestreet.Thepropertyhasasignificantgradient(levelchange)fromNorthtoSouth,whichcreatesasplitlevelalongAlfredStreetandMaryWollstonecraftLane.

Asshownontherevisedplansthisallowsbusinessusesatthestreet(groundlevel)withresidentialabove.

Re-orientingtheentryfromthelower(southeastern)sidetothecornerofAlfredStreetandDindStreet(northeastern),providesamuchimprovedandmorevisibleaddressforthedevelopment.Italsofacilitatesanewresidentialterraceapartmentalongsidetheexistingterracehouseatthesoutheasterncornerofthebuilding.This,togetherwithanewfacademodulethatreplicatestheadjoiningterracehouses,createsamuchmoresympatheticandappealingscaleatstreetlevel.

Increasing Residential Use

Theground/lowergroundfloorwillbeforcommercial/retailuseandaccessiblefromtheAlfredStreetfrontage(referAJ&Cplans).Theobjectivehasbeentoincreasetheresidentialfloorspacebutalsocreatecommercialspacethatwillmeetmarketdemandandsuitthestreetcharacter.30AlfredStreet’scommercial/retailspaceislikelytobeattractivetosmaller,destinationbasedbusinesses.Thishasbeenidentifiedandsupportedbyanindependentconsultant.

Units Studio 1 Bed 2 Bed 3 Bed Commercial/Retail

No 2 24 18 6 908sqm

% 4% 48% 36% 12%

Total Apartments 50

Total NSA 5,929

DA Approved Apartment Mix

Units Studio 1 Bed 2 Bed 3 Bed Commercial/Retail

No 8 44 26 3 665sqm

% 10% 54% 30% 6%

Total Apartments 81

Total NSA 6,518

Proposed Apartment Mix

1.Basedonresidentialnetsaleableareaofapprox.5,021sqmplus908sqmretail/commercialNLA.48carspaces.2.Basedonresidentialnetsaleableareaofapprox.5,853sqmplus665sqmretail/commercialNLA.58carspaces.

1

2


Section 5


Viewsouthfromacompletedapartment

ViewwestoverLavenderBayfromacompletedapartment


Development

XIV14 Information Memorandum for 30 Alfred Street, Milsons Point

Authority Approval Process

Councilweresupportive‘inprinciple’withtheproposedamendments,andCenturiaformedits’designbasedontheircommentsandfeedback.ThenextstepwastomeetwithNorthSydneyCouncil’sDesignExcellencePanel.ThePanelisanindependentadvisorygroupthatconsultsCouncilondesignmattersandisaprecursortomakingaformalapplicationtoCouncil.WhilstthePanelisnotthereferralauthority,theiradviceisconsideredcloselybyCouncilandisimportantingarneringsupportforanyamendments.

Apresentation(andSEPP65compliancetable)waspreparedandmadetothePanelon11April2013.Thisinformationisavailabletoprospectivepurchasersuponrequest.ThedesignaspresentedsatisfiesCouncil’sSEPP65requirementsanddeliversbenefitsoverthecurrentapprovedDAscheme.

Design Excellence Panel ThepanelhadsomeconstructivecommentswhichcanbeworkedthroughpriortotheS96applicationbeingmade,howeverinsummarythepanelviewedtheammendedschemeasasignificantimprovementonthecurrentDA.TheirsupporthasbeenoutlinedintheattachedletterbyJBA(Centuria’splanningconsultants).

ATypicalAJ+Capartmentbuilding

Artists’impressionofcompleteddevelopment onthecornerofAlfredStreetandDindStreet


Section 5


ATypicalAJ+Capartmentbuilding


Development

XVI16 Information Memorandum for 30 Alfred Street, Milsons Point


13121 9 May 2013 Mr Andre Bali Head of Development Centuria Funds Management Pty Ltd Level 23 111 Pacific Highway NORTH SYDNEY NSW 2060 Dear Andre 30 ALFRED STREET, MILSONS POINT RESIDENTIAL REDEVELOPMENT SCHEME Further to recent discussions we are pleased to provide the following planning advice to Centuria Funds Management Pty Ltd (Centuria) with regards to the proposed redevelopment of 30 Alfred Street, Milsons Point. This advice has been informed by our understanding and involvement with the property and proposal to date.

Land at 30 Alfred Street is presently occupied by a commercial office building.

The site is currently the subject of an existing development consent (D563/03) for demolition of the existing building and erection of a multi-level mixed use development comprising commercial space, 50 residential apartments and basement car parking.

On the 14th June 2011 a Stage 1 Construction Certificate Approval was issued by Advance Building Approvals Pty Ltd relating to the excavation for and construction of stormwater conversion on Wollstonecraft Lane and structure for electricity substation. We understand these construction works were physically commenced for the purposes of Clause 95 of the Environmental Planning and Assessment Act 1979, and as such the development consent remains valid and operable.

Centuria together with JBA and AJ+ C Architects, have been in recent discussions with North Sydney Council regarding a Section 96 application to amend development consent D563/03. To this end AJ+ C Architects have prepared a revised concept scheme for the site for the purpose of facilitating discussions and gaining an ‘in principle’ agreement from Council.

The revised scheme involves an amendment to the design and configuration of the approved building and results in an overall increase in the number of apartments on the site from the approved 50 to 81. Changes include amendments to the apartment configuration, mix and number; adjustments to the ground floor layout including the provision of some residential floorspace; changes to the building facade design and minor alterations to the basement layout (additional car spaces).

Two pre-application meetings have been held with North Sydney Council Planning Officers to date and a separate meeting has been held with the North Sydney Design Excellence Panel. The revised scheme was positively received by both Council officers and the Design Excellence Panel, specifically we note that the Design Excellence Panel stated that the proposed modifications were considered “to be a significant improvement to the approved plans.”

Section 5

Centuria Property Funds 17XVII


Development

XVIII

30 Alfred Street, Milsons Point Residential Redevelopment Scheme | 9 May 2013

JBA 13121 2

Discussions with Council officers has confirmed that they are satisfied that the revised scheme is able to be dealt with via an application under Section 96(2) of the Environmental Planning and Assessment Act 1979. In principle agreement has therefore been reached on the assessment process for the proposed development.

Further to the above based on our review of the revised scheme prepared by AJ+ C Architects, we are of the opinion that it is generally consistent with the relevant controls and standards set out in the North Sydney Local Environmental Plan 2001, the North Sydney Development Control Plan 2002, and the soon to be adopted Draft LEP and DCP 2012. It is noted that our review to date has been limited by the conceptual nature of the current proposal plans, and is subject to further review of detailed plans as and when they become available.

Given the pre-application discussions to date, the next step in the process is to finalise the revised scheme for DA purposes and to submit the Section 96 application to North Sydney Council. Based on pre-application discussions to date we would expect that the Section 96 application would be assessed and determined by Council in a timely manner.

In providing the above advice, we note that JBA is a specialist and independent planning practice with some 50 staff and offices in North Sydney, Wollongong and Newcastle. Our practice in North Sydney has an established and long standing relationship with Council. We provide the full range of planning and design services and specialise in medium to large scale planning and development projects and more complex statutory and policy issues. Over the past twenty years JBA has been involved in over 4,000 projects including many landmark and award-winning developments. We are committed to working with our clients to achieve results that are sound, creative and sustainable – environmentally, socially and economically.

I trust the above is what you require at this stage, however should you have any queries about this matter please do not hesitate to contact me on (02) 9956 6962 or [email protected]. Yours faithfully

Benjamin Craig Principal Planner



Section 5

Centuria Property Funds 19XIX

“Arecoveryinresidentialpropertyandconstructionwilllargelydrivethenextlegofthegrowthstory–particularlysoforSydney–providingstimulustorelatedserviceandmanufacturingindustries,withastrongmultipliertothedomesticeconomy.”

“Signsthatthelong-awaitedhousingrecoveryisfinallyhereareevident;dwellingapprovalstoboththeresidentialapartmentandgreenfieldhousingmarketsimproving.Steadypopulationgrowthandtheestimatedshortageofaround46,800dwellingsatJune2013willunderpinthisprocess,withtheimprovedaffordabilityfromlowerinterestratesflushingoutdemand.Shouldthiscontinue,thenitwillunderpingrowthintherestofthestate.”

“Limitedhousepricegrowthsince2004,andmorerecentlythecutstointerestratesoverthelast12months,hasboughtaffordabilityinSydneybackto2001levels.ThisshouldbeacatalystforstrongergrowthtoemergeintheSydneymarket,withthemedianhousepriceforecasttoriseby17%overthethreeyearstoJune2015.”

“WithsustainedpricegrowthfinallycomingthroughintheSydneymarket,risingowneroccupierdemandwillbejoinedbyspeculativepurchasesbyinvestors.Thisisanticipatedtodriveafurther7%riseinthemedianhousepriceover2014/15.However,withsolideconomicgrowthcontinuingin2014/15asimprovementinothersectorsoftheeconomyhelptooffsetsomeoftheanticipateddeclineinresourceinvestment,wagesandinflationarypressuresareanticipatedtobecomemoreacute.Overall,medianhousepricesinSydneyareforecasttoliftbyacumulativetotalof17%or5.3%perannum,to$750,000overthethreeyearstoJune2015.Thisreflectsatotalriseof6.1%inrealterms.”

“Inouropinion,themarketfundamentalsareinplaceforthecontinuedstrengthofthesectorthroughtheforecastperiod;robustunderlyingdemand,afavourableeconomicclimate,andmoderatepricegrowth–forecastatacompoundannual5.3%(Chartbelow).”

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0

97 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 1898

Sydney Other Dwellings Median Prices


Inner Ring Middle Ring Outer Ring Sydney SD

Forecast

Centuria engaged BIS Shrapnel to prepare a market commentary on the outlook for Sydney Residential. A letter is contained in the due diligence material for prospective purchasers to read. Some extracts from their commentary, and other recent BIS Shrapnel Reports, are outlined below:

55,000

50,000

45,000

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

-5,000

1988 to 2018f


Stock deficiency Underlying demand Dwelling completions

88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

Forecast

No. of dwellings


6.1 Overview

Title Particulars ThepropertyisdescribedasLot100inDepositedPlan1170079

Site Dimensions

Site Area 910.9sqm

Net Lettable Area* 3,706.1sqm

AlfredStreetfrontage DindStreetfrontageMaryWollstonecraftLanefrontageSouthernboundary

37.39metres24.37metres37.33metres20.64metres

Asset Overview

6.2 Building Description

30AlfredStreetisasevenlevelcommercialofficebuildingcomprisingasinglelevelbasementcarparkfor20vehicles,6floorsofofficeaccommodationandtwogroundfloorretailtenancies.Constructedincirca1975andrefurbishedin1996,thepropertycontainstypicalfloorplatesofapproximately590sqm.

20

*Approx

EasternelevationfromBradfieldPark


Section 6

Level

R

6

5

4

3

2

1

G

B

20 Car Spaces61 Car Spaces

213.3 m²

205.5 m²

592.0 m²

136.1 m²168.0 m²

218.6 m²

263.30 m²

122.60 m²

288.4 m²

91.4 m² 238.0 m² 139.0 m² 78.0 m²

162.2 m²

88 m²58.20 m²

116.4 m²

146.8 m²137.5 m²

242.8 m²

Total Net Lettable Area3,706.1 m² (approx.)

Car Parking20 Spaces

Obervatory Crest Australia Pty LtdNLA213.3 m²

Toll Priority DX Solutions

Integrated Design Solutions Pty LtdNLA205.5 m²

Elizabeth Arden (Australia) Pty LtdNLA592.0 m²

Brandscreen Pty LtdNLA136.1 m²

CHU Underwriting Agencies Pty LtdNLA218.6 m²

Vision Training Institute Pty LtdNLA263.30 m²

Streaming Media Pty LtdNLA146.8 m²

Thought Equity Motion IncorporatedNLA137.5 m²

PHR Consulting Pty LtdNLA122.6 m²

Sentinal Wealth Management Pty LtdNLA162.2 m²


Retail Information Systems Pty LtdNLA116.4 m²

Cephas Pty LtdNLA58.2 m²

Intellitek Pty LtdNLA88 m²

Eclipse Administration Pty LtdNLA288.4 m²

VacantNLA242.8 m²

Gattorna Alignment LtdNLA91.4 m²

FST Media Pty LtdNLA238.0 m²

VacantNLA139.0 m²

Commercial Eyes Pty LtdNLA78.0 m²

Telstra Corporation LtdTelco

3GIS Pty LtdTelco

Optus Mobile Pty LtdTelco

Basement

TelcoTelco

Telco

Car Parking - 20 Spaces - Plus 4 Storage Units

6.3 Stack Plan

Level

R

6

5

4

3

2

1

G

B

20 Car Spaces61 Car Spaces

213.3 m²

205.5 m²

592.0 m²

136.1 m²168.0 m²

218.6 m²

263.30 m²

122.60 m²

288.4 m²

91.4 m² 238.0 m² 139.0 m² 78.0 m²

162.2 m²

88 m²58.20 m²

116.4 m²

146.8 m²137.5 m²

242.8 m²

Total Net Lettable Area3,706.1 m² (approx.)

Car Parking20 Spaces

Obervatory Crest Australia Pty LtdNLA213.3 m²

Toll Priority DX Solutions

Integrated Design Solutions Pty LtdNLA205.5 m²

Elizabeth Arden (Australia) Pty LtdNLA592.0 m²


CHU Underwriting Agencies Pty LtdNLA218.6 m²

Vision Training Institute Pty LtdNLA263.30 m²

Streaming Media Pty LtdNLA146.8 m²

Thought Equity Motion IncorporatedNLA137.5 m²

PHR Consulting Pty LtdNLA122.6 m²

Sentinal Wealth Management Pty LtdNLA162.2 m²


Retail Information Systems Pty LtdNLA116.4 m²

Cephas Pty LtdNLA58.2 m²

Intellitek Pty LtdNLA88 m²

Eclipse Administration Pty LtdNLA288.4 m²

VacantNLA242.8 m²

Gattorna Alignment LtdNLA91.4 m²

FST Media Pty LtdNLA238.0 m²

VacantNLA139.0 m²

Commercial Eyes Pty LtdNLA78.0 m²

Telstra Corporation LtdTelco

3GIS Pty LtdTelco

Optus Mobile Pty LtdTelco

Basement

TelcoTelco

Telco

Car Parking - 20 Spaces - Plus 4 Storage Units

21


Market Commentary

Residential Market

Overview

TheresidentialmarketinAustraliaissteadilymovingtowardsagrowthcycleduetoalowinterestrateenvironment,improvementinbuildingapprovals,healthypopulationgrowth,risingrentalyields,expandingbuyerenquirylevels,increasingsalesvolumesandrecentequitymarketgrowth.Allarenecessarypre-conditionsforamarketgearedtowardsrecovery.Therecentpositivetrendinconsumerconfidencewillalsoprovidesomemomentumforhealthycapitalgrowth,particularlyinlate2013andearly2014.

Sydney Vacancy

VacancylevelsforSydneycurrentlysitbelow2%,indicatingashortageofresidentialrentalproperties,whichhascontinuedtounderpinattractiverentalgrowth.However,buildingapprovalsareshowingupwardgrowth,partlyinresponsetostableeconomicconditionsbutalsofromthelongertermpositionofasupplyshortagethatwasdifficulttorectify,predominatelyduetoachallengingplanningregimeandproblemsassociatedwithobtainingcredit.Whilsttheseproblemshavenotyetcompletelybeenrectified,buildingactivityisgraduallyimprovingfromthesubduedconditionsexperiencedduringandaftertheGlobalFinancialCrisis.

North Shore Demand

TheSydneyresidentialmarketremainshighlysegmentedwithdifferentareasrecordingvaryingdemandlevels.However,theNorthShorehasseenpropertiespricedbelow$700,000strengtheningwithsellingperiodscontractingasdemandlevelsaccelerate.Theseconditionsarelikelytoresultinastockshortageandupwardpricemovement.Furthermore,lowinterestrateshavealsoassistedinthehighendofthemarketinexcessof$1million,whichisexpectedtoseecapacityforcapitalgrowththroughimprovedconsumerconfidence.

Inthe12monthstoJanuary2013,therehavebeenapproximately85residentialapartmentsalesinMilsonsPointwithpricesrangingbetween$425,000and$5,300,000interestinglyjustover30wereinexcessof$1,000,000.Overthisperiodthemedianunitsalepricewas$935,750,ascompared$656,300withintheNorthSydneyLGA.

Milsons Point Demographics

MilsonsPointrecordedgreaterpopulationgrowththantheSydneyMetroinboththe2001-2006and2006-2011censuses.TheaveragepercentagegrowthpercensusperiodforMilsonsPointwas24.7%whiletheSydneyMetrorecorded5.5%,whichonanannualbasisis4.9%ascomparedto0.9%.

35%

30%

25%

20%

15%

10%

5%

0%1996-2001

Milsons Point

2001-2006 2006-2011 Average(Per Census Period)

Sydney Metro Source: ABS Census 2011/Savills Research

Milsons Point vs Sydney MetroPopulation Growth Comparison by Census Period

Asat2011,the25-54yearsagebracketwasthelargestagecategoryinMilsonsPointandcoupleswithoutchildrenrepresented64.8%ofthepopulation.

70%

60%

50%

40%

30%

20%

10%

0%

Milsons Point

Couples with Children

Couples without Children

One Parent Families

OtherFamilies

Sydney Metro Source: ABS Census 2011/Savills Research

Milsons Point vs Sydney MetroFamily Type Structure Comparison

Furthermore,approximately89%oftheworkforcewasidentifiedasbeingemployedinawhitecollarprofession,whichwashigherthantheSydneyMetroareawith66%.

AllcharacteristicsindicatethatMilsonsPointisanideallocationforhighend,residentialapartmentdevelopment.

22

Section 7


Section 8

8.1 Income Summary

Income Summary as at 31 May 2013 $/p.a.

Rental Income

Office $1,385,610Parking $78,525Telecommunications $120,844Storage $17,600

Subtotal $1,602,579

Add: Outgoing Recoveries$464,712

Gross Passing Income $2,067,291 Less: Total Budgeted OutgoingsStatutoryExpenses $149,708OperatingOutgoings $368,377 Subtotal $518,085 Net Passing Income $1,549,206 Add: Potential Income from Vacancies $367,760

S502 $161,003

S603 $99,169

CarSpaces $9,840

Subtotal $270,012

Estimated Fully Leased Net Income $1,819,2180

Financial Information

Budgeted FY2012/2013 $ p.a.

Statutory Expenses

CouncilRates $29,587WaterRates $18,258LandTax $101,863 Subtotal $149,708Operating Expenses

Insurance $16,554

AirConditioning $34,350Cleaning $56,455ManagementFees $39,795Electricity $130,859Gas $19,251FireProtection $17,993Lifts $18,074PestControl $1,120Repairs&Maintenance $21,500Security $10,000

Gardening $880

AuditFees $1,545 Subtotal $368,377Total $518,0850

8.2 Outgoings Schedule

288.5sqmat$558.07/sqmgross

177.7sqmat$558.07/sqmgross

2at$4,920/bay

23


Shop/Unit Tenant NLA sqm

Lease Comm.

Lease Expiry

Option(years)

Rent $/p.a.

Rent $/sqm

Rental Basis

Outgoings Recoverable

Car Spaces

Car Parkp.a.

Next Rental Review

Rent ReviewType

Retail

GF01 ObservatoryCrestAustraliaPtyLimited 213.3 1/10/12 31/12/15 $89,586 $420.00 Net $29,818 2 $8,400 1/10/13 Fixed4%

GF02 IntergratedDesignSolutionsPtyLimited 205.5 1/02/13 31/12/15 $86,310 $420.00 Net $28,727 2 $9,600 1/02/14 Fixed4%

Level1 ElizabethArden(Australia)PtyLimited(1) 592.0 1/09/11 31/08/15 $240,731 $406.64 Net $82,757 4 $16,198 1/09/13 MKT

S201 BrandscreenPtyLimited 136.1 24/09/12 8/09/14 $57,162 $420.00 Net $19,026 24/09/13 Fixed4%

S202 BrandscreenPtyLimited(2) 168.0 9/05/11 8/09/14 $76,318 $436.80 Net $23,485 1 $4,800 9/05/14 Fixed4%

S203 CHUUnderwritingAgenciesPtyLimited 218.6 1/11/11 31/10/15 2 $95,484 $436.80 Net $30,559 1/11/13 Fixed4%

S301 VisionTrainingInstitutePtyLimited 263.3 31/05/11 30/05/14 $101,504 $376.10 Net $36,807 1 $4,879

S302 StreamingmediaPtyLimited(2) 146.8 1/02/11 31/08/15 $58,466 $398.27 Net $20,522 1 $4,800 1/02/14 Fixed3.75%

S304 ThoughtEquityMotionIncorporated(2) 137.5 15/02/12 14/02/14 $61,608 $448.06 Net $19,221 1 $5,000

S401 PHRConsultingPtyLimited(3) 122.6 1/01/13 31/12/16 $49,040 $400.00 Net $17,139 1/01/14 Fixed4%

S402 SentinelWealthManagementPtyLimited 162.2 1/01/13 31/12/15 $68,124 $420.00 Net $22,674 1/01/14 CPI

S403 CephasPtyLimited 58.2 1/01/13 31/12/13 2 $24,444 $420.00 Net $8,136

S404 RetailInformationSystemsPtyLimited 116.4 15/04/11 14/04/14 $52,879 $454.29 Net $16,272

S405 IntellitekPtyLimited 88.0 1/12/12 30/11/14 1 $33,000 $375.00 Net $12,302 1 $4,900 1/12/13 <3%andCPI

S501 EclipseAdministrationPtyLimited(4) 288.4 1/01/13 31/12/15 $118,285 $410.00 Net $40,316 2 $10,080 1/01/14 Fixed4%

S502 Vacant 242.8

S601 GattornaAlignmentLimited 91.4 1/11/11 31/10/14 1 $37,839 $414.00 Net $12,777 1 $4,968 1/11/13 Fixed3.5%

S602 FSTMediaPtyLimited 238.0 1/07/13 30/06/14 1 $100,800 $454.28 Net $33,271 2 $4,900

S603 Vacant 139.0

S604 CommercialEyesPtyLimited 78.0 1/06/13 30/11/14 $34,070 $436.80 Net $10,904 1/06/14 Fixed4%

Subtotal 3,706.1 $1,385,610 $464,712 18 $78,525

Other

Storage ObservatoryCrestAustraliaPtyLimited 1/10/12 31/12/15 $7,488 1/10/13 Fixed4%

Foyer TollPriorityDXSolutions Monthly Monthly $7,112

Storage ElizabethArden Monthly Monthly $3,000

Telco OptusMobilePtyLimited 28/09/10 27/09/25 $30,944 28/09/13 Fixed5%

Telco TelstraCorporationLimited 1/02/07 31/01/17 $47,141 1/02/14 Fixed5%

Telco 3GISPtyLimited Monthly Monthly $42,759

CPKS Vacant 2

Subtotal $138,444 2

Total 3,706.1 $1,524,054 $464,712 20 $78,525

8.3 Tenancy Schedule as at 31 May 2013


24

Notes: (1) Marketreviewdue1/9/13andfixed4%increasesthereafter. (2) Carparkingcanbereviewedtomarketeachanniversary,however,aratchetclausedoesapply. (3) LeaseincludesaDemolitionclauseproviding6monthsnoticefrom31/12/15.(4) EclipseAdministrationPtyLimitedleaseisabletobeterminatedon31/12/13byprovidingnoticeduring1/9/13and30/9/13. AmajorityofleasesincludeDemolition/RedevelopmentandRelocationclauses.Pleaserefertotheindividualleaseswithintheduediligencematerialsforfurtherinformation.


Shop/Unit Tenant NLA sqm

Lease Comm.

Lease Expiry

Option(years)

Rent $/p.a.

Rent $/sqm

Rental Basis

Outgoings Recoverable

Car Spaces

Car Parkp.a.

Next Rental Review

Rent ReviewType

Retail

GF01 ObservatoryCrestAustraliaPtyLimited 213.3 1/10/12 31/12/15 $89,586 $420.00 Net $29,818 2 $8,400 1/10/13 Fixed4%

GF02 IntergratedDesignSolutionsPtyLimited 205.5 1/02/13 31/12/15 $86,310 $420.00 Net $28,727 2 $9,600 1/02/14 Fixed4%

Level1 ElizabethArden(Australia)PtyLimited(1) 592.0 1/09/11 31/08/15 $240,731 $406.64 Net $82,757 4 $16,198 1/09/13 MKT

S201 BrandscreenPtyLimited 136.1 24/09/12 8/09/14 $57,162 $420.00 Net $19,026 24/09/13 Fixed4%

S202 BrandscreenPtyLimited(2) 168.0 9/05/11 8/09/14 $76,318 $436.80 Net $23,485 1 $4,800 9/05/14 Fixed4%

S203 CHUUnderwritingAgenciesPtyLimited 218.6 1/11/11 31/10/15 2 $95,484 $436.80 Net $30,559 1/11/13 Fixed4%

S301 VisionTrainingInstitutePtyLimited 263.3 31/05/11 30/05/14 $101,504 $376.10 Net $36,807 1 $4,879

S302 StreamingmediaPtyLimited(2) 146.8 1/02/11 31/08/15 $58,466 $398.27 Net $20,522 1 $4,800 1/02/14 Fixed3.75%

S304 ThoughtEquityMotionIncorporated(2) 137.5 15/02/12 14/02/14 $61,608 $448.06 Net $19,221 1 $5,000

S401 PHRConsultingPtyLimited(3) 122.6 1/01/13 31/12/16 $49,040 $400.00 Net $17,139 1/01/14 Fixed4%

S402 SentinelWealthManagementPtyLimited 162.2 1/01/13 31/12/15 $68,124 $420.00 Net $22,674 1/01/14 CPI

S403 CephasPtyLimited 58.2 1/01/13 31/12/13 2 $24,444 $420.00 Net $8,136

S404 RetailInformationSystemsPtyLimited 116.4 15/04/11 14/04/14 $52,879 $454.29 Net $16,272

S405 IntellitekPtyLimited 88.0 1/12/12 30/11/14 1 $33,000 $375.00 Net $12,302 1 $4,900 1/12/13 <3%andCPI

S501 EclipseAdministrationPtyLimited(4) 288.4 1/01/13 31/12/15 $118,285 $410.00 Net $40,316 2 $10,080 1/01/14 Fixed4%

S502 Vacant 242.8

S601 GattornaAlignmentLimited 91.4 1/11/11 31/10/14 1 $37,839 $414.00 Net $12,777 1 $4,968 1/11/13 Fixed3.5%

S602 FSTMediaPtyLimited 238.0 1/07/13 30/06/14 1 $100,800 $454.28 Net $33,271 2 $4,900

S603 Vacant 139.0

S604 CommercialEyesPtyLimited 78.0 1/06/13 30/11/14 $34,070 $436.80 Net $10,904 1/06/14 Fixed4%

Subtotal 3,706.1 $1,385,610 $464,712 18 $78,525

Other

Storage ObservatoryCrestAustraliaPtyLimited 1/10/12 31/12/15 $7,488 1/10/13 Fixed4%

Foyer TollPriorityDXSolutions Monthly Monthly $7,112

Storage ElizabethArden Monthly Monthly $3,000

Telco OptusMobilePtyLimited 28/09/10 27/09/25 $30,944 28/09/13 Fixed5%

Telco TelstraCorporationLimited 1/02/07 31/01/17 $47,141 1/02/14 Fixed5%

Telco 3GISPtyLimited Monthly Monthly $42,759

CPKS Vacant 2

Subtotal $138,444 2

Total 3,706.1 $1,524,054 $464,712 20 $78,525

Section 8

25

Notes: (1) Marketreviewdue1/9/13andfixed4%increasesthereafter. (2) Carparkingcanbereviewedtomarketeachanniversary,however,aratchetclausedoesapply. (3) LeaseincludesaDemolitionclauseproviding6monthsnoticefrom31/12/15.(4) EclipseAdministrationPtyLimitedleaseisabletobeterminatedon31/12/13byprovidingnoticeduring1/9/13and30/9/13. AmajorityofleasesincludeDemolition/RedevelopmentandRelocationclauses.Pleaserefertotheindividualleaseswithintheduediligencematerialsforfurtherinformation.



8.4 Tenancy Profile by Expiry

Thecharthighlightsthetenantexpiryprofilebyincomeofthetop10tenants.

2012 13 14 15 16 17 18 19

ElizabethArden(Australia)PtyLimited

BrandscreenPtyLimited

EclipseAdministrationPtyLimited

ObservatoryCrestAustraliaPtyLimited

VisionTrainingInstitutePtyLimited

FSTMediaPtyLimited

CHUUnderwritingAgenciesPtyLimited

IntegratedDesignSolutionsPtyLimited

SentinelWealthManagementPtyLimited

ThoughtEquityMotionIncorporatedPtyLimited

Lease Option1

Section 8

26


Conclusion

30 Alfred Street provides a rare opportunity to acquire an iconic harbourfront residential development site.

Section 9

In summary the asset offers the following characteristics to prospective purchasers:

• Significantresidentialdevelopmentpotentialasapprovalhasbeenobtainedallowingtheconstructionofamixedusedevelopmentonthesitecomprising50residentialunits,908sqmofretail/commercialspaceandbasementparkingfor48vehicles.However,thereisthepossibilitytoreviseandincreasethescopeoftheconsentinordertomaiximisethevalueoftheproperty.

• ExcellentlocationsituatedoppositethepicturesqueBradfieldParkandSydneyHarbourBridgeandincloseproximitytoworldclassentertainment,recreationalandsportingfacilities.

• ThepropertyiseasilyaccessedviaallformsofpublictransportwithMilsonsPointrailwaystation,ferrywharfandbusstopsallwithincloseproximity.

• 3,706sqm(approx.)officebuildingapproximately90%leasedwithanattractivenetpassingincomeof$1,549,206perannumasat31May2013.

• LeasingprofileandexistenceofDemolitionClauses,enableaccesstothesitefordevelopment.

Section 9

27


ConclusionSales Process

30 Alfred Street is being offered for sale by Expressions of Interest closing Thursday, 20 June 2013 at 4pm AEST.

For further information or to arrange an inspection of the property, please contact the exclusive selling agents, Savills and Chesterton International. Inspections of the property are by appointment only and all parties must be accompanied by a member of the sales team.

ThepropertyisavailableforpurchasethroughExpressionsofInteresttobesubmittednolaterthanThursday,20June2013at4pmAEST.

ExpressionsofInterestaretobelodgedatthefollowingofficelocations:

Savills Level 7, 50 Bridge StreetSydney NSW 2000

Chesterton InternationalLevel 7, 2 Elizabeth PlazaNorth Sydney NSW 2060

Toassistintheassessmentofthisoffering,duediligenceinformationisavailableviaanonlinedataroom.

10.1 Registration and Lodgement

AnassessmentperiodwillfollowthecloseoftheExpressionsofInterest,afterwhichtheVendormaychoosetodealwithoneormoreparties.PleasenotethattheVendorreservestherightinitsabsolutesolediscretion,toacceptorrejectanybidorwithdrawfromthesaleprocessoramendthetermsandconditionsoftheproposedsalepriortotheexecutionoftheformalContractofSale.

10.3 Close of Expressions of Interest

ExpressionsofInterestarenotrequiredtobelodgedinanyprescribedform,howeverasaminimum,mustincludethefollowinginformation:

10.2 Information to be Provided

Thenameoftheinterestedparty,togetherwiththeprincipalssupportingtheinterestedpartyandanydetailoftheholdingcompanyorentityiftheinterestedpartyisasubsidiaryofpartofthatgroupofcompanies.

Thepurchasepriceof30AlfredStreettogetherwithproposeddeposit,settlementandanyconditionsofpurchaseincludinginternalandexternalapprovalprocesses.

Alistofconsultantsincludingthepurchaser’ssolicitors.

Fulldetailsoftheinterestedparty’scapacitytocompletethetransactioninatimelymanner,includingtheirabilitytofundthepurchaseandproposedfinancingstructure.

1.

2.

3.

4.

Section 10

28


Disclaimer:ThisreporthasbeenpreparedbyCenturiaPropertyFunds(ABN11086553639)(Centuria)fordistributionbyChestertonInternational(ABN43003053183)(CI)andSavills(98088260673).Thisdocumentdoesnotconstituteanofferorcontractofsale.Itisintendedonlyasaguideandanaidtofurtherinvestigationbypotentialpurchasers.

Potentialinvestorsacceptthisdocumentontheconditionthattheywillmaketheirownenquiriesandobtaintheirownindependentadviceinordertoverifytheaccuracyoftheinformationpresentedinthisdocument.Thecontentofthisdocumenthasbeenderived,inpart,fromsourcesotherthanCI,SavillsandCenturiaandmaybebasedonassumptions.Inpassingthisinformationon,CI,SavillsandCenturiadonotwarrantthatsuchinformationorassumptionsareaccurateorcorrect.Partiesshouldseektheirownindependentverificationsandadviceonsuchinformation.

Totheextentthatthisdocumentincludesanystatementastoafuturematter,thatstatementisprovidedasanestimateand/oropinionbasedupontheinformationknowntoCI,SavillsandCenturiaatthedateofpreparingthisdocumentandassumptionswhichmaybecorrect.CI,SavillsandCenturiadonotwarrantthatsuchstatementsareorwillbeaccurateorcorrect.

CI,SavillsandCenturiaprovidethisdocumentontheconditionthat,subjecttoanystatutorylimitationontheirabilitytodoso,CI,SavillsandCenturiadisclaimliabilityunderanycauseofactionincludingnegligenceforanylossarisingfromrelianceuponthisdocument.

ThisconfidentialdocumentisforthesoleuseofpersonsdirectlyprovidedwithitCI,SavillsandCenturiaandisnottobesuppliedtoanyotherpersonwithoutthepriorwrittenconsentofCI,SavillsandCenturia.Useby,orrelianceuponthisdocumentbyanyotherpersonisnotauthorisedbyCI,SavillsandCenturiaandwithoutlimitationtotheabovedisclaimers,CI,SavillsandCenturiaarenotliableforanylossarisingfromsuchunauthoriseduseorreliance.

WhileCenturiahastakenreasonablecareinprovidingtheinformation,Centuriaoritsdirectors,officersoremployeesdonotprovideanyrepresentationorwarrantyofanykindinrelationtotheaccuracy,reliabilityorcompletenessoftheinformationnoworinthefuture.Centuriaacceptsnoresponsibilityforanyerrorsoromissionsfromtheinformationmemorandumorforanyactiontakeninrelyingonit.

GST Disclaimer:CI,SavillsandCenturiaadvisethatthefinancialinformationprovidedinthisreport,relatingtoincome,outgoingsandthelikeisprovidedwithoutreferencetothepossibleimpactofGST,ifany.PurchasersshouldmaketheirownassessmentoftheimpactofGSTontheinvestmentsandthereturnsderivedtherefromafterobtainingexpertprofessionaladvice.

1 Information Memorandum for 30 Alfred Street, Milsons Point30


Chesterton InternationalLevel7,2ElizabethPlazaNorthSydneyNSW2060

Michael StokesT:+6182380017M:+61418251579E:[email protected]

Bevan KennyT:+6194582311M:+61411223213E:[email protected]

Savills Australia Level7,50BridgeStreet SydneyNSW2000

Simon Fenn T:+6182158830 M:+61438573431 E:[email protected]

Stuart Cox T:+6182158810 M:+61438770867 E:[email protected]

We look forward to confirming your interest. All inspections are to be scheduled via the exclusive selling agents:

30 alfred street milsons point, nsw...2013/12/30 · ground floor retail/commercial space and...

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