june 2008 property portfolio
TRANSCRIPT
1 108 PROPERTY PORTFOLIO30 June 2008
2 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008
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AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 3
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08contents
Dear reader,
It is with pleasure that Australand provides the Investment Property Portfolio update for the 2008 year. Our portfolio has grown to now exceed $2 billion in asset value and exceeds 1 million square metres in lettable area.
Our portfolio is underpinned by a secure income stream from a diverse portfolio of quality industrial and commercial assets in prime locations occupied by quality tenants. The portfolio has a secure income stream with 47% of the portfolio income sourced from ASX listed companies, 30% from multi national corporations and 7% from both federal and state governments. During the last six months Australand welcomed new tenants including Alinta, Boeing, Corporate Express and Cabac.
Our modern portfolio is well balanced between commercial and industrial assets and is diversified nationally with the bulk of the assets around the major population centres of NSW, Victoria and Queensland.
We are pleased to present Australand’s Investment Property assets which comprises 62 completed properties and an additional nine properties under construction. Should you have any questions please contact Robert Wallace, Property Trust Manager, or Rob Morton, Investor Relations Manager.
Bob JohnstonChief Executive OfficerAustraland Property Group
INTRoDUcTIoN fRom oUR ceo 3
INDUSTRIAL oveRvIew 4
IndusTRIaL PORTFOLIO nsW 7
IndusTRIaL PORTFOLIO VIC 16
IndusTRIaL PORTFOLIO QLd 26
IndusTRIaL PORTFOLIO sa 31
IndusTRIaL PORTFOLIO Wa 33
offIceS oveRvIew 34
OFFICE PORTFOLIO nsW 36
OFFICE PORTFOLIO VIC 40
OFFICE PORTFOLIO QLd 43
oTheR commeRcIAL oveRvIew 44
OThER COmmERCIaL PORTFOLIO nsW 46
OThER COmmERCIaL PORTFOLIO VIC 47
4 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 5
overviewAustraland is one of Australia’s largest industrial property owners with a modern portfolio of prime assets occupied by quality tenants. The bulk of the portfolio is located in Australia’s major population centres along the eastern seaboard.
As at 30 June 2008, the Australand industrial portfolio comprised 45 properties with a total lettable area of 782,892 square metres. The industrial portfolio had an average lease term of 7.9 years (by income) and was 100% occupied.
The industrial portfolio had an additional 8 properties under construction which will strengthen the portfolio profile through further tenant and geographical diversification.
INDUSTRIAL PRoPeRTY PoRTfoLIo 080.0%
VACANT JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17 JUN 18+
3.6% 1.6%4.8%
8.8% 7.7%16.0%
9.3%5.7%
1.4%
41.1%
0
20
40
60
80
100% %
0
20
40
60
80
100
YEAR ENDING
% R
ENT
EXPI
RING
% C
UMUL
ATIV
E RE
NT E
XPIR
ING
GEOGRAPHIC DIVERSIFICATION
NSW 49% VIC 27%
SA 3%WA 1%
QLD 20%
ANNUAL RENT EXPIRYCUMULATIVE RENT EXPIRY
LEASE EXPIRY PROFILE (BY INCOME)
PRoPeRTY STATe GLA (m2)* BooK vALUe % of INDUSTRIAL PoRTfoLIo*
1 80 Hartley Street, Smeaton Grange New South Wales 61,281 $58,000,000 5.8%
2 2 Wonderland Drive, Eastern Creek New South Wales 29,047 $50,750,000 5.0%
3 10 Butu Wargun Drive, Greystanes New South Wales 25,705 $42,000,000 4.2%
4 35 Huntingwood Drive, Huntingwood New South Wales 24,967 $39,000,000 3.9%
5 8 Butu Wargun Drive, Greystanes New South Wales 22,511 $33,700,000 3.3%
6 6 Butu Wargun Drive, Greystanes New South Wales 19,218 $28,700,000 2.9%
7 227 Walters Road, Arndell Park New South Wales 17,733 $28,250,000 2.8%
8 23 Wonderland Drive, Eastern Creek New South Wales 23,081 $25,718,313 2.6%
9 8 Stanton Road, Seven Hills New South Wales 10,708 $16,600,000 1.6%
10 10 Stanton Road, Seven Hills New South Wales 7,065 $11,300,000 1.1%
11 Lot A, 302 Hume Highway, Goulburn New South Wales 42,826 $76,000,000 7.5%
12 Lot 14 Powers Road, Seven Hills New South Wales 13,555 $21,000,000 2.1%
13 4 Butu Wargun Drive, Greystanes New South Wales 10,995 $18,500,000 1.8%
14 Gibbon Road, Baulkham Hills New South Wales 8,898 $26,710,092 2.6%
15 1 Lockwood Road, Erskine Park New South Wales 43,085 $56,150,000 5.6%
16 1 Kellet Close, Erskine Park New South Wales 8,451 $13,500,000 1.4%
17 8 Distribution Place, Seven Hills New South Wales 12,319 $20,550,000 2.0%
* Rounding applies
6 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 7
PRoPeRTY 1D homeBUSh BAY DRIve RhoDeS, NSw
owNeRShIP 100%
% of offIce PoRTfoLIo 8.7%
BooK vALUe $78,500,000
NeT LeTTABLe AReA 17,238 m2
TYPIcAL fLooR PLATe 3,448 m2
cAR SPAceS 278
occUPANcY 100%
TeNANTS NeSTLe AUS LTD
ReNT RevIew STRUcTURe fIxeD ANNUAL INcReASeS PLUS mARKeT RevIew 2008 AND 2011
YeAR comPLeTeD 2003
DeScRIPTIoN SIx LeveL offIce commeRcIAL BUILDING
INDePeNDeNT vALUATIoN DATe 31 Dec 07
INDePeNDeNT vALUATIoN $79,000,000
DIScoUNT RATe 8.25%
vALUATIoN cAP RATe 6.75%
wALe 5.36 YeARS
PRoPeRTY GATewAY BUILDING 26-30 Lee STReeT SYDNeY, NSw
owNeRShIP 100%
% of offIce PoRTfoLIo 8.1%
BooK vALUe $72,500,000
NeT LeTTABLe AReA 12,600 m2
TYPIcAL fLooR PLATe 1,520 m2
cAR SPAceS 44
occUPANcY 100%
TeNANTS commoNweALTh GoveRNmeNT of AUSTRALIA
The NSw STATe GoveRNmeNT fIxeD ANNUAL INcReASe PLUS ReNT RevIew STRUcTURe mARKeT RevIewS 2012
YeAR comPLeTeD 2002
DeScRIPTIoN NINe LeveL commeRcIAL offIce BUILDING
INDePeNDeNT vALUATIoN DATe 30 JUN 08
INDePeNDeNT vALUATIoN $72,500,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.00%
wALe 4.5 YeARS
1 2PRoPeRTY 80 Hartley Road,
Smeaton Grange, NSW
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 5.8%
BooK vALUe $58,000,000
GRoSS LeTTABLe AReA 61,281 m2
occUPANcY 100%
TeNANTS Coles Ltd
ReNT RevIew STRUcTURe Annual 3.0% increases
YeAR comPLeTeD 1999
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $58,000,000
DIScoUNT RATe 9.00%
vALUATIoN cAP RATe 7.25%
wALe (BY INcome) 5.97 Years
PRoPeRTY 2 Wonderland Drive, Eastern Creek, NSW
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 5.0%
BooK vALUe $50,750,000
GRoSS LeTTABLe AReA 29,047 m2
occUPANcY 100%
TeNANTS LG Electronics
ReNT RevIew STRUcTURe Annual 3.25% increases
YeAR comPLeTeD 2004 and expanded in 2005
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $51,500,000
DIScoUNT RATe 8.75%
vALUATIoN cAP RATe 7.00%
wALe (BY INcome) 6.20 Years
PRoPeRTY STATe GLA (m2)* BooK vALUe % of INDUSTRIAL PoRTfoLIo*
18 98-126 South Park Drive, Dandenong South Victoria 21,020 $19,300,000 1.9%
19 2 Douglas Street, Port Melbourne Victoria 21,785 $26,400,000 2.6%
20 35-61 South Park Drive, Dandenong South Victoria 32,167 $28,700,000 2.8%
21 20 Thackray Road, Port Melbourne Victoria 9,027 $17,250,000 1.7%
22 21-33 South Park Drive, Dandenong South Victoria 22,106 $16,600,000 1.6%
23 22-28 Bam Wine Court, Dandenong South Victoria 13,420 $12,400,000 1.2%
24 64 West Park Drive, Derrimut Victoria 20,337 $15,200,000 1.5%
25 23 Scanlon Drive, Epping Victoria 12,361 $13,900,000 1.4%
26 63-71 South Park Drive, Dandenong South Victoria 14,314 $13,200,000 1.3%
27 34-78 South Park Drive, Dandenong South Victoria 10,998 $11,200,000 1.1%
28 89-103 South Park Drive, Dandenong South Victoria 10,425 $9,400,000 0.9%
29 486 Boundary Road, Derrimut Victoria 24,732 $24,400,000 2.4%
30 9 Amcor Way, Campbellfield Victoria 9,530 $9,050,000 0.9%
31 610 Heatherton Road, Clayton South Victoria 8,387 $30,000,000 3.0%
32 244 - 264 Greens Rd, Dandenong South Victoria 10,196 $10,500,000 1.0%
33 25-29 Jets Court, Tullamarine Victoria 15,544 $15,650,000 1.5%
34 115-121 South Centre Road, Tullamarine Victoria 3,085 $7,800,000 0.8%
35 57-71 Platinum Street, Crestmead Queensland 19,299 $24,000,000 2.4%
36 51 Stradbroke Street, Heathwood Queensland 14,916 $21,000,000 2.1%
37 286 Queensport Road, Murarrie Queensland 21,531 $24,500,000 2.5%
38 5-7 Trade Street, Lytton Queensland 14,479 $17,400,000 1.7%
39 99 Shettleston Street, Rocklea Queensland 15,186 $18,500,000 1.8%
40 16 Archimedes Place, Murarrie Queensland 4,011 $7,200,000 0.7%
41 47-59 Boundary Road, Carole Park Queensland 13,260 $11,000,000 1.1%
42 Lot 102 Coghlan Road, Outer Harbour South Australia 6,626 $8,400,000 0.8%
43 Cnr Frost & Cross Keys Roads, Salisbury South
South Australia 18,806 $10,100,000 1.0%
44 18-20 Butler Boulevard, Burbridge Business Park, Adelaide Airport
South Australia 6,991 $11,400,000 1.1%
45 811 Abernethy Road, Forrestfield Western Australia 6,993 $10,100,000 1.0%
782,892 $1,010,978,405 100.0%
46 Sky Road East, Tullamarine Victoria 12,000 Under Construction
47 Cnr Link & South Centre Rds, Tullamarine Victoria 18,526 Under Construction
48 Eastern Side Jets Court, Tullamarine Victoria 9,816 Under Construction
49 94 South Centre Road, Tullamarine Victoria 46,107 Under Construction
50 3135 - 3295 Beaudesert Road, Parkinson Queensland 41,731 Under Construction
51 44 Cambridge Street, Rocklea Queensland 10,923 Under Construction
52 Stage 2, 5 Butler Boulevard, Burbridge Business Park, Adelaide Airport
South Australia 8,237 Under Construction
53 Hudswell Place, Perth Airport Western Australia 20,123 Under Construction
167,463
nsW
Under Construction
* Rounding applies
8 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 9
5 63 4PRoPeRTY 10 Butu Wargun Drive,
Greystanes, NSW
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 4.2%
BooK vALUe $42,000,000
GRoSS LeTTABLe AReA 25,705m2
occUPANcY 100%
TeNANTS Cadbury Schweppes Pty Ltd
ReNT RevIew STRUcTURe Annual 3.0% increases
YeAR comPLeTeD 2003
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $42,850,000
DIScoUNT RATe 8.75%
vALUATIoN cAP RATe 7.00%
wALe (BY INcome) 4.63 Years
PRoPeRTY 35 Huntingwood Drive, Huntingwood, NSW
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 3.9%
BooK vALUe $39,000,000
GRoSS LeTTABLe AReA 24,967m2
occUPANcY 100%
TeNANTS Coles Ltd
ReNT RevIew STRUcTURe Annual 3.0% increases
YeAR comPLeTeD 1998
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $39,000,000
DIScoUNT RATe 8.75%
vALUATIoN cAP RATe 7.75%
wALe (BY INcome) 5.67 Years
PRoPeRTY 8 Butu Wargun Drive, Greystanes, NSW
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 3.3%
BooK vALUe $33,700,000
GRoSS LeTTABLe AReA 22,511m2
occUPANcY 100%
TeNANTS Inchape Motors Australia Pty Ltd John Danks & Son Pty Ltd
ReNT RevIew STRUcTURe Inchape – Annual fixed 3.5% increases John Danks – Annual fixed 3.0% increases
YeAR comPLeTeD 2005
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $33,700,000
DIScoUNT RATe 8.75%
vALUATIoN cAP RATe 7.25%
wALe (BY INcome) 5.46 Years
PRoPeRTY 6 Butu Wargun Drive, Greystanes, NSW
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 2.9%
BooK vALUe $28,700,000
GRoSS LeTTABLe AReA 19,218m2
occUPANcY 100%
TeNANTS Consolidated Paper Industries
ReNT RevIew STRUcTURe Greater of CPI & 3.25% increases
YeAR comPLeTeD 2005
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $28,700,000
DIScoUNT RATe 8.75%
vALUATIoN cAP RATe 7.25%
wALe (BY INcome) 6.81 Years
JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17
61.6%
38.4%
0
20
40
60
80
%100
YEAR ENDING
MULTI-TENANCY LEASE EXPIRY PROFILE (BY INCOME)
2018 +
10 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 11
9 107 8PRoPeRTY 8 Stanton Road,
Seven Hills, NSW
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.6%
BooK vALUe $16,600,000
GRoSS LeTTABLe AReA 10,708m2
occUPANcY 100%
TeNANTS Panasonic Australia Pty Ltd
ReNT RevIew STRUcTURe Greater of CPI & 3.5% increases
YeAR comPLeTeD 2002
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $16,600,000
DIScoUNT RATe 9.00%
vALUATIoN cAP RATe 7.50%
wALe (BY INcome) 3.89 Years
PRoPeRTY 10 Stanton Road, Seven Hills, NSW
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.1%
BooK vALUe $11,300,000
GRoSS LeTTABLe AReA 7,065m2
occUPANcY 100%
TeNANTS Asic Oceania Pty Ltd
ReNT RevIew STRUcTURe Greater of CPI & 3.5% increases
YeAR comPLeTeD 2003
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $11,600,000
DIScoUNT RATe 9.00%
vALUATIoN cAP RATe 7.25%
wALe (BY INcome) 2.83 Years
PRoPeRTY 227 Walters Road, Arndell Park, NSW
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 2.8%
BooK vALUe $28,250,000
GRoSS LeTTABLe AReA 17,733m2
occUPANcY 100%
TeNANTS Exel (Australia)
ReNT RevIew STRUcTURe Annual 3.0% increases
YeAR comPLeTeD 2002
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $28,250,000
DIScoUNT RATe 8.75%
vALUATIoN cAP RATe 7.25%
wALe (BY INcome) 3.81 Years
PRoPeRTY 23 Wonderland Drive, Eastern Creek, NSW
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 2.6%
BooK vALUe $25,718,313
GRoSS LeTTABLe AReA 23,081m2
occUPANcY 100%
TeNANTS Post Logistics
ReNT RevIew STRUcTURe Annual 3.5% increases
YeAR comPLeTeD 2005
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2005
INDePeNDeNT vALUATIoN $25,500,000
DIScoUNT RATe 9.60%
vALUATIoN cAP RATe 7.95%
wALe (BY INcome) 5.68 Years
AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 13
13 14
12 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008
11 12PRoPeRTY 4 Butu Wargun Drive,
Greystanes, NSW
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.8%
BooK vALUe $18,500,000
GRoSS LeTTABLe AReA 10,995 m2
occUPANcY 100%
TeNANTS Aristocrat Technologies Australia Pty Ltd Svinos Holdings Pty Ltd
ReNT RevIew STRUcTURe Aristocrat – Annual fixed 3.0% increases Svinos– Annual fixed 3.5% increases
YeAR comPLeTeD 2008
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 March 2008
INDePeNDeNT vALUATIoN $18,500,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 6.75%
wALe (BY INcome) 9.43 Years
PRoPeRTY Gibbon Road, Baulkham Hills, NSW
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 2.6%
BooK vALUe $26,710,092
GRoSS LeTTABLe AReA 8,898m2
occUPANcY 100%
TeNANTS Schering Plough
ReNT RevIew STRUcTURe N/A
YeAR comPLeTeD Circa 1980
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe N/A
INDePeNDeNT vALUATIoN N/A
DIScoUNT RATe N/A
vALUATIoN cAP RATe N/A
wALe (BY INcome) 0.68 Years
PRoPeRTY Lot A, 302 Hume Highway, Goulburn, NSW
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 7.5%
BooK vALUe $76,000,000
GRoSS LeTTABLe AReA 42,826m2
occUPANcY 100%
TeNANTS Coles Group
ReNT RevIew STRUcTURe Annual 2.75% increases
YeAR comPLeTeD 2007
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 28 Feb 2008
INDePeNDeNT vALUATIoN $76,000,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.00%
wALe (BY INcome) 13.63 Years
PRoPeRTY Lot 14 Powers Road, Seven Hills, NSW
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 2.1%
BooK vALUe $21,000,000
GRoSS LeTTABLe AReA 13,555m2
occUPANcY 100%
TeNANTS Sigma Company
ReNT RevIew STRUcTURe Annual 3.5% increases
YeAR comPLeTeD 2007
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $21,000,000
DIScoUNT RATe 8.75%
vALUATIoN cAP RATe 7.25%
wALe (BY INcome) 1.59 Years
JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17
97.7%
2.3%0
20
40
60
80
%100
YEAR ENDING
MULTI-TENANCY LEASE EXPIRY PROFILE (BY INCOME)
2018 +
14 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 15
17 1815 16PRoPeRTY 8 Distribution Place,
Seven Hills, NSW
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 2.0%
BooK vALUe $20,550,000
GRoSS LeTTABLe AReA 12,319m2
occUPANcY 100%
TeNANTS Cabac
ReNT RevIew STRUcTURe Annual 3.0% increases
YeAR comPLeTeD 2008
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $20,550,000
DIScoUNT RATe 8.60%
vALUATIoN cAP RATe 6.75%
wALe (BY INcome) 9.91 Years
PRoPeRTY 1 Lockwood Road, Erskine Park, NSW
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 5.6%
BooK vALUe $56,150,000
GRoSS LeTTABLe AReA 43,085m2
occUPANcY 100%
TeNANTS Corporate Express
ReNT RevIew STRUcTURe Annual 2.75% increases
YeAR comPLeTeD 2008
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $56,150,000
DIScoUNT RATe 8.75%
vALUATIoN cAP RATe 6.75%
wALe (BY INcome) 12.00 Years
PRoPeRTY 1 Kellet Close, Erskine Park, NSW
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.4%
BooK vALUe $13,500,000
GRoSS LeTTABLe AReA 8,451m2
occUPANcY 100%
TeNANTS Strandbags
ReNT RevIew STRUcTURe Annual 3.2% increases
YeAR comPLeTeD 2008
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $13,500,000
DIScoUNT RATe 8.75%
vALUATIoN cAP RATe 6.75%
wALe (BY INcome) 10.00 Years
PRoPeRTY 98-126 South Park Drive, Dandenong South, VIC
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.9%
BooK vALUe $19,300,000
GRoSS LeTTABLe AReA 21,020m2
occUPANcY 100%
TeNANTS Gregorys Transport Pty Ltd
ReNT RevIew STRUcTURe Annual 3.0% increases
YeAR comPLeTeD 2006
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $19,300,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.00%
wALe (BY INcome) 8.26 Years
VIC
16 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 17
21 2219 20PRoPeRTY 20 Thackray Road, Port
Melbourne, VIC
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.7%
BooK vALUe $17,250,000
GRoSS LeTTABLe AReA 9,027m2
occUPANcY 100%
TeNANTS Pearson Australia Group
ReNT RevIew STRUcTURe Annual 3.5% increases
YeAR comPLeTeD 2005
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $17,250,000
DIScoUNT RATe 8.75%
vALUATIoN cAP RATe 7.25%
wALe (BY INcome) 7.00 Years
PRoPeRTY 21-33 South Park Drive, Dandenong, VIC
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.6%
BooK vALUe $16,600,000
GRoSS LeTTABLe AReA 22,106m2
occUPANcY 100%
TeNANTS AAA Trading Pty Ltd
ReNT RevIew STRUcTURe Annual 3.0% increases
YeAR comPLeTeD 2005
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $16,600,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.50%
wALe (BY INcome) 7.36 Years
PRoPeRTY 2 Douglas Street, Port Melbourne, VIC
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 2.6%
BooK vALUe $26,400,000
GRoSS LeTTABLe AReA 21,785m2
occUPANcY 100%
TeNANTS Toll Transport Australia Post
ReNT RevIew STRUcTURe Toll – Annual fixed 2.5% increases Australia Post – Annual fixed 3.5% increases
YeAR comPLeTeD 2004 & 2008
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $26,400,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.75%
wALe (BY INcome) 8.58 Years
PRoPeRTY 35-61 South Park Drive, Dandenong South, VIC
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 2.8%
BooK vALUe $28,700,000
GRoSS LeTTABLe AReA 32,167m2
occUPANcY 100%
TeNANTS API
ReNT RevIew STRUcTURe Annual 3.0% increases
YeAR comPLeTeD 2002, Extended 2008
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $28,700,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.50%
wALe (BY INcome) 10.25 Years
JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17
83.8%
16.2%
0
20
40
60
80
%100
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MULTI-TENANCY LEASE EXPIRY PROFILE (BY INCOME)
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18 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 19
25 2623 24PRoPeRTY 23 Scanlon Drive,
Epping, VIC
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.4%
BooK vALUe $13,900,000
GRoSS LeTTABLe AReA 12,361m2
occUPANcY 100%
TeNANTS Sumitomo Australia Limited
ReNT RevIew STRUcTURe Annual 4.0% increases
YeAR comPLeTeD 2006
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $14,100,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.00%
wALe (BY INcome) 3.70 Years
PRoPeRTY 63-71 South Park Drive, Dandenong South, VIC
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.3%
BooK vALUe $13,200,000
GRoSS LeTTABLe AReA 14,314m2
occUPANcY 100%
TeNANTS INC Corporation
ReNT RevIew STRUcTURe Annual 3.0% increases
YeAR comPLeTeD 2004
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $13,300,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.25%
wALe (BY INcome) 5.88 Years
PRoPeRTY 22-28 Bam Wine Court, Dandenong South, VIC
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.2%
BooK vALUe $12,400,000
GRoSS LeTTABLe AReA 13,420m2
occUPANcY 100%
TeNANTS Bam Wine Logistics Pty Ltd
ReNT RevIew STRUcTURe Annual 3.25% increases
YeAR comPLeTeD 2004
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $12,400,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.25%
wALe (BY INcome) 3.23 Years
PRoPeRTY 64 West Park Drive, Derrimut, VIC
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.5%
BooK vALUe $15,200,000
GRoSS LeTTABLe AReA 20,337m2
occUPANcY 100%
TeNANTS Denso International Australia Pty Ltd
ReNT RevIew STRUcTURe Annual 3.0% increases
YeAR comPLeTeD 2004
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $15,200,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.75%
wALe (BY INcome) 4.16 Years
20 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 21
29 3027 28PRoPeRTY 486 Boundary Road,
Derrimut, VIC
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 2.4%
BooK vALUe $24,400,000
GRoSS LeTTABLe AReA 24,732m2
occUPANcY 100%
TeNANTS Chep
ReNT RevIew STRUcTURe Annual 3.0% increases
YeAR comPLeTeD 2006
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $24,400,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.25%
wALe (BY INcome) 7.11 Years
PRoPeRTY 9 Amcor Way, Campbellfield, VIC
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 0.9%
BooK vALUe $9,050,000
GRoSS LeTTABLe AReA 9,530m2
occUPANcY 100%
TeNANTS Amcor
ReNT RevIew STRUcTURe Annual 3.0% increases
YeAR comPLeTeD 1989
DeScRIPTIoN Manufacturing & Warehouse
INDePeNDeNT vALUATIoN DATe 15 Feb 2008
INDePeNDeNT vALUATIoN $9,050,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.00%
wALe (BY INcome) 4.46 Years
PRoPeRTY 34-78 South Park Drive, Dandenong South, VIC
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.1%
BooK vALUe $11,200,000
GRoSS LeTTABLe AReA 10,998m2
occUPANcY 100%
TeNANTS Clifford Hallam Healthcare
ReNT RevIew STRUcTURe Annual 3.25% increases
YeAR comPLeTeD 2006
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $11,200,000
DIScoUNT RATe 8.75%
vALUATIoN cAP RATe 7.25%
wALe (BY INcome) 8.00 Years
PRoPeRTY 89-103 South Park Drive, Dandenong South, VIC
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 0.9%
BooK vALUe $9,400,000
GRoSS LeTTABLe AReA 10,425m2
occUPANcY 100%
TeNANTS CEVA Logistics Australia
ReNT RevIew STRUcTURe Annual 3.5% increases
YeAR comPLeTeD 2005
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $9,500,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.50%
wALe (BY INcome) 2.21 Years
22 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 23
PRoPeRTY 25-29 Jets Court, Tullamarine, VIC
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.5%
BooK vALUe $15,650,000
GRoSS LeTTABLe AReA 15,544m2
occUPANcY 100%
TeNANTS Boeing Australia Australand RSD
ReNT RevIew STRUcTURe Annual 3.5% increases
YeAR comPLeTeD 2007
DeScRIPTIoN 2 Unit Office & Warehouse Development
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $15,650,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.00%
wALe (BY INcome) 4.61 years
PRoPeRTY 115-121 South Centre Road, Tullamarine, VIC
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 0.8%
BooK vALUe $7,800,000
GRoSS LeTTABLe AReA 3,085m2
occUPANcY 100%
TeNANTS Toll Holdings Jetstream Cafe
ReNT RevIew STRUcTURe Annual 3.25% increases
YeAR comPLeTeD 2008
DeScRIPTIoN Office, warehouse & cafe
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $7,800,000
DIScoUNT RATe 8.75%
vALUATIoN cAP RATe 7.00%
wALe (BY INcome) 9.84 Years
33 3431 32PRoPeRTY 610 Heatherton Road,
Clayton South, VIC
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 3.0%
BooK vALUe $30,000,000
GRoSS LeTTABLe AReA 8,387m2
occUPANcY 100%
TeNANTS Alinta
ReNT RevIew STRUcTURe Annual 3.25% increases
YeAR comPLeTeD 2008
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $30,000,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 6.75%
wALe (BY INcome) 9.77 Years
PRoPeRTY 244-264 Greens Road, Dandenong South, VIC
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.0%
BooK vALUe $10,500,000
GRoSS LeTTABLe AReA 10,196m2
occUPANcY 100%
TeNANTS Silvan H2O
ReNT RevIew STRUcTURe Annual 3.25% increases
YeAR comPLeTeD 2008
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $10,500,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.00%
wALe (BY INcome) 9.93 Years
JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17
100%
0
20
40
60
80
%100
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2018 + JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17
100%
0
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40
60
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%100
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MULTI-TENANCY LEASE EXPIRY PROFILE (BY INCOME)
2018 +
24 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 25
37 3835 36
QLd
PRoPeRTY 57-71 Platinum Street, Crestmead, QLD
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 2.4%
BooK vALUe $24,000,000
GRoSS LeTTABLe AReA 19,299m2
occUPANcY 100%
TeNANTS Stramit Corporation Limited
ReNT RevIew STRUcTURe Annual CPI increases
YeAR comPLeTeD 2000
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $24,000,000
DIScoUNT RATe 9.50%
vALUATIoN cAP RATe 7.75%
wALe (BY INcome) 3.38 Years
PRoPeRTY 51 Stradbroke Street, Heathwood, QLD
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 2.1%
BooK vALUe $21,000,000
GRoSS LeTTABLe AReA 14,916m2
occUPANcY 100%
TeNANTS B & R Enclosures
ReNT RevIew STRUcTURe Greater of CPI & 3.0% increases
YeAR comPLeTeD 2002 and expanded in 2005
DeScRIPTIoN Office, Manufacturing & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $21,000,000
DIScoUNT RATe 9.00%
vALUATIoN cAP RATe 6.80%
wALe (BY INcome) 12.13 Years
PRoPeRTY 286 Queensport Road, Murarrie, QLD
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 2.5%
BooK vALUe $24,500,000
GRoSS LeTTABLe AReA 21,531m2
occUPANcY 100%
TeNANTS The Laminex Group
ReNT RevIew STRUcTURe Annual 3.5% increases
YeAR comPLeTeD 2004
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $24,000,000
DIScoUNT RATe 9.40%
vALUATIoN cAP RATe 7.40%
wALe (BY INcome) 6.17 Years
PRoPeRTY 5-7 Trade Street, Lytton, QLD
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.7%
BooK vALUe $17,400,000
GRoSS LeTTABLe AReA 14,479m2
occUPANcY 100%
TeNANTS Berri Ltd
ReNT RevIew STRUcTURe Annual 3.0% increases
YeAR comPLeTeD 2001
DeScRIPTIoN Manufacturing & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $17,400,000
DIScoUNT RATe 9.50%
vALUATIoN cAP RATe 7.75%
wALe (BY INcome) 2.86 Years
24 AUSTRALAND PROPERTY PORTFOLIO 2008
26 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 27
41 4239 40PRoPeRTY 99 Shettleston Street,
Rocklea, QLD
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.8%
BooK vALUe $18,500,000
GRoSS LeTTABLe AReA 15,186m2
occUPANcY 100%
TeNANTS Amcor Packaging
ReNT RevIew STRUcTURe Annual 3.0% increases
YeAR comPLeTeD 2002
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $18,500,000
DIScoUNT RATe 9.00%
vALUATIoN cAP RATe 7.35%
wALe (BY INcome) 3.50 Years
PRoPeRTY 16 Archimedes Place, Murarrie, QLD
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 0.7%
BooK vALUe $7,200,000
GRoSS LeTTABLe AReA 4,011m2
occUPANcY 100%
TeNANTS HPA Limited
ReNT RevIew STRUcTURe None
YeAR comPLeTeD 2001
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 Jun 2008
INDePeNDeNT vALUATIoN $7,200,000
DIScoUNT RATe 9.50%
vALUATIoN cAP RATe 8.00%
wALe (BY INcome) 1.00 Years
PRoPeRTY 47-59 Boundary Road, Carole Park, QLD
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.1%
BooK vALUe $11,000,000
GRoSS LeTTABLe AReA 13,260m2
occUPANcY 100%
TeNANTS Tyre Marketers (Aus) Ltd
ReNT RevIew STRUcTURe Greater of CPI & 3.0% increases
YeAR comPLeTeD 2004
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $11,000,000
DIScoUNT RATe 9.50%
vALUATIoN cAP RATe 7.15%
wALe (BY INcome) 5.91 Years
PRoPeRTY Lot 102 Coghlan Road, Outer Harbor, SA
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 0.8%
BooK vALUe $8,400,000
GRoSS LeTTABLe AReA 6,626m2
occUPANcY 100%
TeNANTS Southcorp Wines
ReNT RevIew STRUcTURe Annual, greater of CPI or 3.0%
YeAR comPLeTeD 2001
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30 June 2008
INDePeNDeNT vALUATIoN $8,400,000
DIScoUNT RATe 9.00%
vALUATIoN cAP RATe 8.25%
wALe (BY INcome) 2.77 Years
sa
28 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 29
PRoPeRTY 811 Abernethy Road, Forrestfield, WA
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.0%
BooK vALUe $10,100,000
GRoSS LeTTABLe AReA 6,993m2
occUPANcY 100%
TeNANTS Toll Ipec
ReNT RevIew STRUcTURe Annual 3.0% increases
YeAR comPLeTeD 2002
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $9,900,000
DIScoUNT RATe 9.75%
vALUATIoN cAP RATe 7.20%
wALe (BY INcome) 4.06 Years
45PRoPeRTY Cnr Frost and Cross Keys
Roads, Salisbury South, SA
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.0%
BooK vALUe $10,100,000
GRoSS LeTTABLe AReA 18,806m2
occUPANcY 100%
TeNANTS Coles Group
ReNT RevIew STRUcTURe N/A
YeAR comPLeTeD Circa 1976 & expanded 1984
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 31 Dec 2007
INDePeNDeNT vALUATIoN $10,000,000
DIScoUNT RATe 10.00%
vALUATIoN cAP RATe 9.00%
wALe (BY INcome) 0.34 Years
PRoPeRTY 18 – 20 Butler Boulevard, Burbridge Business Park, Adelaide Airport, SA
owNeRShIP 100%
% of INDUSTRIAL PoRTfoLIo 1.1%
BooK vALUe $11,400,000
GRoSS LeTTABLe AReA 6,991m2
occUPANcY 100%
TeNANT Thermo Gama Metrics Pty Ltd
ReNT RevIew STRUcTURe Annual 3.5% increases
YeAR comPLeTeD 2008
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 30-June-2008
INDePeNDeNT vALUATIoN $11,400,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.00%
wALe (BY INcome) 9.56 Years
43 44
Wa
AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 3130 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008
48 4946 47PRoPeRTY Sky Road, East Tullamarine, VIC
owNeRShIP 100%
BooK vALUe Under Construction
GRoSS LeTTABLe AReA 12,000m2
occUPANcY 100%
TeNANT Agility
ReNT RevIew STRUcTURe Annual 3.25% increases
YeAR comPLeTeD tbc 2008
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe N/A
INDePeNDeNT vALUATIoN Under Construction
DIScoUNT RATe N/A
vALUATIoN cAP RATe N/A
wALe (BY INcome) 10 years from completion
PRoPeRTY Cnr Link & South Centre Roads, Tullamarine, VIC
owNeRShIP 100%
BooK vALUe Under Construction
GRoSS LeTTABLe AReA 18,526m2
occUPANcY 100%
TeNANT DHL
ReNT RevIew STRUcTURe Annual 3.5% increases
YeAR comPLeTeD tbc 2009
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe N/A
INDePeNDeNT vALUATIoN Under Construction
DIScoUNT RATe N/A
vALUATIoN cAP RATe N/A
wALe (BY INcome) 10 years from completion
PRoPeRTY Eastern Side Jets Court, Tullamarine, VIC
owNeRShIP 100%
BooK vALUe Under Construction
GRoSS LeTTABLe AReA 9,816m2
occUPANcY 100%
TeNANTS Smith Lewis, Eagle lighting
ReNT RevIew STRUcTURe Annual 3.5% increases
YeAR comPLeTeD tbc 2009
DeScRIPTIoN 2 Unit Office & Warehouse Development
INDePeNDeNT vALUATIoN DATe N/A
INDePeNDeNT vALUATIoN Under Construction
DIScoUNT RATe N/A
vALUATIoN cAP RATe N/A
wALe (BY INcome) 5 years from completion
PRoPeRTY 94 South Centre Road, Tullamarine, VIC
owNeRShIP 100%
BooK vALUe Under Construction
GRoSS LeTTABLe AReA 46,107m2
occUPANcY 100%
TeNANT ADR
ReNT RevIew STRUcTURe Annual 3.0% increases
YeAR comPLeTeD tbc 2008
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe N/A
INDePeNDeNT vALUATIoN Under Construction
DIScoUNT RATe N/A
vALUATIoN cAP RATe N/A
wALe 12 years from completion
undERCOnsTRuCTIOn JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17
100%
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32 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 33
52 5350 51PRoPeRTY 3135 -3295 Beaudesert Road,
Parkinson, QLD
owNeRShIP 100%
BooK vALUe Under Construction
GRoSS LeTTABLe AReA 41,731m2
occUPANcY 100%
TeNANTS Coles Ltd
ReNT RevIew STRUcTURe Annual 2.75% increases
YeAR comPLeTeD 2008 (Pending)
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe Under Construction
INDePeNDeNT vALUATIoN N/A
DIScoUNT RATe N/A
vALUATIoN cAP RATe N/A
wALe (BY INcome) 15 years from completion
PRoPeRTY 44 Cambridge Street, Rocklea, QLD
owNeRShIP 100%
BooK vALUe Under Construction
GRoSS LeTTABLe AReA 10,923 m2
occUPANcY 100%
TeNANTS Assa Abbloy – Pre-commitment MWD – Pre-commitment
ReNT RevIew STRUcTURe Annual fixed increases
YeAR comPLeTeD 1980 (currently being refurbished)
DeScRIPTIoN Office & Warehouse
INDePeNDeNT vALUATIoN DATe 14 August 2007
INDePeNDeNT vALUATIoN Under Construction
DIScoUNT RATe N/A
vALUATIoN cAP RATe N/A
wALe (BY INcome) 7. 25 Years (New lease commitments)
PRoPeRTY Stage 2, 5 Butler Boulevard, Burbridge Business Park, Adelaide Airport, SA
owNeRShIP 100%
BooK vALUe Under Construction
GRoSS LeTTABLe AReA 8,237m2
occUPANcY 100%
TeNANT Herbalife Australasia Pty Ltd Groundhog Services Pty Ltd AHL RSD
ReNT RevIew STRUcTURe Annual fixed increases
YeAR comPLeTeD Completion in 2nd half of 2008
DeScRIPTIoN 4 Unit Office & Warehouse Complex
INDePeNDeNT vALUATIoN DATe N/A
INDePeNDeNT vALUATIoN Under Construction
DIScoUNT RATe N/A
vALUATIoN cAP RATe N/A
wALe (BY INcome) 5 Years from completion
PRoPeRTY Hudswell Place Perth Airport, WA
owNeRShIP 100%
BooK vALUe Under Construction
GRoSS LeTTABLe AReA 20,123m2
occUPANcY 100%
TeNANTS Electrolux, AHL RSD
ReNT RevIew STRUcTURe Annual 3.5% increases
YeAR comPLeTeD tbc 2009
DeScRIPTIoN 2 Unit Office & Warehouse Complex
INDePeNDeNT vALUATIoN DATe N/A
INDePeNDeNT vALUATIoN Under Construction
DIScoUNT RATe N/A
vALUATIoN cAP RATe N/A
wALe (BY INcome) 7.61 Years from completion
JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17
100%
0
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40
60
80
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MULTI-TENANCY LEASE EXPIRY PROFILE (BY INCOME)
2018 + JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17
52.3%47.7%
0
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34 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 35
overviewAustraland owns a large portfolio of quality office assets predominantly located within Sydney and Melbourne.
As at 30 June 2008 the Australand office portfolio comprised 13 properties with a total lettable area of 197,588 square metres. The office portfolio had an average lease term of 5.7 years (by income) and a high occupancy of 99.4%.
The office portfolio also has a 50% ownership in Freshwater28 at Southbank, Victoria, which is under construction. The 34,328 square metre building is being developed by Australand.
offIce PRoPeRTY PoRTfoLIo 08PRoPeRTY STATe NLA (m2)* BooK vALUe % of offIce
PoRTfoLIo*
1 1D Homebush Bay Drive, Rhodes New South Wales 17,238 $78,500,000 9.7%
2 Gateway Building, 26-30 Lee Street, Sydney New South Wales 12,601 $72,500,000 9.0%
3 Civic Tower, 66 Goulburn Street, Sydney (50% Share) New South Wales 23,136 $69,350,000 8.6%
4 Tower A, 197-201 Coward Street, Mascot New South Wales 12,700 $59,500,000 7.4%
5 80 Alfred Street, Milsons Point New South Wales 10,286 $56,000,000 6.9%
6 1B Homebush Bay Drive, Rhodes New South Wales 12,793 $56,000,000 6.9%
7 Henry Deane Building, 20 Lee Street, Sydney New South Wales 9,112 $49,250,000 6.1%
8 Tower B, 197-201 Coward Street, Mascot New South Wales 10,253 $47,000,000 5.8%
9 17-23 Queensbridge Street, Southbank Victoria 2,820 $13,150,000 1.6%
10 2 Southbank Boulevard, Southbank Victoria 54,922 $179,500,000 22.2%
11 690 Springvale Road & 350 Wellington Road, Mulgrave
Victoria 21,433 $79,500,000 9.8%
12 Building 10, 658 Church Street, Richmond Victoria 8,039 $35,000,000 4.3%
13 97 School Road, Spring Hill Queensland 2,255 $13,800,000 1.7%
197,588 $809,050,000 100.0%
14 28 Southbank Boulevard, Southbank Victoria 34,328 Under Construction
0.6%
VACANT
2.3% 0.9%
1.8%
14.2%
10.9%
42.8%
0.5% 3.5%
19.1%
3.4%0
20
40
60
80
0
20
40
60
80
YEAR ENDING
% R
ENT
EXPI
RING
% C
UMUL
ATIV
E RE
NT E
XPIR
ING
GEOGRAPHIC DIVERSIFICATION
NSW 54%
VIC 44%
QLD 2% JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17 JUN 18+
100% %100
ANNUAL RENT EXPIRYCUMULATIVE RENT EXPIRY
LEASE EXPIRY PROFILE (BY INCOME)
Under Construction
* Rounding applies
36 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 37
3 41 2PRoPeRTY 66 Goulburn Street,
Sydney, NSW
owNeRShIP 50%
% of offIce PoRTTfoLIo 8.6%
BooK vALUe $69,350,000 (50% interest)
NeT LeTTABLe AReA 23,136 m2
TYPIcAL fLooR PLATe 954 m2
cAR SPAceS 54
occUPANcY 100%
mAJoR TeNANTS Publishing Broadcasting Ltd Commonwealth Government of Australia
commoNweALTh of AUSTRALIA Mix of annual 4.0% increases ReNT RevIew STRUcTURe plus market review 2010 (PBL)
YeAR comPLeTeD 2004
DeScRIPTIoN Twenty four level CBD office building
INDePeNDeNT vALUATIoN DATe 31 Dec 07
INDePeNDeNT vALUATIoN $69,350,000 (50% interest)
DIScoUNT RATe 9.25%
vALUATIoN cAP RATe 6.75%
wALe (BY INcome) 7.65 Years
PRoPeRTY Tower A, 197-201 Coward Street, Mascot, NSW
owNeRShIP 100%
% of offIce PoRTTfoLIo 7.4%
BooK vALUe $59,500,000
NeT LeTTABLe AReA 12,700 m2
TYPIcAL fLooR PLATe 1,738 m2
cAR SPAceS 299
occUPANcY 100%
mAJoR TeNANTS TNT Australia & Qantas Airways Ltd
QANTAS AIRwAYS LTD Annual 3.5% increases ReNT RevIew STRUcTURe
YeAR comPLeTeD 2003
DeScRIPTIoN Eight level office building
INDePeNDeNT vALUATIoN DATe 31 Dec 07
INDePeNDeNT vALUATIoN $59,500,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.00%
wALe (BY INcome) 5.00 Years
nsW
PRoPeRTY 1D Homebush Bay Drive, Rhodes, NSW
owNeRShIP 100%
% of offIce PoRTfoLIo 9.7%
BooK vALUe $78,500,000
NeT LeTTABLe AReA 17,238 m2
TYPIcAL fLooR PLATe 3,448 m2
cAR SPAceS 375
occUPANcY 100%
TeNANT Nestle Australia Ltd
ReNT RevIew STRUcTURe Annual fixed 3.5% increases plus market review 2008 and 2011
YeAR comPLeTeD 2003
DeScRIPTIoN Six level office building
INDePeNDeNT vALUATIoN DATe 31 Dec 07
INDePeNDeNT vALUATIoN $79,000,000
DIScoUNT RATe 8.25%
vALUATIoN cAP RATe 6.75%
wALe (BY INcome) 5.36 Years
PRoPeRTY Gateway Building, 26-30 Lee Street, Sydney, NSW
owNeRShIP 100%
% of offIce PoRTfoLIo 9.0%
BooK vALUe $72,500,000
NeT LeTTABLe AReA 12,601 m2
TYPIcAL fLooR PLATe 1,520 m2
cAR SPAceS 44
occUPANcY 100%
mAJoR TeNANT Commonwealth Government of Australia
ReNT RevIew STRUcTURe Annual fixed increase plus market reviews 2012
YeAR comPLeTeD 2002
DeScRIPTIoN Nine level office building
INDePeNDeNT vALUATIoN DATe 30 Jun 08
INDePeNDeNT vALUATIoN $72,500,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.00%
wALe (BY INcome) 4.52 Years
JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17
77.3%
22.4%
0.3%0
20
40
60
80
%100
YEAR ENDING
MULTI-TENANCY LEASE EXPIRY PROFILE (BY INCOME)
2018 +JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17
10.6%
58.6%
30.1%
0.7%0
20
40
60
80
%100
YEAR ENDING
MULTI-TENANCY LEASE EXPIRY PROFILE (BY INCOME)
2018 +JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17
13.9%
85.7%
0.4%0
20
40
60
80
%100
YEAR ENDING
MULTI-TENANCY LEASE EXPIRY PROFILE (BY INCOME)
2018 +
38 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 39
7 85 6PRoPeRTY Henry Deane Building,
20 Lee Street, Sydney, NSW
owNeRShIP 100%
% of offIce PoRTfoLIo 6.1%
BooK vALUe $49,250,000
NeT LeTTABLe AReA 9,112 m2
TYPIcAL fLooR PLATe 1,230 m2
cAR SPAceS 31
occUPANcY 100%
TeNANTS NSW State Government
ReNT RevIew STRUcTURe Two yearly market reviews
YeAR comPLeTeD 2001
DeScRIPTIoN Eight level CBD office building
INDePeNDeNT vALUATIoN DATe 30 June 08
INDePeNDeNT vALUATIoN $49,250,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.00%
wALe (BY INcome) 3.42 Years
PRoPeRTY Tower B, 197-201 Coward Street, Mascot, NSW
owNeRShIP 100%
% of offIce PoRTfoLIo 5.8%
BooK vALUe $47,000,000
NeT LeTTABLe AReA 10,253 m2
TYPIcAL fLooR PLATe 1,330 m2
cAR SPAceS 245
occUPANcY 100%
mAJoR TeNANT Qantas Airways Ltd
ReNT RevIew STRUcTURe Annual 3.5% increases
YeAR comPLeTeD 2003
DeScRIPTIoN Eight level office building
INDePeNDeNT vALUATIoN DATe 31 Dec 07
INDePeNDeNT vALUATIoN $47,000,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.00%
wALe (BY INcome) 5.06 Years
PRoPeRTY 80 Alfred Street, Milsons Point, NSW
owNeRShIP 100%
% of offIce PoRTfoLIo 6.9%
BooK vALUe $56,000,000
NeT LeTTABLe AReA 10,286 m2
TYPIcAL fLooR PLATe 668 m2
cAR SPAceS 84
occUPANcY 100%
mAJoR TeNANT Tower Risk & Investment Ltd
ReNT RevIew STRUcTURe Annual 4.0% increases
YeAR comPLeTeD 1971, refurbished 94/95
DeScRIPTIoN Thirteen level office building
INDePeNDeNT vALUATIoN DATe 31 Dec 07
INDePeNDeNT vALUATIoN $56,000,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.00%
wALe (BY INcome) 5.39 Years
PRoPeRTY 1B Homebush Bay Drive, Rhodes, NSW
owNeRShIP 100%
% of offIce PoRTfoLIo 6.9%
BooK vALUe $56,000,000
NeT LeTTABLe AReA 12,793 m2
TYPIcAL fLooR PLATe 2,332 m2
cAR SPAceS 278
occUPANcY 100%
mAJoR TeNANTS National Australia Bank Nestle Australia
ReNT RevIew STRUcTURe Annual 3.5% increases
YeAR comPLeTeD 2003
DeScRIPTIoN Six level office building
INDePeNDeNT vALUATIoN DATe 31 Dec 07
INDePeNDeNT vALUATIoN $56,000,000
DIScoUNT RATe 8.25%
vALUATIoN cAP RATe 7.00%
wALe (BY INcome) 3.55 Years
JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17
91.7%
7.9%0.4%
0
20
40
60
80
%100
YEAR ENDING
MULTI-TENANCY LEASE EXPIRY PROFILE (BY INCOME)
2018 +JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17
97.4%
0.6%0.2%0.8%0.9%0
20
40
60
80
%100
YEAR ENDING
MULTI-TENANCY LEASE EXPIRY PROFILE (BY INCOME)
2018 +
MULTI-TENANCY LEASE EXPIRY PROFILE (BY INCOME)
JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17 2018 +
27.5%19.5%
53.0%
0
20
40
60
80
%100
YEAR ENDING
40 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 41
11 129 10PRoPeRTY 690 Springvale Road & 350
Wellington Road, Mulgrave, VIC
owNeRShIP 100%
% of offIce PoRTfoLIo 9.8%
BooK vALUe $79,500,000
NeT LeTTABLe AReA 21,433 m2
TYPIcAL fLooR PLATe N/A
cAR SPAceS 1,341
occUPANcY 100%
mAJoR TeNANTS Coles Group Australand Holding
ReNT RevIew STRUcTURe Annual fixed increases
YeAR comPLeTeD 2002
DeScRIPTIoN Office development
INDePeNDeNT vALUATIoN DATe 30 June 08
INDePeNDeNT vALUATIoN $79,500,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.50%
wALe (BY INcome) 7.33 Years
PRoPeRTY Building 10, 658 Church Street, Richmond, VIC
owNeRShIP 100%
% of offIce PoRTfoLIo 4.3%
BooK vALUe $35,000,000
NeT LeTTABLe AReA 8,039 m2
TYPIcAL fLooR PLATe 2,657 m2
cAR SPAceS 279
occUPANcY 84.97%
mAJoR TeNANTS Pacific Brand Uecomm Stellars Call Centres
ReNT RevIew STRUcTURe Annual CPI increases except Uecomm fixed at 4.00%
YeAR comPLeTeD 2000
DeScRIPTIoN Four level, A grade office building
INDePeNDeNT vALUATIoN DATe 30 June 08
INDePeNDeNT vALUATIoN $35,000,000
DIScoUNT RATe 8.50%
vALUATIoN cAP RATe 7.50%
wALe (BY INcome) 3.60 Years
VIC
PRoPeRTY 17-23 Queensbridge Street, Southbank, VIC
owNeRShIP 100%
% of offIce PoRTfoLIo 1.6%
BooK vALUe $13,150,000
NeT LeTTABLe AReA 2,820 m2
TYPIcAL fLooR PLATe 937 m2
cAR SPAceS 34
occUPANcY 100%
mAJoR TeNANT Carrick Education
ReNT RevIew STRUcTURe Annual 3.5% increases
YeAR comPLeTeD 1985, Refurbished 2007
DeScRIPTIoN Four level office building
INDePeNDeNT vALUATIoN DATe 15 Feb 08
INDePeNDeNT vALUATIoN $13,150,000
DIScoUNT RATe 8.25%
vALUATIoN cAP RATe 6.25%
wALe (BY INcome) 9.47 Years
PRoPeRTY 2 Southbank Boulevard, Southbank, VIC
owNeRShIP 50%
% of offIce PoRTfoLIo 22.2%
BooK vALUe $179,500,000 (50% interest)
NeT LeTTABLe AReA 54,922m2
TYPIcAL fLooR PLATe 1,873m2
cAR SPAceS 544
occUPANcY 100%
mAJoR TeNANTS PricewaterhouseCoopers SPI Electricity, PMP Ltd HJ Heinz Australia Ltd, Microsoft
ReNT RevIew STRUcTURe Annual fixed increases
YeAR comPLeTeD 2005
DeScRIPTIoN Thirty seven level A grade office building
INDePeNDeNT vALUATIoN DATe 31 Dec 07
INDePeNDeNT vALUATIoN $179,500,000 (50% interest)
DIScoUNT RATe 8.00%
vALUATIoN cAP RATe 6.00%
wALe (BY INcome) 6.81 Years
0
20
40
60
80
%100
3.0%
JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17
3.7% 4.3% 5.1% 4.8%
45.7%
13.5%2.6%
17.4%
YEAR ENDING
MULTI-TENANCY LEASE EXPIRY PROFILE (BY INCOME)
2018 +0
20
40
60
80
%100
JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17
2.4%8.6% 12.7%
2.0%
74.3%
YEAR ENDING
MULTI-TENANCY LEASE EXPIRY PROFILE (BY INCOME)
2018 +0
20
40
60
80
%100
15.2%
JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17
0.6% 2.6%
81.6%
YEAR ENDING
MULTI-TENANCY LEASE EXPIRY PROFILE (BY INCOME)
2018 +
42 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 43
1413PRoPeRTY 28 Southbank Boulevard,
Southbank, VIC
owNeRShIP 50%
BooK vALUe Under Construction
NeT LeTTABLe AReA 34,328 m2
TYPIcAL fLooR PLATe 1,780 m2
cAR SPAceS 248
occUPANcY TBC
TeNANTS TBC
ReNT RevIew STRUcTURe TBC
YeAR comPLeTeD TBC
DeScRIPTIoN Twenty five level A grade office building
INDePeNDeNT vALUATIoN DATe N/A
INDePeNDeNT vALUATIoN Under Construction
DIScoUNT RATe N/A
vALUATIoN cAP RATe N/A
wALe (BY INcome) N/A
PRoPeRTY 97 School Rd, Spring Hill, QLD
owNeRShIP 100%
% of offIce PoRTfoLIo 1.7%
BooK vALUe $13,800,000
NeT LeTTABLe AReA 2,255 m2
TYPIcAL fLooR PLATe 1,128 m2
cAR SPAceS 48
occUPANcY 100%
TeNANTS State of Queensland
ReNT RevIew STRUcTURe Annual, greater of CPI & 4.5%
YeAR comPLeTeD 1985, Refurbished 2007
DeScRIPTIoN Two level office building
INDePeNDeNT vALUATIoN DATe 30 June 08
INDePeNDeNT vALUATIoN $13,800,000
DIScoUNT RATe 8.80%
vALUATIoN cAP RATe 7.50%
wALe (BY INcome) 4.63 Years
QLd undERCOnsTRuCTIOn
44 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 45
overviewThe Australand portfolio is further diversified through ownership of both a landmark Sydney inner city hotel and the prime Freshwater Place Car Park. The hotel, located at Potts Point, is operated as the Chifley Hotel and has been refurbished by Australand, whilst the car park is operated by Australand Car Park Operations and is located within the popular Freshwater Place development.
oTheR commeRcIAL PRoPeRTY PoRTfoLIo 08PRoPeRTY STATe GLA (m2)* BooK vALUe % of offIce
PoRTfoLIo*
1 111 Darlinghurst Road, Potts Point
New South Wales 14,818 $92,000,000 82.1%
2 Child Care Centre, Rhodes Corporate Park, Rhodes
New South Wales 715 $3,300,000 2.9%
3 Café, Rhodes Corporate Park, Rhodes
New South Wales 338 $2,350,000 2.1%
4 Freshwater Place Car Park, 2 Southbank Boulevard, Southbank
Victoria 11,822 $14,400,000 12.9%
27,693 $112,050,000 100.0%
0.0%VACANT JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17 JUN 18+
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.3%
5.2%
39.3%
55.3%
0
20
40
60
80
100% %
0
20
40
60
80
100
YEAR ENDING
% R
ENT
EXPI
RING
% C
UMUL
ATIV
E RE
NT E
XPIR
ING
GEOGRAPHIC DIVERSIFICATION
NSW 87%
VIC 13%
ANNUAL RENT EXPIRYCUMULATIVE RENT EXPIRY
LEASE EXPIRY PROFILE (BY INCOME)
* Rounding applies
46 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 AUSTRALAND PROPERTY PORTFOLIO 30 JUNE 2008 47
3 41 2PRoPeRTY 111 Darlinghurst Road,
Potts Point, NSW
owNeRShIP 100%
% of oTheR 82.1%
BooK vALUe $92,000,000
AReA m2 14,818 m2
cAR SPAceS 60
occUPANcY 100%
mAJoR TeNANT The Constellation Group
ReNT RevIew STRUcTURe Annual increases
YeAR comPLeTeD 1970, Refurbished 2008
DeScRIPTIoN Fifteen levels comprising 227 room Accomodation Hotel, Licensed Hotel, & Retail
vALUATIoN DATe 30 June 08
INDePeNDeNT vALUATIoN $92,000,000
vALUATIoN cAP RATe 7.13% (Blended)
DIScoUNT RATe 9.25%
wALe (BY INcome) 7.99 Years
PRoPeRTY Childcare Centre, Rhodes Corporate Park, Rhodes NSW
owNeRShIP 100%
% of oTheR 2.9%
BooK vALUe $3,300,000
AReA m2 715 m2
cAR SPAceS 12
occUPANcY 100%
mAJoR TeNANT ABC Learning
ReNT RevIew STRUcTURe Annual 3.5% increases
YeAR comPLeTeD 2008
DeScRIPTIoN A childcare facility with 95 childcare places
vALUATIoN DATe 30 June 08
INDePeNDeNT vALUATIoN $3,300,000
vALUATIoN cAP RATe 6.50%
DIScoUNT RATe N/A
wALe (BY INcome) 19.69 Years
nsW VIC
PRoPeRTY Café, Rhodes Corporate Park, Rhodes, NSW
owNeRShIP 100%
% of oTheR 2.1%
BooK vALUe $2,350,000
LeTTABLe AReA 338 m2
cAR SPAceS 25
occUPANcY 100%
mAJoR TeNANT Karima Catering
ReNT RevIew STRUcTURe Staged increases
YeAR comPLeTeD 2003
DeScRIPTIoN Café & Basement Car Wash at Rhodes Corporate Park
vALUATIoN DATe 30 June 08
INDePeNDeNT vALUATIoN $2,350,000
vALUATIoN cAP RATe 7.00%
DIScoUNT RATe 8.75%
wALe (BY INcome) 5.31 Years
PRoPeRTY Freshwater Place Car Park, 2 Southbank Boulevard, Southbank, VIC
owNeRShIP 100%
% of oTheR 12.9%
BooK vALUe $14,400,000
LeTTABLe AReA 11,822 m2
cAR SPAceS 267
occUPANcY 100%
TeNANTS Australand Car Park Operations P/L
ReNT RevIew STRUcTURe Annual CPI reviews
YeAR comPLeTeD 2005
DeScRIPTIoN Single level, 267 space car park
vALUATIoN DATe 30 June 08
INDePeNDeNT vALUATIoN $14,400,000
vALUATIoN cAP RATe 7.00%
DIScoUNT RATe 8.50%
wALe (BY INcome) 11.93 Years
JUN 08 JUN 09 JUN 10 JUN 11 JUN 12 JUN 13 JUN 14 JUN 15 JUN 16 JUN 17
45.9%
4.3%
49.8%
0
20
40
60
80
%100
YEAR ENDING
MULTI-TENANCY LEASE EXPIRY PROFILE (BY INCOME)
2018 +
08 PROPERTY PORTFOLIO
AUSTRALAND heAD offIce
Level 3, 1C Homebush Bay Drive,Rhodes NSW 2138P 612 9767 2000
foR fURTheR INfoRmATIoN PLeASe coNTAcT:
Robert WallaceProperty Trust ManagerP 613 9426 1022M 61 412 484 354
Rob MortonInvestor Relations ManagerP 612 9767 2069M 61 416 238 181
Australand Holdings Limited[ABN 12 008 443 696]Australand Property Limited[ABN 90 105 462 137;AFS Licence No. 231130]as the responsible entity ofAustraland Property Trust[ARSN 106 680 424]and Australand ASSETS Trust[ARSN 115 338 513]Australand Investments Limited[ABN 12 086 673 092;AFS Licence No. 228837]as the responsible entity ofAustraland Property Trust No.4[ARSN 108 254 413]and Australand Property Trust No.5[ARSN 108 254 771]
© 2008 Australand Holdings Limited. This document is subject to copyright. It may not be copied, used, reproduced, or transmitted in any way or in any form without the express permission of Australand Holdings Limited.
This document has been prepared by Australand Holdings Limited (ABN 12 008 443 696). The information in this document is not intended as investment or financial advice and must not be relied upon as such. Whilst every care has been taken in relation to it’s accuracy, no warranty of accuracy is given or implied.