Flinders Street West, Townsville CBD Queensland
The Property
Central One is a proposed new ‘A grade’ commercial office development, anchored by Queensland Rail, located within the Townsville CBD.
The Central One building will be part of the first stage of a mixed-use master planned inner-city project, known as ‘Central’, which has been designed in close consultation with the local and State governments. The master development plan for ‘Central’ will include more than 500 residential apartments and a tavern. The name ‘Central’ is derived from the former use of the site - Townsville Central Station.
Property Snapshot
| Property description |
Office complex with ground floor retail |
| Purchase price |
$11,250,000 (subject to adjustment)1 |
| Value (as if complete)2 |
$11,250,000 |
| Valuation date |
9 June 2007 |
| Expected net lettable area |
2,634 m2 |
| Expected settlement date |
Upon completion of building - settlement
estimated to be in August 2008 |
Expected weighted average lease term
(weighted by expected income)3 |
5 years |
| Occupancy level |
74% pre-committed (by expected gross income).
The Trust has the benefit of a
36 month gross rental guarantee from
the vendor in relation to any remaining
vacant areas, from the date of settlement
of the acquisition |
| Major tenants |
Queensland Rail, Honeycombes
Development Managers Pty Ltd |
% of Total Portfolio (by value)
(assuming completion of the New Acquisitions) |
6% |
- Under the purchase contract, the agreed purchase price may be adjusted (down or up), depending on the final survey of the lettable area in the building as at settlement. Any adjustment will be in accordance with a formula, which has been based on a pre-agreed rental rate (per square metre) and a pre-agreed rental target for the whole building. The Manager will also have the right to terminate the contract if the total net rental from pre-committed tenancies (as at the date for settlement) varies from the pre-agreed target by more than 2.5% downwards, or 5% upwards.
- Based on an independent valuation report provided by ACVAL Collins and Eales Pty Ltd dated 9 June 2007.
- The expected weighted average lease term assumes vacant areas are each leased for a term of five years. The Trust has the benefit of the 36 month gross rental guarantee from the vendor in relation to any vacant areas, commencing from the date of settlement.
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