1 Chancellor Boulevard, Sippy Downs, Queensland
The Property
Chancellor Village Business Centre will be the latest addition to the thriving Chancellor Village district in the Sippy Downs precinct of the Sunshine Coast, and will complement Chancellor Village Convenience Centre and Chancellor Homemaker Centre, which are both successful properties already owned by the Trust. Chancellor Village Business Centre will adjoin the Woolworths Marketplace and a large medical centre.
This proposed new commercial office and retail development is 88% pre-leased (by income). The Commonwealth Bank of Australia has taken a five year lease, with two options to renew of three years each. Leasing negotiations have also been finalised with Suncorp Metway, Caloundra Xray and a dental practice, for five year terms respectively.
The development is expected to reach practical completion around July 2008.
Property Snapshot
| Property description |
Retail and commercial office |
| Purchase price |
$4,600,000 |
| Value |
$4,600,000 |
| Valuation date |
21 July 2008 |
| Expected net lettable area |
899 m2 |
| Expected settlement date |
21 days after completion of construction
- settlement estimated to occur on
1 July 2008 |
Expected weighted average lease term
(weighted by expected income)2 |
5 years |
| Occupancy level |
Expected to be 100% let at settlement.
The centre is 88% pre-leased (by income).
The Trust has the benefit of a 12 month
gross rental guarantee from the vendor
in relation to any areas still vacant at settlement. |
| Major tenants |
Commonwealth Bank of Australia,
Suncorp Metway Limited,
Caloundra Xray |
% of Total Portfolio (by value)
(assuming completion of the New Acquisitions) |
2% |
- Based on an independent valuation report provided by LandMark White (Brisbane) Pty Ltd dated 21 July 2008.
- The expected weighted average lease term assumes vacant areas are each leased for a term of five years. The Trust has the benefit of a 12 month gross rental guarantee from the vendor in relation to any vacant areas, commencing from the date of settlement.
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