dexus (asx: dxs) opportunity to grow both portfolios and enhance future returns. with 1.7 million...
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Dexus (ASX: DXS) ASX release
7 November 2018 Perth Property Tour Dexus is hosting a Perth property tour today for institutional investors and brokers and provides the attached tour book.
For further information please contact:
Investor Relations Rowena Causley +61 2 9017 1390+61 416 122 [email protected]
Media Relations Louise Murray +61 2 9017 1446+61 403 260 [email protected]
About Dexus Dexus is one of Australia’s leading real estate groups, proudly managing a high quality Australian property portfolio valued at $27.2 billion. We believe that the strength and quality of our relationships is central to our success, and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own $13.3 billion of office and industrial properties. We manage a further $13.9 billion of office, retail, industrial and healthcare properties for third party clients. The group’s $4.2 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.7 million square metres of office workspace across 53 properties, we are Australia’s preferred office partner. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by 27,000 investors from 20 countries. With more than 30 years of expertise in property investment, development and asset management, we have a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for investors. www.dexus.com
Download the Dexus IR app Download the Dexus IR app to your preferred mobile device to gain instant access to the latest stock price, ASX Announcements, presentations, reports, webcasts and more.
Dexus Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for Dexus (ASX: DXS)
Dexus PerthProperty TourWednesday, 7 November 2018
2 Dexus Perth Property Tour
Agenda
* Dexus Wholesale Property Fund
Time Details
1.15pm start Lunch - Perth Market Overview
2.00pm - 2.30pm 240 St Georges Terrace
2.45pm - 3.00pm 58 Mounts Bay Road
3.15pm - 4.00pm Kings Square, Wellington Street
4.15pm - 5.00pm Carillon City - DWPF* city retail asset
5.00pm - 5.30pm Travel to dinner venue (transport provided)
5.30pm - 8.00pm Drinks and Dinner
3 Dexus Perth Property Tour
4 Dexus Perth Property Tour
Perth Market Overview
October 2018
John Williams & Ronak Bhimjiani
WA Economy
Office Market- Vacancy- Supply- Demand- Forecast
Introduction
5 Dexus Perth Property Tour
3
GSP share by industry
Source: ABS, JLL Research
Mining continues to lead the way, with increased dominance
0% 5% 10% 15% 20% 25% 30%
Mining
Manufacturing
Construction
Wholesale Trade
Retail Trade
Transport, Postal & Warehousing
Finance & Insurance
Professional, Scientific & Technical Services
Public Administration & Safety
Education & Training
Healthcare & Social Assistance
Other Industries
201720162012
4
WA labour market trends
Source: ABS, JLL Research
Employment levels at all-time highs
1,250
1,260
1,270
1,280
1,290
1,300
1,310
1,320
1,330
1,340
1,350
Sep-
2013
Dec
-201
3M
ar-2
014
Jun-
2014
Sep-
2014
Dec
-201
4M
ar-2
015
Jun-
2015
Sep-
2015
Dec
-201
5M
ar-2
016
Jun-
2016
Sep-
2016
Dec
-201
6M
ar-2
017
Jun-
2017
Sep-
2017
Dec
-201
7M
ar-2
018
Jun-
2018
Tota
l Per
sons
Em
ploy
ed (0
00)
20%
30%
40%
50%
60%
70%
80%
Sep-
2013
Dec
-201
3
Mar
-201
4
Jun-
2014
Sep-
2014
Dec
-201
4
Mar
-201
5
Jun-
2015
Sep-
2015
Dec
-201
5
Mar
-201
6
Jun-
2016
Sep-
2016
Dec
-201
6
Mar
-201
7
Jun-
2017
Sep-
2017
Dec
-201
7
Mar
-201
8
Jun-
2018
Share of full-time employed (%) Share of part-time employed (%)
Share of full-time persons employed beginning to improve
6 Dexus Perth Property Tour
5
WA private sector employment
60
80
100
120
140
May
-201
0
Feb-
2011
Nov
-201
1
Aug
-201
2
May
-201
3
Feb-
2014
Nov
-201
4
Aug
-201
5
May
-201
6
Feb-
2017
Nov
-201
7
Aug
-201
8
Empl
oyed
Per
sons
(000
’s)
Mining Sector Employment
Source: ABS, JLL Research
Mining employment is on the rise once again
6
Merchandise Exports by State
Source: ABS, JLL Research
WA dominates the export industry
16%
9%
25%
4%
43%
1%2%
New South Wales Victoria Queensland South AustraliaWestern Australia Tasmania Northern Territory
Perth Market Overview continued
7 Dexus Perth Property Tour
7
WA merchandise exports by destination
Source: ABS, JLL Research
China is by far the dominant consumer of WA merchandise exports
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
12 months to Aug-18
China Japan Hong Kong Korea Singapore India Other counties
8
WA share of mining investment
Source: DMIRS, JLL Research
WA leads the way in mining capital investment
0
100
200
300
400
500
600
700
800
900
1000
2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017 2017-2018
AU
D (b
illio
n)
Western Australia Rest of Australia
8 Dexus Perth Property Tour
9
Could the Perth recovery be stronger?
Source: JLL Research, Deloitte Access Economics
Perth CBD underlying demand model (no. people employed - forecast)
Industry Sector 2018 2019 2020 2021 2022 Total
Professional services 11,000 11,500 15,400 17,700 16,600 72,200
Public administration 1,200 4,000 3,700 4,500 4,300 17,700
Finance & Insurance 4,600 2,300 3,600 4,400 4,300 19,300
Others 4,700 4,600 9,200 10,300 10,400 39,300
Total 21,500 22,400 32,000 36,800 35,700 148,400
JLL 15,000 15,000 30,000 10,000 10,000 80,000
Q3 2018Total Stock 1,816,441 m²
Vacant Stock 400,228 m²Vacancy 22.0%
10
Perth CBD Office Market Q3 20171,768,323 m²386,147 m²
21.8%
Source: JLL Research
Perth Market Overview continued
9 Dexus Perth Property Tour
11
Perth CBD Office Market by Quality
Source: JLL Research
26.0%
19.7%
40.4%
13.5%
D Grade Stock0.4%
Perth CBD stock is ageing
12
Source: JLL Research
Less than 10 years old25%
10-19 years5%
20-29 years24%
30-39 years26%
Greater than 40 years20%
Less than 10 years old19%
10-19 years14%
20-29 years12%
30-39 years33%
Greater than 40 years22%
2017 2020
Age profile of stock, 2017 and 2020
10 Dexus Perth Property Tour
Perth CBD vacancy rate by Grade, 2005 to 2018
13
Source: JLL Research
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Overall Vacancy Premium Vacancy A Grade Vacancy Secondary Vacancy
14
Supply
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved.
Perth Market Overview continued
11 Dexus Perth Property Tour
15
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020
Sqm
Woodside Plaza: 46,500 m²21 Mounts Bay Road: 11,200 m²
Central Park: 61,100 m²
Forrest House: 31,500 m²London House: 16,500 m²
20 year average (supply)
QV1: 60,800 m²Exchange Tower: 34,000 m²Westralia Square: 32,700 m²Quayside on Mill: 11,600 m²
Enex 100: 30,000 m²Bishops See: 17,850 m²
One40william: 35,500 m²Alluvion: 22,300 m²
226 Adelaide: 13,600 m²
Brookfield Two: 34,000 m²Old Treasury: 30,200 m²
KS1: 21,500 m² KS2: 19,300 m²
Golden Square: 15,500 m² 999 Hay Street: 10,700m²
Woodside:48,500 m²
Chevron: 52,000 m²
Brookfield Place:72,800 m²
CBD Office Supply to 2023
2023Source: JLL Research
Sharp reduction in sublease availability
16
Perth CBD sub-lease availability, 1992 to 2018
0%
1%
2%
3%
4%
5%
6%
0
20,000
40,000
60,000
80,000
100,000
120,000
1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022
Sqm
Sub-lease % of Stock (RHS)
Source: JLL Research
12 Dexus Perth Property Tour
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 17
Demand
Tangible signs of recovery
18
Perth CBD net absorption, 2005 to 2022 (f)
Source: JLL Research
-100,000
-50,000
-
50,000
100,000
150,000
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
SQM Forecast
Annual Net Absorption
-20,000-15,000-10,000-5,000
05,000
10,00015,00020,000
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018
Q2
2018
Q3
2018
SQM
Quarterly Net Absorption
Perth Market Overview continued
13 Dexus Perth Property Tour
Centralisation to Perth CBD
19
HoAs signed. Leases are pending P&N 3,000sqm , Department of Human Service 8,000 sqm, Technip6,000sqm, St. John of God 5,000sqm
Tenant Area - sqm From To33 Mullian Lowe 600 Subiaco 1 Forrest PlaceInstitute of Chartered Accounting 300 South Perth 1008 Hay Street Renascent 250 Subiaco 267 ST Georges TerraceVix Tech 1200 Balcatta 105 St Georges TerraceGreenbase Minerals 250 Welshpool 267 St Georges TerraceMind Max 200 West Perth 2 Mill Street Adcorp 500 West Perth 225 St Georges TerraceBorello Legal 400 West Perth 863 Hay Street Allion Legal 1100 West Perth Australia Place
Pro Build 1200 South Perth253, 255, 267 ST Georges
TerraceChannel 9 3000 Dianella 125 St Georges TerraceNavitas 1650 Mt Pleasant 225 St Georges TerraceAquilla Resources 736 South Perth 225 St Georges TerraceModec 400 Suburbs 1 Nash StreetBP 660 Suburbs 50 Williams StreetAnglican Grammar School 2500 West Perth Exchange TowerArup 1600 Suburbs 99 ST Georges TerraceBuilt 400 West Perth 235 St Georges TerraceIntertek 600 Suburbs Pier StreetNBN 1800 Belmont 225 St Georges TerraceEvolution Mining 400 West Perth 37 St Georges TerraceBentleys 930 West Perth 216 St Georges Terrace
Tenant Area - sqm From ToBethany 1,000 Claremont WorkzoneJUFPEC Petroleum 1,500 Subiaco 123 St Georges TceGibert & Tobin 1,000 West Perth 123 St Georges TceTitan Recruitment 400 West Perth 507 Murray StreetTitan Recruitment 250 West Perth 216 ST Georges Tce
Horizon Power 4,000 BentlyFrancis Street,
NorthbridgeIPA 200 Como 1008 Hay Street Ray White Commercial 600 Burswood 12 The EsplanadeJDSI 1,950 East Perth Workzone
Hill International 280 West Perth 111 St Georges TerraceDeep Sea Mooring 295 West Perth 197 ST Georges TceSamsung C & T 1,200 SUbiaco 182 St Georges TceCode Group 148 Applecross 5 Mill StreetNG Council 499 South Perth 216 St Georges TceAPI 700 Como 225 ST Georges Aurizon 600 Welshpool 15-17 William StreetScentre Group 741 Booragoon 5 Mill StreetMoray and Agnew 1,091 West Perth 2 The EsplanadeTelstra 3,300 Norhtbridge 125 St Georges Leach Legal 766 West Perth 240 St GeorgesGrant Thornton 1,781 West Perth 152 ST GeorgesThe Brand Agency 1,367 West Perth KS1Canning Purple 365 West Perth 123 St Georges TceWrays 854 West Perth 863 Hay StreetAJ Gallagher 2,000 Burswood 235 ST GeorgesTOTAL 48,164
• Net effective deals• Transport• Amenity• Overall quality of accommodation• Floor plate size• Workplace environment
Why the City?
20
14 Dexus Perth Property Tour
21
Forecast
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved.
Vacancy to recover gradually
22
Source: JLL Research
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
-100,000
-50,000
0
50,000
100,000
150,000
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Sqm
Net Absorption Supply Additions Vacancy Rate (RHS)
Perth Market Overview continued
15 Dexus Perth Property Tour
Effective rents have passed the cyclical trough
23
Source: JLL Research
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Y/Y
, % C
hang
e
Face Rent Effective Rent
Forecast
Rental upswings post economic down-turns
24
Source: JLL Research
80
100
120
140
160
180
200
220
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
Year
0 =
100
1982 to 1989 1994 to 2001 2018 to 2025
Based on net effective rental growth
16 Dexus Perth Property Tour
25
Sydney, Melbourne and Perth prime equivalent yields (mid-point)
Source: JLL Research
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Perth CBD Sydney CBD Melbourne CBD
Forecast
26
Perth office sales - 2018
Address 45 St GeorgesTerrace 6-8 Bennett Street 55 St Georges
Terrace182 St Georges
Terrace 441 Murray Street 202 Pier Street,Workzone West
836 WellingtonStreet 1 Havelock Street The Optima
Centre
Sale Price $53,570,000 $43,500,000 $44,200,000 $21,100,000 $22,000,000 $125,250,000 Est. $103,000,000 $33,000,000 Circa
$125,100,000
Vendor Credit Suisse BuckeridgeEstate
Select PropertyHoldings
Select PropertyHoldings Centuria Capital Charter Hall Investa Office
Fund Ascot Capital Blackrock
Purchaser Straits Trading /Redhill Partners
HSB / OKP Holdings Zone Q Zone Q Redhill Partners Elanor Investors Growthpoint Offshore Private Charter Hall
Sale Date Jan 2018 Jan 2018 Jan 2018 Jan 2018 Apr 2018 Jun 2018 Jun 2018 Sep 2018 Oct 2018Yield
(Initial) 8.30% 6.31% 0.25% 3.14% -3.40% 9.18% 6.23% 7.72% 7.21%Yield
(Equiv.) 8.66% 7.77% 7.92% 8.58% 7.25% 7.21% 6.21% 7.49% 6.36%
WALE 5.02 years 6.02 years 4.40 years 2.38 years 0.00 years 7.27 years 8.67 years 3.29 years 11.23 years10 year IRR 8.88% 8.34% 8.12% 8.13% 7.93% 8.13% 7.41% 6.80% 7.58%Rate / sqm $5,351 $4,257 $5,152 $3,897 $3,761 $8,028 $8,603 $6,444 $7,762Total NLA 10,010 sqm 10,219 sqm 8,579 sqm 5,414 sqm 5,849 sqm 15,602 sqm 11,973 sqm 5,121 sqm 16,116 sqm
Perth Market Overview continued
17 Dexus Perth Property Tour
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 27
Disclaimer This document is confidential to the recipient of the document. No reference to the document or any part thereof may be published, stated or circulated in any communication with third partieswithout prior written approval from Jones Lang LaSalle. This document has been produced solely as a general guide and does not constitute advice. Whilst the document has been prepared in good faithand with due care, no representation is made for the accuracy of the whole or any part of the document. Jones Lang LaSalle accepts no liability for damages suffered by any party resulting from their useof this document.
Notes
18 Dexus Perth Property Tour
Dexus’s Perth CBD portfolio
Kings Square 50% DXS owned50% DWPF owned 100% managed
Carillon City - city retail100% DWPF owned
100% managed
KS2
KS1
KS3
19 Dexus Perth Property Tour
58 Mounts Bay Road50% DXS owned
50% Dexus Office Partner owned
externally managed
240 St Georges Terrace100% DXS owned100% managed
20 Dexus Perth Property Tour
240 St. Georges Terrace, Perth
Description
240 St. Georges Terrace is a modern Premium office tower located in theprestigious western-end of the Perth CBD at the intersection of St. GeorgesTerrace and Milligan Street.
The 24 level office tower is highly specified and provides large, efficient floorplates ranging from 2,360 square metres in the low rise to 1,656 square metres inthe high rise. The low-sill windows maximise natural light and feature views overKings Park, the Swan River and the Indian Ocean to Rottnest Island.
The property is currently undergoing renovations to enhance the overall feel ofthe building to provide a new, updated structure along with modern amenitiesfor customers. These renovations aim to create a vibrant, working environmentwhile enhancing the overall street appeal and will include:
- A renewed and more open frontage to St Georges Terrace
- State-of-the-art wellness centre with new end-of-trip facilities
- New retail food offering with open access to the existing external plaza
- Onsite childcare facility
- Refurbished office floors, including LED tenancy lighting
- Dexus Place providing a tailored extension to your work environment
- The Terrace, a perfect contemporary outdoor space for events
The property is well connected to public transport with Elizabeth Quay RailwayStation and Perth Railway and Underground stations nearby; while motoristsentering via the city’s major motorways have access to a basement car parkwith 247 spaces.
Building type Premium Grade - office
Title Freehold
Site area (hectares) 0.6
Lettable area ('000sqm) 46.9
Lettable area adjusted for ownership ('000sqm) 46.9
Typical floor area (sqm) 2,000
Number of buildings 1
Car parking spaces 247
NABERS Energy rating (with Green Power) 5.0
NABERS Energy rating (without Green Power) 5.0
NABERS Water rating 3.0
Year built 2003
Major tenant Woodside Energy
Owner DXS
Ownership (%) 100
Metro area Perth CBD
Zoning Central City Area
Acquisition date January 2001
Book value at ownership ($m) 320.0
Independent valuation date June 2018
Independent valuation at ownership ($m) 320.0
Market cap rate (%) 6.75
Initial yield (%) 6.99
Leased by area (%) 88
Weighted lease term by income (years) 4.1
Property Details
Property Statistics
Data as at 30 June 2018
240 St Georges Terrace, Perth
21 Dexus Perth Property Tour
58 Mounts Bay Road, Perth
Description
58 Mounts Bay Road, also known as Alluvion, is a contemporary A-Grade officebuilding located in the central forefront of the Perth CBD with dual access onSt George Terrace. The 20 level tower features an impressive triple heightmarble clad ground floor lobby with a plaza café on the external landscapedterrace.
The property benefits from large, efficient, column-free floor plates withbreathtaking views of the Swan River and the city on all but the first level.
The building has direct access to public transport from walkway bridges overMounts Bay Road to the Esplanade Train and Bus Stations. For motorists thereare 96 car parking bays and 24 motorcycle bays across three basement levels,as well as end-of-trip facilities including bicycle racks and lockers.
Being at the heart of the city centre the building is surrounded by a variety ofclothing retailers, world class restaurants, bars and cafés, fitness facilities,hotels and childcare services.
Building type A Grade - office
Title Freehold
Site area (hectares) 0.3
Lettable area ('000sqm) 22.4
Lettable area adjusted for ownership ('000sqm) 5.6
Typical floor area (sqm) 1,570
Number of buildings 1
Car parking spaces 96
NABERS Energy rating (with Green Power) 5.0
NABERS Energy rating (without Green Power) 5.0
NABERS Water rating 4.0
Green star rating 4.0 Star (Office Design v2)
Year built 2010
Major tenant Clough Projects
Owner DXS
Ownership (%) 25
Co-owner Dexus Office Partner / Cape BouvardInvestments Pty Ltd
Metro area Perth CBD
Zoning City Centre
Acquisition date April 2014
Book value at ownership ($m) 53.8
Independent valuation date June 2018
Independent valuation at ownership ($m) 53.8
Market cap rate (%) 6.75
Initial yield (%) 8.99
Leased by area (%) 97
Weighted lease term by income (years) 3.8
Property Details
Property Statistics
Data as at 30 June 2018
58 Mounts Bay Road, Perth
22 Dexus Perth Property Tour
Kings Square 1, 556 Wellington Street Kings Square 2, 562 Wellington Street Kings Square 3, 10 Telethon Avenue
Kings Square, Wellington Street, Perth
Description
Kings Square comprises three A-Grade office buildings located in Perth’semerging mixed-use precinct adjacent to the CBD. The buildings compriseKings Square 1 (19 levels), Kings Square 2 (11 levels) and Kings Square 3 (9 levels)providing in excess of 50,000 square metres combined office and retail space.
Kings Square is surrounded by the city’s entertainment and cultural precinctsbookended by the recently completed Yagan Square Civic space and the RACArena.
The King Square precinct provides unprecedented connectivity being at theheart of Perth's transport hub of underground rail and bus infrastructure, andthe junction of four commuter cycle paths.
At its heart lies a vibrant plaza with financial and retail services, bars,restaurants and cafés. There are also extensive end-of-trip facilities includinghundreds of bicycle racks, lockers and fully-equipped shower and changefacilities, as well as a large onsite childcare service.
Building type A Grade - office
Title Freehold
Site area (hectares) 0.6
Lettable area ('000sqm) 52.3
Lettable area adjusted for ownership ('000sqm) 26.2
Typical floor area (sqm) 1,400
Number of buildings 3
Car parking spaces 155
NABERS Energy rating (with Green Power) KS1 NR / KS2 5.5 / KS3 NR
NABERS Energy rating (without Green Power) KS1 NR / KS2 5.5 / KS3 NR
NABERS Water rating KS1 NR / KS2 NR / KS3 NR
Green star rating KS1 5.0 Star (Office As Built v3) / KS2 5.0Star (Office As Built v3) / KS3 5.0 Star
(Office Design v3)
Year built 2015
Major tenant Shell
Owner DXS
Ownership (%) 50
Co-owner Dexus Wholesale Property Fund
Metro area Perth CBD
Zoning City Centre
Acquisition date May 2013
Book value at ownership ($m) 216.0
Independent valuation date June 2018
Independent valuation at ownership ($m) 216.0
Market cap rate (%) 6.79
Initial yield (%) 8.73
Leased by area (%) 100
Weighted lease term by income (years) 6.6
Property Details
Property Statistics
Data as at 30 June 2018
Kings Square, Wellington Street, Perth
23 Dexus Perth Property Tour
Kings Square 50% DXS owned50% DWPF owned 100% managed
Carillon City - city retail100% DWPF owned100% managed
58 Mounts Bay Road50% DXS owned50% Dexus Office Partner ownedexternally managed
240 St Georges Terrace100% DXS owned
100% managed
KS2
KS1
KS3
24 Dexus Perth Property Tour
Carillon City, Perth
DescriptionCarillon City is located in the geographical heart of the Perth CBD, occupying asuper-prime foothold between Murray and Hay Street Malls - Perth's premierretail destination. Carillon City is a major CBD shopping centre with keylinkages to Forrest Chase, Perth Railway Station, bus and ferry interchangesand the office core on St Georges Terrace. The centre is constructed over fivelevels with an additional 14 levels of offices situated above the Murray Streetend of City Arcade.
LocationCarillon City is located in the city centre of Perth. It is approximately 70 metres south of Perth's GPO. Carillon City is strategically positioned between Murray and Hay Street Malls. The Perth CBD houses over 800 retailers, making the city the premier retail destination in Western Australia.
Development Opportunity
Development Approval has been received for a major refurbishment. Proposedto deliver approximately 15,000 square metres of retail space that will spanacross four levels.
Ownership (%) 100
Co-Owner -
Classification City Retail
Year Built 1970
Site Area (sqm) 5,724
Gross Lettable Area (sqm) 17,619
Occupancy by Area (%) 72.7
Weighted Average Lease Expiry by Income (years) 1.9
Car Parking Spaces -
NABERS Energy Rating n/a
NABERS Water Rating n/a
Independent Valuation (A$m) 135.00
Independent Valuation Date September 2018
Valuation Agency JLL
Cap Rate (%) 6.50
Discount Rate (%) 7.00
Available (%) 16.6%
FY 2019 14.9%
FY 2020 33.1%
FY 2021 15.5%
FY 2022 8.3%
FY 2023 0.0%
FY 2024 1.0%
FY 2025 4.1%
FY 2026 4.7%
FY 2027 0.0%
FY 2028+ 1.8%
Major Tenant 1 Hype DC
Income (%) 8.65
Lettable Area (sqm) 381.0
Lease Expiry Date May 2026
Major Tenant 2 Mazzuchellis
Income (%) 6.70
Lettable Area (sqm) 224.6
Lease Expiry Date October 2024
Major Tenant 3 Cotton On
Income (%) 2.91
Lettable Area (sqm) 2,190.0
Lease Expiry Date November 2019
Property Details
Independent Valuation
Lease Expiry Profile by Income
Major Tenants
Carillon City, Hay Street Mall, Artist's Impression Carillon City, Murray Street Mall, Artist's Impression
Data as at 30 September 2018
DWPF Perth Property Tour
Carillon City, Hay Street, Perth
25 Dexus Perth Property Tour
Artist’s impression
26 Dexus Perth Property Tour
New energy, New opportunities
Pathway to net zero and smart, sustainable workplacesOur goal is to achieve a net zero position for all carbon emissions across Dexus’s managed property portfolio by 2030 through improving energy efficiency and increasing renewables
We will achieve net zero emissions by 2030 through a prioritised approach to avoid, reduce, re-source and offset our impacts.
The target is in line with the Paris Climate Agreement which is advocating significant reductions in emissions to keep global warming under two degrees against a pre-industrial baseline.
Improving energy efficiency
On-site renewables
ElectrificationWater, waste and refrigerants
Off-site renewables
Achieve up to 50% energy savings by
2030
Increase uptake of solar panels across our
portfolio
Leverage large-scale renewable sources as
they become available on national energy grid
Reduce or eliminate emissions from
operational waste, wastewater, and impacts from air
conditioning refrigerants
Transition to all-electric buildings powered by
clean energy
Net zero emissions by 2030
To learn more about our sustainability performance visit www.dexus.com/sustainability
27 Dexus Perth Property Tour
Notes
About Dexus
Dexus is one of Australia’s leading real estate groups, proudly managing a high quality Australian property portfolio valued at $27.2 billion. We believe that the strength and quality of our relationships will always be central to our success, and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own $13.3 billion of office and industrial properties. We manage a further $13.9 billion of office, retail, industrial and healthcare properties for third party clients. The group’s $4.2 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.7 million square metres of office workspace across 53 properties, we are Australia’s preferred office partner. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by 27,000 investors from 20 countries. With more than 30 years of expertise in property investment, development and asset management, we have a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for investors. www.dexus.com Dexus Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for Dexus (ASX: DXS)
28 Dexus Perth Property Tourdexus.com