DECEMBER 2012 AUSTRALIAN CBD OFFICE

Transcription

1 RESEARCH DECEMBER 0 AUSTRALIAN CBD OFFICE Supply & Development Activity Maps HIGHLIGHTS 0 Collins Street, Melbourne (computer generated impression) GPT (GWOF) recently acquired the office development on a fund through basis. Developer Grocon/APN. Due to complete in Q 0. The 0 calendar year will deliver approximately 0,000m² of new and refurbished stock to the Australian CBD market, which is a significant increase over the,000m² recorded during 0. The cities with the greatest supply during 0 were Perth (,00m²) and Canberra (,00m²) followed by Brisbane with 0,00m² and Melbourne 0,00m². Anticipated supply for 0 is just over 0,000m² and with an average pre-commitment level of % is largely immune to the recent softening of demand. Melbourne with,0m² will continue its recent strong supply additions while Sydney with,00m² will see two premium buildings completed. This relatively lower level of supply in 0 is expected to be followed by even lower supply of 0,000m² in 0. At this stage 0 is also relatively modest with 0,000m², however there are a number of projects across the country, seeking tenant commitment, that could add to this list should tenant take-up and demand improve. While the supply additions from new stock is expected to be relatively lower, backfill space will continue to be a major factor with 00,00m² of available backfill space to come to the market during 0. Backfill space and tenant contraction is expected to trigger further major refurbishment projects across Australia over the medium term, while 0+ is emerging as a far stronger period for new supply additions. Investor demand for modern accommodation with long WALEs from both local and off-shore investors has continued unabated throughout 0. Thus transactions of projects have occurred during 0, although not to the extent that was seen during 0. Recent examples have been GWOF s purchase of 0 Collins St, Melbourne for $. million and Keppel REIT Asia s purchase of 0% of the Old Treasury site, Perth for $ million.

2 DECEMBER 0 AUSTRALIAN CBD OFFICE Supply & Development Activity Maps 0 O'Connell St # -,m² [Middletons] - % committed APPF (Lend Lease)/ADIA - L- Q 0, High rise 0 Martin Place # - ~,000m² QIC - 0/0 Castlereagh St ( Pitt St) -,0m² [ANZ/Freehills] GPT (GWOF)/La Salle/ISPT - Q 0 - % committed Chifley Square -,00m² [Corrs] Mirvac/K-REIT Asia - Q 0 - circa 0% committed 0 Thomas St - ~,000m² [Transgrid] Transgrid % committed Barangaroo C & C -,000m² +,00m² [Westpac/KPMG] Lend Lease/SHFA - 0/ - 0% committed Liverpool Street # -,00m² GIC - 0/0 Deco, Clarence St - ~,000m² St Hilliers Q 0 Martin Place (0 Pitt St) -,0m² [Ashurst] Colonial (CPA)/Cbus - Q 0 - % committed 0 Martin Place # -,m² [Macquarie as owner occupier] Macquarie Group - end 0/early 0-00% committed SYDNEY CBD 0 Martin Pl # -,0m² Pembroke Real Estate Q 0 Martin Place # (ex Macquarie) - 0,00m² Charter Hall Office/ Macquarie Martin Place Trust - 0 Grosvenor Place, George St # (ex Ashurst) - 0,000m² Investa/Eureka/Australian Reward Investment Alliance - 0 Central Park - ~0,000m² Frasers - 0+ George St ( York St) -,00m² Fife Capital Barangaroo C -,00m² Lend Lease /SHFA George St -,000m² [Ernst & Young] Mirvac % committed^ Clarence St -,000m² Investa - 0+ (Stage DA Approved) 0 Shelley St # (ex KPMG) -,000m² CPA/Brookfield The Bond, 0 Hickson Rd # (ex Lend Lease)-,000m² DEXUS - 0 Market St # (ex WBC) -,m² Investa Pitt St- ~,000m² Cambooya - 0+ (Stage DA Approved) One Wharf Lane, Sussex St -,00m² GC InvestmentCo - 0+ George St - ~,000m² Charter Hall Core Plus Office Fund - 0+ Bligh St -,000m² Energy Aust./Investa - 0 The Ribbon, Wheat Road -,000m² Markham/Grocon/SHFA Pitt St (Belmore Park) -,00m² Energy Australia George St (City One) -,000m² Brookfield - 0+ George & Pitt - ~0,000m² Westpac (Lend Lease) George, Dalley & Pitt Sts - 0,000m²+ GE Real Estate - 0+ AMP Circular Quay Master Plan» - ~0,000m² AMP Martin Place - ~,00m² (full redevelopment likely) Investa/Private Investor - 0+ Under Construction/Complete Includes select CBD major supply # Major refurbishment Office NLA quoted ^ Reported» Proposal involves amalgamation of Alfred St, 0 Bridge St and various buildings in Young and Loftus Streets into one precinct. Permissable NLA to be transferred between sites with net NLA increase totalling circa 0,000m². Source of Map: Knight Frank

3 The Goods Shed -,m² [Pearson] Walker - completed Q 0 Bourke St # - 0,m² [Holding Redlich] Juilliard - completed Q 0 MELBOURNE CBD 0 Collins St -,0m² [Aurecon] CIMB Trust - completed Q 0 Collins St # - 0,0m² [CBA/Service Stream] Australand - Q 0 - % committed. 00 Bourke St -,000m² [NAB] Cbus Property - Q 0-00% committed. Collins Sq -,000m² [Marsh Mercer/CBA] Walker - Q 0 - % committed. Collins St -,0m² [BHP] Charter Hall/Cbus Property - Q 0 - % committed. 0 Collins St - 0,000m² [Westpac] APN/Grocon * - Q 0 - % committed. Spencer St -,000m² [Victoria Police] Cbus Property - Q 0-00% committed. 0 0 Bourke St -,000m² [Medibank] Cbus Property - Q 0- % committed. Bourke St -,000m² (AGL) Mirvac - Q 0 - % committed & Collins St - 0,000m² & 0,000m² Lend Lease - 0+ Collins Sq - 0,000m² Walker - 0+ Collins Sq - 0,000m² Walker - 0+ Collins Sq -,000m² Walker - 0+ Collins St -,000m² Leighton Properties Bourke St -,000m² Charter Hall - 0+ Freshwater Place Stage -,00m² Australand - 0+ Collins St -,000m² Queensland Investment Corporation (QIC) Collins St -,000m² Mirvac Collins St -,000m² DEXUS - 0+ Docklands Dve -,000m² MAB Latrobe St -,00m² Digital Harbour Flinders St - 0,000m² DEXUS - 0+ Latrobe St -,000m² Charter Hall & Flagship - 0+ Harbour Tce - 0,000m² Digital Harbour - 0+ b e South -,000m² Colonial First State - 0+ Swanson St (CUB Site) -,000m² Grocon - 0+ North Wharf - 0,000m² WTC Asset Management Flinders St - 0,000m² Eureka/Asset - 0+ Bourke St -,000m² Brookfield - 0+ Sites B & B - 00,000m² Lend Lease - 0+ Collins St - 0,000m² ISPT - 0+ Fed Square East - 0,000m² State Government - 0+ Under Construction # Major refurbishment Office NLA quoted * Sold to GPT Wholesale Office Fund (Jul-) Source of Map: Knight Frank

4 DECEMBER 0 AUSTRALIAN CBD OFFICE Supply & Development Activity Maps 0 Charlotte St # 0,0m² [Fed Govt] CIMB June 0 - % committed Eagle St,000m² [ANZ/E&Y/Arrow] GPT June 0 - % committed Ann St,0m² [CUA/GHD]- Leighton/CPA November 0 - % committed. 0 Eagle St^ -,m² Direct & Sub-lease CPA Arrow Energy/Stanwell 0/0 0 George St #,00m² Nielson Properties Q 0. 0 Albert St ^ -,00m² LaSalle Funds Mgt Arrow Energy - June 0 Elizabeth St -,m² [ATO] Grocon/Credit Suisse Q 0 00% committed 0 Ann St,000m² Daisho Q 0 0 Queen St,m² [Freehills/BHP] Grocon 0 -% committed BRISBANE CBD 0 The Regent Development 0,000m² ISPT 0+ Mary St,000m² Billbergia/ AMP Capital 0+ 0 Albert St,0m² Marquette Property/Mirvac 0+ Transit Centre Stage II 0,000m² GPT/APPF tba William St, 0,000 -,000m² [State Govt] Developer Shortlist late 0 00% committed 0 Queen St,m² GFA Consolidated Properties - tba 0 Law Courts Site State Govt - Offered for Tender mixed use 0+ Under Construction / Complete As at December 0, excluding strata buildings. # Major Refurbishment / entire building available ^ Sub-lease space >,000m² contiguous. Sub-Lessor indicated in italics Major pre-commits in [brackets] next to NLA Avail Office NLA Quoted Source of Map: Knight Frank

5 00 Hay Street -,0m² Private - Q 0 - % committed Hay Street -,0m² # [WA Gov't] Perth Diocese % committed Treasury Building - 0,m² [WA Gov't] Mirvac/K-REIT consortium % committed PERTH CBD Hay Street - 0,m² [Aurecon] Perth Diocese - 0-0% committed Hay Street - 0,0m² QUBE - Q 0 - seeking pre-commit KS (Kings Square, Stage ), Wellington St - 0,000m² [Shell] Leighton / Seven Ent DA Approved - 0% committed St Georges Tce (Brookfield Place South) -,000m² Brookfield DA Approved - seeking pre-commit 0 Hay St (old Melbourne Hotel site) -,m² Oakesfield DA Approved - seeking pre-commit St Georges Tce -,0m² # Private DA Approved, seeking pre-commit Murray St -,000m² Grocon DA Approved - seeking pre-commit 00 Murray Street -,000m² # AWD Diversified DA Lodged, seeking pre-commit - Milligan Street -,000m² Georgiou Veil, St Georges Terrace -,m² Primewest DA Lodged, seeking pre-commit St Georges Tce (Bishops See no.) - 0,000m² Brookfield/Hawaiian Capital Square (old Emu Brewery site) -,000m² AAIG King's Square (Future Stages) -,000m² Seven Entertainment Waterbank, near The Causeway -,000m Lend Lease / MRA - Initial site works Elizabeth Quay - 00,000m² MRA - Initial site works Perth City Link Up to 00,000m² of commercial space Under Construction / Completed # Major refurbishment Office NLA quoted Source of Map: PCA

6 DECEMBER 0 AUSTRALIAN CBD OFFICE Supply & Development Activity Maps Tower, - Franklin St -, m² * [ATO Bldg] Aspen/Telstra Super - Nov 0-00% committed 0 Grenfell St -,0 m² [Bendigo & Adelaide Bank] Pacific Shopping Centre Grp - Q 0-00% committed 0 Franklin St -, m² [Piper Alderman] Kyren - H 0-0% committed (spec construction) 00 Waymouth St # -,00 m² Cromwell - H 0 - % committed [Community CPS C.U.] ADELAIDE North Terrace "SAHMRI" ^ - ~0,000 m² S.A. Gov't - Q 0 - Waymouth St # - ~,00 m² (ex ATO) TT Global - H 0 Pirie St # - ~,000m² Australasian Property Developments `` - Q 0 0 Flinders St - 0,000m² [People's Choice Credit Union] Commercial & General - mid 0-0% committed 0 North Terrace -,000 m² Adelaide Devlopment Company (ADC) - 0 King William St -,0 m² PMF Developments Pty Ltd Wakefield St -,000 m ² Kambitsis Group Franklin St -,000 m² Private (Molfetas) - 0+ Worldpark - Richmond Rd, Keswick -,00 m² Axiom (Stage B & C) - 0+ Pirie St -,000 m² Charter Hall - 0+ Riverbank Precinct 0 0 Pirie St (Aurora West Tower) -,000 m² Urban Construct - 0+ Riverbank Precinct Walker Corp/SA Government - 0+ Tower - -0 Franklin St -,000 m² Aspen - 0+ Pirie St -,000m² Adelaide Development Company Angas St (Yorke Campus Stg ) - ~,000 m² Commercial & General - 0+ Tower - King William St - 0,000 m² Aspen - 0+ King William St -,000m² Hills/Goodman Flinders St -,00m² Uniting Church/Toga North Terrace - ~0,000m² Commercial & General/Maras/Le Cordon Bleu - 0+ Source of Map: PCA Please note Adelaide Core and Adelaide Frame are now amalgamated as the Adelaide CBD. Worldpark, Keswick Under Construction/Complete DA Approved / Confirmed Office NLA quoted (>,000m²) * NLA includes Australia Post sorting facility # Major refurbishment ^ South Australian Health & Medical Research Institute `` recently sold for circa $ million

7 - Molonglo Drive, Airport -,000m² Capital Airport Group - awaiting commitment Canberra Avenue, Forrest -,0m² [DHS*] Doma Group - complete - 00% committed CANBERRA North 0 National Circuit West, Barton -,000m² [AGD & AGS~] ISPT - complete - % committed Nishi^ -,000m² [Dept of Climate Change, ACCC, Clayton Utz Molonglo Group - Q 0-0% committed National Circuit East, Barton -,00m² ISPT - Q 0 - uncommitted ASIO HQ, Constitution Ave, Parkes - 0,000m² [ASIO] Federal Govt - Q 0-00% committed Benjamin Way, Belconnen -,00m Amalgamated Group - Q 0-00% committed [ACMA`] Blk 0 Sect., Cowlishaw St, Tuggeranong -,000m² [DHS*] Amalgamated Group - Q 0-00% committed Sydney Ave, Forrest -,00m² [PwC] BDC ACT - Q 0-0% committed Canberra Ave, Forrest -,00m² Willemsen Group - Q 0 seeking pre-commit Vernon North - Building, London Circuit^ -,000m² Leighton/Mirvac JV - 0+ seeking pre-commit Furzer St, Phillip -,000m² Doma Group - 0+ seeking pre-commit Signature Building, London Circuit^ -,000m² Leighton/Mirvac JV - 0+ seeking pre-commit - Antill St, Dickson (ex ACT Tab bldg) -,000m² Amalgamated Group - 0+ seeking pre-commit Section ^ -,00m² QIC - 0+ seeking pre-commit North West Edin Marcus Cla burgh Ave rke Northbourne Ave London Circuit Commonwealth Ave Parkes Way Akuna St Constitution Ave Ainslie Ave Anzac Parade 0 Anzac Park East, Parkes # -,m² Federal Govt - mooted 0 Landmark Building, London Circuit^ - 0,000m² Leighton/Mirvac JV - mooted 0 Marcus Clarke^ -,000m Prime space - 0+ Vernon South - Building, London Circuit^ -,000m² Leighton/Mirvac JV - mooted Constitution Ave, Campbell - 0,000m² Hindmarsh Group - 0+ Darling Street, Barton -,000m Doma Group - 0+ Commonwealth Ave Section ^ - 0,000m² ACT Government - 0+ Myuna Complex, Northbourne Ave^ -,000m² Walker Group - 0+ Circle Kings Ave Macquarie St, Barton - 0,000m mixed use Doma/Morris Group - 0+ Nangari Street ^ -,00m Molonglo Group - 0+ Under Construction/Complete # Major refurbishment ^ Civic precinct * DHS Dept of Human Services ~ AGD Attorney General Department, AGS Australian Government Solicitor ` ACMA Australian Communications and Media Authority Office NLA quoted Melbourne Ave Circle South West 0 State Canberra Ave Brisbane Ave Airport Source of Map: ACT Planning and Land Authority (ACTMAPi)

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