PRIME OFFICE + CAR PARK PORTFOLIO

Transcription

1 PRIME OFFICE + CAR PARK PORTFOLIO INCOME + DEVELOPMENT BRISBANE 1 JLL KNIGHT FRANK

2 contents Introduction 3 Executive Summary & Portfolio Metrics 4 Investment Highlights 6 The Case for Investing in Brisbane queen street, Brisbane 14 Investment highlights 15 The property 16 Location 18 Key tenant summary 22 stacking plan 23 financial summary 24 Festival carpark: 45 Charlotte street, Brisbane 26 Investment highlights 27 The property 28 Location 30 Key tenant summary 34 financial summary 35 Development potential 36 mcwhirters carpark: 728 ann street, fortitude valley 38 investment highlights 39 the property 40 location 42 key tenant summary 46 financial summary 47 development potential 48 sales Evidence 54 sale process 55

3 Introduction a strategically diversified portfolio of three outstanding investment & development opportunities in Brisbane, Australia. JLL and Knight Frank are very pleased to exclusively present a truly rare opportunity to acquire three exceptional properties in Brisbane, Australia the Prime Office + Carpark Portfolio. The properties are available for purchase individually or as a portfolio, and are being offered for sale via an International Expression of Interest campaign closing 4pm (AEST) Thursday 19 th November, Comprised of a core, institutional-grade office tower and two stand-alone car parks each with the potential for significant development or long term holding income - this unique opportunity will provide prospective purchasers with access to a truly diversified portfolio and ultimate value-add opportunity. The portfolio offers a flexible Weighted Average Lease Expiry (WALE) of approximately 5.14 years by income, providing exceptional long term income security. Alternatively, both car parks are suited to significant development and have world-class schemes already prepared. The Prime Office + Car Park Portfolio s passing income is derived from a balanced tenancy profile of government, ASX100 and multinational tenants underpinning the strength of the portfolio s cash flow. The three properties benefit from prime locations in key commercial precincts, with two properties located in the Brisbane CBD and one located in the major inner city precinct of Fortitude Valley Brisbane s primary lifestyle and retail amenity destination. Opportunities to acquire a portfolio of this scale, quality, diversity and flexibility are extremely rare. The Vendor is seeking Expressions of Interest on an individual asset or whole of portfolio basis. Should you require additional information or wish to arrange an inspection please contact either of the Joint Selling Agents directly. 3 JLL KNIGHT FRANK

4 Executive Summary & Portfolio Metrics Address 300 Queen Street, Brisbane 45 Charlotte Street, Brisbane 728 Ann Street, Fortitude Valley Building Name HSBC Building Festival Car Park McWhirters Car Park Legal Description Land Tenure Lot 32 on RP (Freehold) Lot 22 on SP (Leasehold) Lot 21 on SL10753 (Leasehold) Freehold (Office & Carpark) Leasehold (Outdoor Dining Area and Part-Basement) Lot 1 on BUP Lot 2 on BUP Lot 401 on SP Freehold (Body Corporate) Site Area* 2,034sqm 1,835sqm 4,572sqm year built Lettable Area* Office 18,040sqm 155sqm 0sqm Retail 1,324sqm 0sqm 1,410sqm Total 19,364sqm 155sqm 1,410sqm Average Floor Plates 833sqm n/a n/a Lot 7 on Registered Plan Lease TL 0/ Freehold Pedestrian Air Bridge is Partial Leasehold Car Parking Bays 128 secure basement car parks (1:150sqm) 412 secure car parks 777 secure car parks Occupancy WALE (By Income, as at 1 January 2016) 100% (by income including rent guarantee) 100% 4.41 years 1.50 years^ years^ 100% (by income including rent guarantee) Net Passing Income* $14,202,633 $2,538,469 $4,011,178 Net Income Fully Leased* $14,202,633 $2,538,469 $4,011,178 % of Portfolio* 69.4% 12.5% 18.1% Street Frontage* Queen Street 42.2m Post Office Square 40.9m Charlotte Street 40.5m Ann Street 56.8m Warner Street 49.0m Ballow Street 44.5m Town Planning 274m (CBD Maximum) 274m (CBD Maximum) 30 storeys Sustainability Credentials 2.5-Star NABERS Energy Rating A 100% interest in The Prime Office + Carpark Portfolio is being offered for sale by Sale Process International Expressions of Interest closing 4pm (AEST) Thursday, 19th November, The Vendor is seeking Expressions of Interest on either a whole of portfolio or individual asset basis. A comprehensive online data room has been established and contains information Due Diligence with respect to the properties. Access to the Electronic Data Room is available upon execution of a Confidentiality Agreement via the exclusive selling agents. ^Including proposed lease over car park facility *Approximate 4 PRIME OFFICE + CAR PARK PORTFOLIO INFORMATION MEMORANDUM

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6 Investment HighlightS The Prime Office + Carpark Portfolio is underpinned by the following key investment highlights: > > Portfolio WALE in excess of 5 years (by income). > > High occupancy of 98.8% underpinning the portfolio s cashflow strength. > > Exceptional covenants with Government, ASX100 and multinational tenants. > > Extremely well located assets positioned in the core of the Brisbane CBD and Fortitude Valley. > > Diversified income stream with 53.9% of the portfolio s passing income derived from office uses, 32.9% from car park operators, 11.2% from retailers and 2.0% from other uses. > > Significant immediate or future development potential. Opportunity to gain immediate scale, diversification and exposure to Australia The Prime Office + Carpark Portfolio presents an opportunity to acquire three quality buildings located in Australia s new world city. Combining prime office investment with two standalone car parks each with the potential for significant development or long term holding income - this unique opportunity will provide prospective investors with access to a high quality, truly diversified portfolio. The opportunity to enter the market with an acquisition of this scale, quality, diversity and flexibility is extremely rare. Solid, flexible portfolio WALE with immediate ability to increase to in excess of 5 years (by income) The portfolio provides security of income with a WALE (by income) as at 1 January 2016 of 5.14 years assuming lease proposals for both car parks are preferred by the incoming purchaser. This is a unique benefit of the portfolio, and is a rare offering in a market which is increasingly starved of long-wale opportunities. Each building offers a stand-alone investment opportunity Each building has strong underlying fundamentals, located in the core of their respective business districts and in prominent positions. Each asset offers maximum flexibility also with the ability to access further value add at the most appropriate time in the investment or development cycle. All occupy highly prominent locations with high pedestrian traffic and the opportunity to further grow their retail components. Minimal capital expenditure required Each asset has strong underlying cashflow security and are in excellent condition, with all having undergone extensive refurbishments in recent times. In many instances this has reduced the prospect of excessive future capital expenditure. High quality diversified income stream The portfolio offers a high quality diversified income stream. While the portfolio generates approximately 53.9% from office uses, approximately 32.9% of its net income is derived from car park operators and a further 13.2% from retail and other income sources. The diversified nature of the income stream not only diversifies the cash flow of the portfolio but provides multiple valueadd opportunities for an incoming purchaser. Flexibility to secure long term holding income or execute a development strategy Prospective purchasers have the ability to maximise the portfolio s holding income via the two proposed lease deals over the car park facilities. Alternatively, purchasers could look to enhance future returns by undertaking development of the assets. 6 PRIME OFFICE + CAR PARK PORTFOLIO INFORMATION MEMORANDUM

7 The ability to acquire a portfolio of quality Australian investments which allows either long term cash flow security or value creation strategies to be implemented across is a truly rare opportunity. 728 Ann Street Fortitude Valley 12.5% 18.1% % of Total Net Income 300 Queen Street, Brisbane 69.4% 45 Charlotte Street, Brisbane Other Income 2.0% 11.2% Retail Tenants Car Parking 32.9% Source of Income 53.9% Office Tenants Near City 18.1% % of Total Net Income (CBD / Near City) 81.9% CBD 7 JLL KNIGHT FRANK

8 The Case for Investing in Brisbane Over the last decade, Queensland has emerged as a key growth market within Australia on the back of exceptional population and economic growth. The state continues to perform strongly with a robust growth outlook underpinned by a broadening in the State s economic drivers. Queensland s Gross State Product (GSP) is expected to grow by an average of 4.2% per annum over the next ten years, supported by projected population growth of 2.2% per annum over the same period. This will ensure that the state retains its reputation as the growth state and continues to be an attractive destination for business investment. Queensland s capital city, Brisbane is Australia s third largest city and more importantly Australia s closest capital city to Asia. Brisbane is a vibrant, buoyant and exciting city that is fast becoming known as Australia s new world city. Some key economic highlights for Australia and Queensland include; > > Australia is one of the most resilient economies with 22 years of consecutive economic growth > > Australia is the 12th largest economy in the world with average economic growth of 3.1% over the last 10 years > > Queensland enjoys a diverse economic base of resources, education, agriculture, finance and insurance > > Queensland s annual growth rate has averaged 4.5% per annum over the past two decades is expected to grow 6% in > > Brisbane is one of Australia s fastest growing cities with average population growth of 2.2% annually over the last decade. The current population of 2.2 million people is forecast to grow to over 3.3 million by 2036 > > Brisbane is a diverse and multicultural city with a quarter of the population born overseas > > Greater Brisbane s economy has rapidly expanded to be worth $146 billion in 2015 > > Brisbane is one of the fastest growing regions in Australia, averaging 4.7% growth between 2001 and Source: Brisbane Marketing Brisbane s economic growth is being fuelled by a competitive base for doing business, high levels of business investment and innovation, and the largest public infrastructure spending program in Australia s history. South East Queensland infrastructure spending by 2031 is set to total over $134.2billion, equating to $37,000 in infrastructure spending per capita. 8 PRIME OFFICE + CAR PARK PORTFOLIO INFORMATION MEMORANDUM

9 south east qld infrastructure spending billion HEALTH $6.8 billion community services $3.8 billion transport $97.7 billion energy $5.4 billion water $1.5 billion Education & Training $3 billion 9 JLL KNIGHT FRANK

10 Queens Wharf Development Artist impression only. Not accurate. A leading destination for business and investment, major events and international education, Brisbane is truly Australia s new world city. Major projects currently underway in the Brisbane CBD include: Queens Wharf Development Destination Brisbane Consortium will redevelop Brisbane City s Queen s Wharf precinct in what will be the most significant development project of a generation, one set to transform the CBD. The positive benefits to the city are immense, including significant and long term economic benefits to both Brisbane and Queensland. The Queen s Wharf precinct takes up some 10 per cent of the Brisbane CBD, and is bordered by the Brisbane River from Queen to Alice Streets. Construction is expected to begin in 2017 after completion of the State Government s new executive building at One William Street. Two thousand jobs will be created during the construction phase, with a further 8,000 jobs once the project is operational. Key benefits to Brisbane: > > Investments in improved transport and connectivity solutions for the City of Brisbane > > Creation of more than jobs in Queensland once Queen s Wharf is operational > > Creation of around 2000 jobs during construction > > $1.69 billion annual increase in tourism > > $1.39 million additional tourists per annum > > $4 billion to Gross State Product Howard Smith Wharves Howard Smith Wharves is set to be redeveloped into a world class riverside recreation, lifestyle, event and tourism destination. The 3.43 hectare site will be transformed into a true precinct with more than 2.7 hectares of public open space, a 164 room hotel, an exhibition centre and restaurants and cafes. The development will connect the New Farm Riverwalk and the CBD, revitalise Petrie Bight and draw on the important heritage elements of the site. The developers plan to own and operate the development for the long term and are investing in quality design, construction and maintenance. Key attributes of the development include: > > Dining, retail and tourism centre utilising the existing heritage listed buildings > > New public open spaces that may be used for markets and festivals > > 164 rooms in a 5 star boutique hotel > > Underground car park for 350 vehicles > > Parkland and public open spaces including lifts linking the site to the top of the cliffs > > A 1,500sqm exhibition space 10 PRIME OFFICE + CAR PARK PORTFOLIO INFORMATION MEMORANDUM

11 Howard Smith Wharves Artist impression only. Not accurate. Edward Street The Edward Street precinct in the CBD has established itself as Brisbane s home for international luxury brands such as Louis Vuitton, Tiffany & Co., Georg Jensen, Rhodes & Beckett, Hermes, Cartier and Gucci to name but a few. Brisbane s CBD retail sector is an established, prosperous precinct for both local and international retailers. Brisbane City Council has recently committed to a three-year $11 million plan to upgrade the Edward Street shopping precinct, including removal of a traffic lane to allow for wider footpaths. This significant investment is set to turn Edward Street into a "showcase street" that will complement the area's growing retail nature. Albert Street Importantly, the Festival Car Park in particular will benefit from the Albert Street Master Plan which is currently being prepared by Brisbane City Council. The Master Plan aims to create a green spine running from Wickham Park through the CBD core to the Botanic Gardens. It will include significant streetscape improvements and the introduction of sub-tropical living room elements such as casual alfresco dining, pedestrian only / shared streets, outdoor events and pop-up markets. Based on recent discussions with the master plan urban designers and Urban Renewal Brisbane, an announcement regarding the commencement of Stage One works, which will focus on the section of Albert Street between Charlotte and Mary Streets, is expected shortly. It is our understanding that these Stage One works are intended to be a temporary upgrade only, while funding is sought for the full masterplan upgrade. With Albert Street already beginning to act as an extension of the Queen Street Mall, we believe that the street will continue to improve within the CBD s retail hierarchy as Queens Wharf is developed and the pedestrian volumes on Albert Street increase significantly due to its role as a key ant trail connecting the Queen Street Mall and core casino precinct. Cross River Rail The Cross River Rail project (an update of the proposed Underground Bus and Train BaT Project) will almost double the daily passenger capacity of Brisbane's rail and bus network, provide a world-class transit experience and be complemented by other initiatives to increase capacity in the city's bus network. The project is in its advanced planning stages and has a total investment value of approximately $4 billion. The underground railway line which will link Brisbane s CBD more directly to the Gold Coast will have a major station on George Street, opposite the new Queens Wharf Casino project and less than 150 metres from Festival Carpark. 11 JLL KNIGHT FRANK

12 THE PROPERTIES 12 PRIME OFFICE + CAR PARK PORTFOLIO INFORMATION MEMORANDUM

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14 300 Queen Street, Brisbane HSBC Building 14 PRIME OFFICE + CAR PARK PORTFOLIO INFORMATION MEMORANDUM

15 Investment Highlights > > Secure income profile: 300 Queen Street boasts a strong and diverse tenancy profile including a number of major corporate tenants and national retailers: Medibank, Unisuper, Holding Redlich, HSBC and Flight Centre provide exceptional lease covenants and underpin the asset s outstanding income security. The number and diversity of tenants ensures that 300 Queen Street has a balanced expiry profile. > > Cashflow security: The asset is being offered for sale on a fully leased basis, with a rent guarantee over any vacancy at settlement. This provides a fully leased annual net income of $ million, and excellent income security with a WALE (by income) of 4.41 years underpinned by a diverse income profile including office (79.1%), retail (13.4%) and car parking (5.4%). > > Substantial capex spend: 300 Queen Street has undergone almost $25 million in capital expenditure in recent years including replacement/upgrade of major capital items such as lifts, chillers, mechanical and base build upgrades. The extensive works undertaken are likely to increase the environmental ratings of the building and help to reduce ongoing operational expenses and capital expenditure requirements. > > Exceptional leasing track record: Of 300 Queen Street s A-Grade office peers, it is the benchmark asset for accommodation quality, convenience and location and as a result, has achieved an outstanding leasing track record. In addition to attracting high quality ASX100, government and major international corporate tenants, it has also benefitted from excellent tenant retention. > > A rare offering: The opportunity to acquire a fully refurbished prime grade building with stable and secure income is becoming increasingly rare. 300 Queen Street offers these characteristics underpinned by excellent quality and design, blue chip income and cash flow, A-Grade quality office accommodation, and a significant 2,034sqm CBD site. > > Highly sought after floor plates: Efficient central core floor plates of approximately 833sqm are a rarity in 300 Queen Street s leasing peers and provide excellent fit-out flexibility. Considerable setbacks to all sides afford a high degree of natural light and view corridors of the surrounding CBD, Post Office Square and Brisbane River. > > Core CBD location: The asset benefits from a commanding central location amongst Brisbane s most visited retail hub and within Brisbane s premier commercial precinct the Golden Triangle. The property has convenient access to Brisbane s Central Railway Station via dedicated pedestrian walkways, as well as the city s bus and ferry networks. Excellent retail amenity is available immediately surrounding the asset, or via a brief walk to Queen Street Mall, Edward Street or Eagle Street Pier. The site adjoins Post Office Square and is located directly opposite the Brisbane GPO. > > Strong retail offering: This investment opportunity offers one of the most significant retail components of any Brisbane CBD office tower, accounting for approximately 13.4% of the total annual passing net income. The retail tenancies are able to leverage some of the busiest pedestrian thoroughfares in the Brisbane CBD, offering direct exposure onto busy Queen and Adelaide Streets and connecting to the popular Post Office Square food court. > > Outstanding quality and design: 300 Queen Street offers all the characteristics of best in class CBD product having been designed and constructed to the highest specification and refurbished with the same philosophy. Significant investments in capital expenditure have been made to ensure the asset continues to remain the benchmark A-Grade office for the Brisbane commercial office market. > > Car parking: The asset offers a superior car parking ratio of 1:150sqm NLA - and with a central location within the CBD, benefits from strong demand for casual and leased parking. > > Retail rental upside: Current retail rents in 300 Queen Street average $1,750/sqm gross, compared with recent deals in the adjacent PO Square food court which have achieved gross rents of $1,750 to $3,250/sqm. This indicates that there is genuine opportunity for retail rental upside within the property. 15 JLL KNIGHT FRANK

16 The Property Brief Description 300 Queen Street, Brisbane (known as the HSBC Building) is a core, institutional grade office asset situated in the heart of the Brisbane CBD s premier commercial precinct. The building comprises approximately 19,364sqm of NLA over 24 levels, as well as secure basement car parking for 128 vehicles. The building presents to an A-Grade standard and is the benchmark asset in its class. Efficient centre core floorplates of 833sqm, natural light on all sides and a premium Queen Street address have all contributed to the asset s exceptional leasing track record. Property Details Address Building Name 300 Queen Street, Brisbane HSBC Building Legal Description Lot 32 on RP Lot 22 on SP Lot 21 on SL10753 Land Tenure Site Area * QUEEN INFORMATION MEMORANDUM Freehold (Office & Carpark) Leasehold (Outdoor Dining Area and Part- Basement) 2,034sqm year built 1984 Lettable Area * Office 18,040sqm Retail 1,324sqm Total 19,364sqm Average Floor Plates 833sqm Car Parking Bays 128 secure basement car parks (1:150sqm) Occupancy 100% (by income including rent guarantee) WALE (By Income, as at 1 January 2016) 4.41 years Net Passing Income * $14,202,633 Net Income Fully Leased * $14,202,633 % of Portfolio * 69.4% Street Frontage * Queen Street 42.2m Post Office Square 40.9m Town Planning 274m (CBD Maximum) Sustainability Credentials 2.5-Star NABERS Energy Rating *Approximately

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18 location Golden Triangle Precinct The Asset is prominently situated in Brisbane s preeminent commercial precinct, the Golden Triangle, with exposure to some of the city s most significant thoroughfares and public space. The Golden Triangle accommodates the majority of Brisbane s landmark commercial office assets including the Central Plaza complex, Riparian Plaza, Riverside Centre, Waterfront Place and the most recent addition One One One Eagle Street. Opportunities to acquire a landmark asset of this quality in a core location are rare, particularly in the Brisbane CBD, due to geographical constraints presented by the Brisbane River. The highly accessible location provides direct, convenient access to significant retail and lifestyle amenity as well as excellent accessibility to public transport services. Retail Amenity 300 Queen Street is positioned amongst the CBD s key retail hubs and enjoys convenient pedestrian access to these locations, including the Edward Street luxury retail boulevard, Eagle Street Pier, Queens Plaza and the Queen Street Mall, the busiest pedestrian mall in Australia with over 26 million visitors annually. The iconic Post Office Square, an inner-city parkland that sits above a popular food court, directly adjoins the asset. The food court is currently being repositioned and will be completed in late 2015, with further plans from Brisbane City Council to improve the green space above, further enhancing the appeal of the location. Transport Connectivity The asset enjoys excellent accessibility to Brisbane s extensive public transport network, with bus, train, CityCat ferry and CityCycle services all located within short walking distance. Brisbane s Central Railway Station is located less than 180m from the asset. As the CBD s primary train station, it provides all-line connectivity and services the greater South-East Queensland region including Sunshine Coast, Gold Coast and Ipswich. Central Railway Station is accessible via a dedicated pedestrian walkway which runs over Adelaide Street. Extensive and frequent bus services are available at the asset s doorstep, with numerous bus stops located along Adelaide Street and Edward Street and the major bus terminals located at King George Square and the Myer Centre within 300m. Unique to Brisbane s inner-city, the CityCat ferry network is another great way to access the CBD and neighbouring suburbs. Located only 250m from the Asset, the Riverside Terminal offers frequent services to 24 destinations along the banks of the Brisbane River. The CityCycle bike hire and bicycle network has 150 stations within inner Brisbane, and several stations located within close proximity to the asset. Location Post Office Square: Distance (Metres) Adjacent Bus stops: Adjacent General Post Office: 50 Queen Street Mall: 100 Riverside Centre: 200 Central Station: 230 Sofitel Hotel: 250 Riverside CityCat Terminal: 300 Eagle Street Pier: 350 Hilton Hotel: 350 Marriott Hotel: 550 Botanic Gardens: 650 Roma Street Station: QUEEN INFORMATION MEMORANDUM

19 W H A R F S T R E E T T U R B O T S T R E E T 180 ANN CENTR AL TRAIN STATION T U R B O T S T R E E T N O R T H Q U A Y A N N S T R E E T A N N S T R E E T PA C IF IC M O T O R W A Y BRISBANE RIVER PA C IF I C M O T O R W A Y W IL L IA M S T R E E T Queens wharf Development BRISBANE SQUARE G E O R G E S T R E E T 275 GEORGE QUEEN ST BUS station FESTIVAL CARPARK A D E L A ID E S T R E E T 60 ALBERT KING GEORGE BUS station QUEEN ST MALL A L B E R T S T R E E T 123 ALBERT M A R Y S T R E E T E L IZ A B E T H S T R E E T C H A R L O T T E S T R E E T 53 ALBERT 145 ANN E D W A R D S T R E E T retail precint E D W A R D S T R E E T 240 QUEEN MACARTHUR CENTRAL ANzac SQUARE POST OFFICE SQUARE ST STEPHENS CATHEDRAL BRISBANE GPO 10 EAGLE WATERFRONT PLACE 100 CREEK 300 queen Street 12 CREEK S T R E E T ADELAIDE C R E E K S T R E E T E A G L E 324 QUEEN CENTRAL PLAZA ONE CENTRAL PLAZA TWO EAGLE PIER RIPARIAN PLAZA Q U E E N S T R E E T CENTRAL PLAZA THREE 111 EAGLE RIVERSIDE CENTRE BRISBANE RIVER the GOLDEN TRIANGLE RIVERSIDE FERRY TERMINAL 480 QUEEN holman st Ferry terminal M A R G A R E T S T R E E T 1 WILLIAM A L IC E S T R E E T thornton st FERRY terminal QUEENSLAND UNIVERSITY technology BRISBANE CITY BOTANIC GARDENS Post office square + bus stops General post office Queen street mall riverside centre Central station sofitel hotel Riverside citycat terminal Eagle street pier + Hilton hotel Marriott hotel Botanic gardens 0 100m 200m 300m 400m 500m 600m 700m 19 JLL KNIGHT FRANK

20 300 Queen Street, Brisbane eagle street pier story bridge brisbane gpo 300 queen street central railway station 20 PRIME OFFICE + CAR PARK PORTFOLIO INFORMATION MEMORANDUM

21 1 william street city botanic gardens queensland university of technolgoy edward street luxury retail precicnt queen street mall queens wharf casino & entertainment precinct redevelopment 21 JLL KNIGHT FRANK

22 Key Tenant Summary Holding Redlich, a major Australian based law firm, has recently leased 2,394sqm (approximately 10%) of the building in a deal commencing 10 August 2015 and expiring 9 August The National firm is a well-respected legal services firm, who regularly act for and advise Australian Commonwealth Government departments and agencies. HSBC Holdings is a British multinational banking and financial services company headquartered in London, United Kingdom. It is the world's fourth largest bank by total assets, with total assets of US$2.67 trillion. In addition to having major signage rights, HSBC Holdings occupies 5.7% of the building s NLA (1,120sqm) and contributes 8.7% of the total income. Medibank Private Limited (ASX:MPL) is a national private health insurer based in Australia. It is Australia s largest health insurance provider with 3.8 million members, 29.1% of the market. In 2014 Medibank was listed on the Australian Securities Exchange (ASX). Russells are a Brisbane based law firm, specialising in Commercial Litigation; Corporate & Financial Services; Insolvency & Reconstruction; Commercial Property; and Hospitality Services. Russells have been tenants of 300 Queen Street since UniSuper is an Australian superannuation fund that provides superannuation services to employees of Australia s higher education and research sector. With more than 412,892 members and $49.2 billion in net funds under management, they are one of Australia s largest super funds. Flight Centre is an Australian-based international travel company and the largest retail travel outlet in Australia, with annual turnover in excess of $13.5 billion. As one of the world s largest travel agency groups, it has companyowned operations in 11 countries and a corporate travel management network that spans more than 75 countries. It employs more than 15,000 people globally and has a total of 2,500 stores. RUSH originally opened in 2004, in the Brisbane CBD and is a popular inner-city venue with a high quality menu and standard of service. RUSH is one of the most dynamic and flexible venues in Brisbane - restaurant & bar, corporate meetings, takeaways on the go, and functions & boutique wedding receptions. Russells rush QUEEN INFORMATION MEMORANDUM

23 stacking plan 24 Seymour Group 345sqm 9.Feb.2020 Creevey Russell 429sqm 31.Aug Vacant 580sqm Nous 210sqm 30.Jul D Millenium 226sqm 31.Dec E Sucrogen (Wilmar) 293sqm 30.Jun F State Development Corp 116sqm 30.Jun G Law Staff 145sqm 30.Jan Jensen McConaghy (Fastenshire) 833sqm 31.Aug International Business Corporation 833sqm 31.Jul /18 Russell & Co 1,666sqm 30.Apr Under Offer 833sqm 16 Goodman Wealth 233sqm 31.Aug.2022 Unisuper 550sqm 6.Jul Fragomen 360sqm 11.Nov.2020 Griffith Hack 364sqm 30.Apr.2021 GovStrat 59sqm 31.Aug IBA 542sqm 31.Dec.2018 IMC Mining 237sqm 30.Sep Davd K Lawyers HOA 186sqm 30.Aug.2021 Ferrier & Co 205sqm 31.Jul.2020 RB Recruitment 170sqm 30.Apr.2017 Ariadne 111sqm 14.Dec HSBC 555sqm 30.Sep.2020 National Institute of Chartered Accountant 192sqm 30.Nov Vacant 238sqm Medibank 504sqm 31.Dec Sentinel 798sqm 28.Feb Westside 798sqm 30.Sep /7 CKSS Pty Ltd 1,239sqm 21.Sep PCA 299sqm 31.May A Queen Street Dental (Heka) 311sqm 31.Aug B Marchment Hill 112sqm 31.Dec C/D NDC Australia 112sqm 22.May F Darveniza Dental 99sqm 30.Sep E JLL Management 65sqm 30.June Peabody Pacific 798sqm 31.Jan /1 Holding Redlich 2,394sqm 09.Aug.2025 Mezzanine HSBC 100sqm 30.Sep.2020 Ground Rush 321sqm 13.Oct.2021 Flight Centre 114sqm 30.Jul.2022 HSBC 465sqm 30.Sep.2020 Lower Grd Sushi 59sqm 31.May.2018 East Express 41sqm 7.Jul.2018 Pure Taste 80sqm 31.May.2021 Curry Shop 27sqm 31.May.2016 Jimmy Rod s 31sqm 31.May.2018 Chopp d 33sqm 31.May.2021 Subway 43sqm 31.May JLL KNIGHT FRANK

24 Financial Summary Income Breakdown * as at 1 January 2016 Retail Tenants $2,409,190 Office Tenants $12,862,753 Car Parking $891,516 Outgoings Recoveries $7,899 After Hours AC $10,323 Easements $23,570 Profit on Electricity $169,000 Other Income (Storage, Rooftop, Signage) $207,492 gross rental income $16,581,743 less Forecast Outgoings $2,379,110 Passing Net Income $14,202,633 *Approximately Car Parking 5.4% 2.1% Other Income 13.4% Retail Tenants 300 queen street 79.1% Office Tenants QUEEN INFORMATION MEMORANDUM

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26 festival carpark 45 charlotte Street, Brisbane 26 PRIME OFFICE + CAR PARK PORTFOLIO INFORMATION MEMORANDUM

27 Investment Highlights > > Development potential (immediate or future): The large 1,835sqm site and central CBD location provides exceptional development potential. An indicative scheme prepared on the site will be provided to prospective purchasers to demonstrate easily and clearly the remarkable development potential of the site. > > Retain commercial carpark: As the only standalone car parking facility in the Brisbane CBD, Festival Car Park also suits acquisition for the purpose of retaining the existing car park facility, either to own and occupy or lease. > > Proximity to the proposed Queens Wharf development: Queens Wharf is arguably the highest profile and most significant development in Brisbane for a generation. Covering 10 city blocks, the Queen s Wharf precinct takes up some 10 percent of the Brisbane CBD and has an anticipated end value in excess of $5bn. The position of the building relative to Queen s Wharf creates enormous opportunity for an incoming purchaser over the longer term. > > Core location: Festival Car Park is located in the heart of the Brisbane CBD, within 200m of the iconic Queen Street Mall and Treasury Casino. It will also be within 150m of the proposed George Street Railway Station for the Cross River Rail project. > > Charlotte street frontage: The site s large frontage of almost 40m lends itself well to future redevelopment of the site and ensures the asset is a prominent feature on the key inner-city thoroughfare. > > Rare investment opportunity: As the Brisbane CBD s only standalone car park, the opportunity to acquire an asset of this nature is unique. Standalone car parking facilities generally require limited capital expenditure and are less management intensive than other asset classes. 27 JLL KNIGHT FRANK

28 The Property Brief Description As the Brisbane CBD s only standalone car park, the opportunity to acquire an asset of this nature is unique. Located in the core of the Brisbane CBD within 200m of the iconic Queen Street Mall and Treasury Casino, the property also benefits from its position adjacent to the future Queens Wharf development. Queens Wharf is arguably the highest profile and most significant development in Brisbane for a generation, with an anticipated end value in excess of $5bn. The position of the building relative to Queen s Wharf creates enormous investment and development opportunity for a future owner of the property. Festival Carpark is being offered with existing lease terms or with a one year lease to Secure Parking. This provides an incoming purchaser with flexibility to enjoy an income stream before leveraging the Queens Wharf development to benefit from strong revenue and rental upside. Property Details Address Building Name 45 Charlotte Street, Brisbane Festival Car Park Legal Description Lot on Plan Registered Owner Status Lot 1 on BUP Lot 2 on BUP Lot 401 on SP other lots Various LVS Nominees Pty Ltd (as trustee) Market Park Pty Ltd LVS Nominees Pty Ltd (as trustee) Leased to Hertz Australia Pty Limited Leased to S & K Car Park Management Pty Ltd Leased to S & K Car Park Management Pty Ltd The seller does not provide any representations about the status of these lots Land Tenure 100% Freehold (Body Corporate) Site Area * 1,835sqm year built 1984 Lettable Area * Office 155sqm Retail 0sqm Total 155sqm Average Floor Plates n/a Car Parking Bays 412 secure car parks offered for sale Occupancy 100% WALE (By Income, as at 1 January 2016) 1.5 years Net Passing Income * $2,538,469 Net Income Fully Leased * $2,538,469 % of Portfolio * 12.5% Street Frontage Charlotte Street 40.5m Town Planning 274m (CBD Maximum) Maximum Building Height 274m (CBD Maximum) *Approximately 28 FESTIVAL CARPARK 45 CHARLOTTE INFORMATION MEMORANDUM

29 45 charlotte street 1 william street queens wharf casino & entertainment precinct redevelopment 29 JLL KNIGHT FRANK Artist impression only. Not accurate.

30 LOCATION The Property is located centrally within the Brisbane CBD s midtown precinct along Charlotte Street, approximately 500 metres south-west of Brisbane s GPO. The property s close proximity to key amenity including Queen Street Mall as well as a number of residential high rises, office towers and major retailers, ensures that demand for car parking in the immediate area is strong. Of particular benefit to the property however, is its proximity to the Queens Wharf Precinct, the highest profile and most significant development in Brisbane since South Bank was completed in Covering 10 city blocks, the Queen s Wharf precinct takes up some 10 per cent of the Brisbane CBD and has an anticipated end value in excess of $5bn. It is bordered by the Brisbane River from Queen to Alice streets, taking in a number of rare heritage buildings as well as aging Government office towers, with their redevelopment and re-use an important part of the process. Construction is expected to begin in The position of the property at the front door of Queen s Wharf creates enormous opportunity for an incoming purchaser. Festival Car Park is also positioned perfectly to benefit from the unprecedented level of infrastructure investment occurring in and around the Brisbane CBD, including the proposed underground Cross River Rail Connection. Location Distance (Metres) Queens Wharf Precinct 100m Proposed George Street Railway station 150m Hilton Hotel 230m Riverside Ferry Terminal 250m City Botanic Gardens 280m 1 William Street 280m Queensland University of Technology 300m Post Office Square 500m Eagle Street Pier 600m Central Station 650m Sofitel Hotel 650m Queen Street Mall 750m Marriott Hotel 1km Brisbane Airport 12km The property is also located in convenient walking distance to the following key amenity and significant landmarks: (note all distances are approximate only). 30 FESTIVAL CARPARK 45 CHARLOTTE INFORMATION MEMORANDUM

31 W H A R F S T R E E T T U R B O T S T R E E T 180 ANN CENTR AL TRAIN STATION T U R B O T S T R E E T N O R T H Q U A Y A N N S T R E E T A N N S T R E E T PA C IF IC M O T O R W A Y BRISBANE RIVER PA C IF I C M O T O R W A Y W IL L IA M S T R E E T Queens wharf Development BRISBANE SQUARE G E O R G E S T R E E T 275 GEORGE QUEEN ST BUS station FESTIVAL CARPARK A D E L A ID E S T R E E T 60 ALBERT KING GEORGE BUS station QUEEN ST MALL A L B E R T S T R E E T 123 ALBERT M A R Y S T R E E T E L IZ A B E T H S T R E E T C H A R L O T T E S T R E E T 53 ALBERT 145 ANN E D W A R D S T R E E T retail precint E D W A R D S T R E E T 240 QUEEN MACARTHUR CENTRAL ANzac SQUARE POST OFFICE SQUARE ST STEPHENS CATHEDRAL BRISBANE GPO 10 EAGLE WATERFRONT PLACE 100 CREEK 300 QUEEN 12 CREEK S T R E E T ADELAIDE C R E E K S T R E E T E A G L E 324 QUEEN CENTRAL PLAZA ONE CENTRAL PLAZA TWO EAGLE PIER RIPARIAN PLAZA Q U E E N S T R E E T CENTRAL PLAZA THREE 111 EAGLE RIVERSIDE CENTRE BRISBANE RIVER the GOLDEN TRIANGLE RIVERSIDE FERRY TERMINAL 480 QUEEN holman st Ferry terminal M A R G A R E T S T R E E T 1 WILLIAM A L IC E S T R E E T thornton st FERRY terminal QUEENSLAND UNIVERSITY technology BRISBANE CITY BOTANIC GARDENS Queens Wharf Precinct george street railway station (proposed) hilton hotel riverside ferry terminal botanic gardnes + 1 william street queensland university of technology post office square eagle street pier central station + sofitel hotel queen street mall 0 100m 200m 300m 400m 500m 600m 700m 800m 31 JLL KNIGHT FRANK

32 45 charlotte Street, Brisbane eagle street pier edward street luxury retail precicnt queen street mall 32 PRIME OFFICE + CAR PARK PORTFOLIO INFORMATION MEMORANDUM

33 city botanic gardens queensland university of technolgoy 1 william street 45 charlotte street queens wharf casino & entertainment precinct redevelopment 33

34 Key Tenant Summary The property is being offered with a highly flexible one year lease to Secure Parking, ensuring that the incoming purchaser is positioned to capitalize on the significant revenue and rental upside as a result of the Queens Wharf Casino and entertainment precinct re-development. As the leading car park operator in Australia, New Zealand, United Kingdom, Indonesia, Malaysia, Singapore, China, India, Lebanon and the UAE, Secure Parking operates over 1,000 car parks worldwide providing more than 1 million parking spaces. The company employs over 12,000 employees worldwide, and is considered a blue-chip parking tenant and an excellent lease covenant. Proposed lease terms: Tenant Lease structure Lease term Car Park Bays Car Park Rent Secure Parking Proposed leases with break clause provision. 1 year 367 bays $2,700,000 p.a. Tenant Lease term Car Park Bays Rent hertz 9 years 45 bays $457,849 p.a. increasing annually by CPI 34 FESTIVAL CARPARK 45 CHARLOTTE INFORMATION MEMORANDUM

35 Financial Summary Income Breakdown * Hertz $457,849 Secure Car Parking $2,700,000 Outgoings Recoveries $62,800 After Hours AC $0 Easements $0 Profit on Electricity $0 Other Income (Storage, Rooftop, Signage) $0 gross rental income $3,220,649 less forecasted Outgoings $682,180 Passing Net Income $2,538,469 *Approximately Outgoings Recoveries 1.9% Festival carpark 98.1% Car Parking 35 JLL KNIGHT FRANK

36 Development Potential Festival Car Park provides a rare opportunity to acquire a stake in a major CBD development site, and indeed the property is widely considered one of the best remaining development sites in the Brisbane City centre. The scale and position of the site are suitable for a major, landmark development of commercial, hotel or residential nature and benefits from existing car parking which can be constructed over. One of Australia s leading architecture and urban design firms, ML Design, has prepared an indicative development of the site to showcase its potential for redevelopment. The iconic design provides some 614 residential apartments and 272 hotel rooms, or 886 residential apartments in total, and fully capitalises on the excellent surrounding 360 degree view corridors. The key summary details of the proposed scheme are provided below: Site Area Maximum building height Proposed NSA inc. balconies 1,835sqm 274m 48,928sqm Car Park Bays 478 Apartment Levels Tower above podium 86 Residential Apartments: Total Bedroom Bedroom 211 Hotel Rooms 272 Total Units 886 Retail Gross Lettable Area 159.5sqm 36 FESTIVAL CARPARK 45 CHARLOTTE INFORMATION MEMORANDUM

37 37 JLL KNIGHT FRANK Artist impression only. Not accurate.

38 728 Ann Street, Brisbane CBD McWhirters Carpark 38 PRIME OFFICE + CAR PARK PORTFOLIO INFORMATION MEMORANDUM

39 Investment Highlights > > The single best development site in Fortitude Valley: McWhirters Car Park occupies one of Fortitude Valley s finest land holdings and is perfectly positioned as Brisbane s most exciting redevelopment opportunity with the potential to facilitate an internationally recognised development project, within 1kilometre of the CBD. The opportunity comprises one of the largest and most strategic development offerings in Brisbane, a 4,572 sqm* high profile corner site, with three street frontage to Ann Street, Warner Street and Ballow Street in the heart of Brisbane s Fortitude Valley. Rarely does a site of this size become available in locations such as this. > > Major redevelopment opportunity with the potential for a large scale, internationally recognised development. The site suits a range of development outcomes including residential, mixed use, commercial, retail, or hotel. > > Fortitude Valley s primary car park facility: As the only standalone car parking facility in Fortitude Valley, McWhirters Car Park is the premier commercial car park facility in the precinct. > > Combination of cash flow and development upside: Strong holding income potential with a proposed 12 year lease to Australia s leading car park operator with additional income from retail accommodation on the ground floor. > > Located at the heart of Brisbane s best amenity and lifestyle precincts: Prominently positioned in the core of Brisbane s preeminent retail, commercial, entertainment and lifestyle precinct offering unrivalled amenity on McWhirters Car Park s doorstep. The asset is also lcated just 300m from the Howard Smith Wharves waterfront entertainment precinct. > > Stunning views will be a feature of future development: Future development of the site will benefit from sweeping views south towards a Brisbane icon, the Story Bridge, Admiralty Quays and the Kangaroo Point peninsula of the Brisbane River; as well as breathtaking views of the Brisbane CBD skyline and the leafy, prestigious suburbs of New Farm and Teneriffe. 39 JLL KNIGHT FRANK

40 The Property Brief Description McWhirters Car Park is one of the largest and most strategic development offerings in Brisbane, a 4,572 sqm high profile corner site, with three street frontage in the heart of Brisbane s best amenity and lifestyle precinct - Fortitude Valley. The site suits a range of development outcomes with the potential for a large scale, internationally recognised residential, hotel or commercial development. Additionally, as Fortitude Valley s primary car park facility and the only standalone car parking facility in the precinct, McWhirters Car Park also provides strong holding income potential with a proposed 12 year lease to Australia s leading car park operator Secure Parking, and with additional income from retail accommodation on the ground floor. The current improvements comprise a purpose built, 7 level car parking structure providing 777 car parking bays and 1,287sqm of ground floor retail accommodation. The property also includes a 50% leasehold interest in a 193sqm air bridge connecting the car park with McWhirters Shopping Centre, located on the Brunswick Street Mall. Address 728 Ann Street, Fortitude Valley Building Name McWhirters Car Park Legal Description Lot 7 on Registered Plan Land Tenure 100% Freehold (Car Park) Pedestrian Air Bridge is Partial Leasehold Site Area * 4,572sqm year built 1989 Lettable Area * Office 0sqm Retail 1,410sqm Total 1,410sqm Average Floor Plates n/a Car Parking Bays 777 secure car parks Occupancy 100% (by income including rental guarantee) WALE (By Income, as at 1 January 2016) years^ Net Passing Income * $4,011,178 Net Income Fully Leased * $4,011,178 % of Portfolio * 18.1% Street Frontage Ann Street 56.8m Warner Street 49.0m Ballow Street 44.5m Town Planning 30 storeys Maximum Building Height 30 storeys ^including proposed 12 year lease *Approximately 40 M CWHIRTERS CARPARK 728 ANN INFORMATION MEMORANDUM

41 41 JLL KNIGHT FRANK Artist impression only. Not accurate.

42 location Adjoining the northern reach of the Brisbane River and neighbouring the Brisbane CBD, Fortitude Valley is the ultimate inner city location. One of Brisbane s most vibrant areas, Fortitude Valley offers cafes, dining, entertainment, nightlife, shopping and employment, making it the perfect location for inner city living. 728 Ann Street occupies one of Fortitude Valley s finest land holdings and is perfectly positioned as Brisbane s most exciting redevelopment opportunity with the potential to facilitate an internationally recognised development project. Rarely does a site of this size become available in locations such as this. James Street The James Street Precinct, located just two blocks to the north of 728 Ann Street, has become Brisbane s foremost retail and lifestyle location. This hugely popular retail & dining precinct features award-winning cafes and restaurants as well as a huge range of designer clothing, homewares, specialty stores and gourmet food outlets. Emporium Emporium Brisbane is a luxury retail and dining precinct in Fortitude Valley. Renowned for its international architectural design aesthetic, the beautiful Emporium precinct has attracted many of Brisbane s most exclusive retailers and restaurants. With James Street, Emporium is the premiere location for fashion in Brisbane. Chinatown Just two blocks south of 728 Ann Street, Chinatown forms a pedestrian mall running along Duncan Street between Ann Street & Wickham Street. Chinatown is an exotic hub for Chinese culture that provides an abundance of shops, markets and restaurants. Brisbane s Chinatown has also recently undergone an $8 million refurbishment. Newstead Riverpark & Gasworks Plaza: A $1 billion master planned residential, commercial and retail precinct located at the entrance to Fortitude Valley. The riverside precinct offers premium residential apartment living, outstanding retail amenity and is home to the corporate headquarters of major institutions including Bank of Queensland and Energex. Fortitude Valley Train Station 728 Ann Street boasts immediate access through interconnecting air bridges to Fortitude Valley Railway Station located just 150 metres to the west with access off Wickham Street. The station comprises four platforms and provides regular train services to the Brisbane CBD central station, which is the very next station to the south. Brunswick Street Mall A pedestrian mall running between Ann Street and Wickham Street directly connected to 728 Ann Street via an air bridge. Brunswick Street Mall is the epicentre of the Fortitude Valley entertainment precinct providing an abundance of bars, nightclubs, restaurants and live music venues. The Brisbane City Council has recently invested approximately $10 million in an exciting upgrade to ensure its continued success. Judith Wright Centre of Contemporary Arts The Judith Wright Centre of Contemporary Arts is one of Brisbane s most recognised and established cultural arts venues. The venue is located on Wickham Street only a short 300 metre walk east from 728 Ann Street and offers a diverse blend of circus, dance, music and contemporary performances. Howard Smith Wharves This unique waterfront precinct formerly Brisbane city wharves, is set to be redeveloped into a world class riverside recreation, lifestyle, event and tourism destination. The 3.43 hectare site will be transformed into a true precinct with more than 2.7 hectares of public open space, a 164 room hotel, an exhibition centre and restaurants and cafes. It is located within 300m of McWhirters Carpark. 42 M CWHIRTERS CARPARK 728 ANN INFORMATION MEMORANDUM

43 rna REDEVELOPMENT G R E G O R Y T E R R A C E S T P A U L S T E R R A C E A L F R E D S T R E E T chinatown mall S T P A U L S T E R R A C E C O N S T A N C E S T R E E T B A R L O W S T R E E T W A R N E R S T R E E T BRUNSWICK MALL 728 ann street B R O O K E S S T R E E T VALLEY SWIMMING POOL W I C K H A M S T R E E T W I C K H A M S T R E E T M&a complex EMPORIUM JAMES PRECINT A N N S T R E E T A N N S T R E E T J A M E S S T R E E T R O B E R T S O N S T R E E T D O G G E T T S T R E E T A R T H U R S T R E E T TO NEWSTEAD RIVERPARK 43 JLL KNIGHT FRANK H A R C O U R T S T R E E T

44 728 Ann Street, fortitude valley Brisbane CBD story bridge chinatown mall brunswick street mall 728 ann street M&A james street retail precinct 44 PRIME OFFICE + CAR PARK PORTFOLIO INFORMATION MEMORANDUM

45 fortitude valley train station 45 JLL KNIGHT FRANK

46 Key Tenant Summary The property is being offered with a highly flexible 12 year proposed lease to Secure Parking. As the leading car park operator in Australia, New Zealand, United Kingdom, Indonesia, Malaysia, Singapore, China, India, Lebanon and the UAE, Secure Parking operates over 1,000 car parks worldwide providing more than 1 million parking spaces. The company employs over 12,000 employees worldwide, and is considered a blue-chip parking tenant and an excellent lease covenant. Tenant Lease structure Lease term secure parking Proposed lease with break clause provisions 12 years Car Park Bays 777 gross Rent (car park) $3,925,000 p.a. Tenant Lease term area GROSS rent Kathmandu 5 years with break clause provisions 633 sqm NLA (+ 134 sqm storage) $396,583 p.a. Tenant Lease term AREA gross Rent avis 10 years with break clause provisions 186sqm $125,550 p.a. Tenant AREA gross Rent Vacant 459sqm $321,300 p.a. (Rent Guarantee) Tenant Lease Structure Lease Term gross Rent Vodafone (Rooftop) Proposed Heads of Agreement 10 years $25,000 p.a. 46 M CWHIRTERS CARPARK 728 ANN INFORMATION MEMORANDUM

47 Financial Summary Income Breakdown * Retail Tenants $843,433 Car Parking $3,925,000 Outgoings Recoveries $0 After Hours AC $0 Easements $0 Profit on Electricity $18,384 Other Income (Storage, Rooftop, Signage) $25,000 gross rental income $4,811,817 less Forecast Outgoings $800,639 Passing Net Income $4,011,178 *Approximately Other Income 0.4% 11.6% McWhirters carpark 0.5% Retail Tenants Office Tenants 87.4% Car Parking 47 JLL KNIGHT FRANK

48 Development Potential Cox Rayner Architects have produced a development design concept envisaging a dual tower residential development providing 597 apartments above the existing car park structure. Under the concept, the lower car parking levels will be retained as a 450 bay commercial car park facility whilst the upper levels will provide car parking for the two residential towers above. The development includes unique Soho Suites situated around the existing structure as well as an exclusive, 1,150 sqm (approx.) elevated Sky Garden at the base of the residential towers, which will provide a substantial pool and recreation area. High Profile Retail Redevelopment To take advantage of the exposure to one of Brisbane s most desirable retail and restaurant locations, the proposed development provides approximately 1,351 sqm of retail accommodation. This retail component will only further enhance the lifestyle offering of the development to residents of the project. Retained Commercial Car Park It is proposed that levels 1-3 of the existing car parking structure are retained as a commercial car park facility. Under the scheme, this facility will comprise approximately 450 parking bays which will be available for commercial operation. Residential Car Parking The upper levels of the existing car park will be retained and 5 new levels constructed as car parking bays for the residential towers above. Under the proposed scheme, more than 614 bays will be provided for the residential apartments above. 48 M CWHIRTERS CARPARK 728 ANN INFORMATION MEMORANDUM Soho Suites The proposal includes 75 Soho Suites located around the edge of the existing structure providing further residential accommodation. These Soho Suites will be vertically integrated with the street below and will provide an enhanced aesthetic facade for the existing structure. This type of apartment is unique to Brisbane and is expected to be highly desirable. Exclusive Sky Garden The concept provides an exclusive, elevated Sky Garden of 1,150 sqm (approx) situated on top of the existing structure that will provide common area facilities for residents. This will be the showpiece of the development and will comprise a luxurious pool and garden area complete with dining & leisure facilities. The opportunity to create this exciting point of difference is rarely available in locations such as this. Residential Towers Positioned on the north and south corners of the existing structure, the two residential towers will provide approximately units per floor and rise 18 levels above the exclusive Sky Garden for Tower 1 and 17 levels for Tower 2. DEVELOPMENT DETAILS Ground Floor Retail Commercial Car Park Residential Car Park Soho Suites Tower One Tower Two Total 1,351 sqm (approx.) 450 bays 614 bays 75 units 271 units 251 units 597 units

49 Artist impression only. Not accurate. Optimal Unit Mix This impressive residential development provides an optimal mix of Soho Suites, one and two bedroom luxury apartments equating to a total of 597 brand new apartments. Optimal Unit Mix Site Area Maximum building height Proposed GBA total Proposed NSA inc. balconies 4,563sqm 91 m 53,069sqm 39,708sqm Building Level Car Park Levels Apartment Levels - Tower above podium 13 including basement T1-17 T2-18 Apartments Soho Suites 75 Tower One 251 Tower Two 271 Total 597 Average Apartments Size 1B 55sqm 2B 76sqm Average Apartments per Floor T1-16 T2-14 Average floorplate T1-1,235sqm T2-1,060sqm Car Spaces commercial and res. 450 commercial 606 residential Studios total 60 1 Bedroom total Bedroom total JLL KNIGHT FRANK

50 alternative development opportunities An alternative development option is to deliver a two tower residential and commercial scheme on the site. Preliminary schemes prepared by Cox Rayner Architects are detailed below: Residential Tower Internal Balcony Total Area Number Percentage 1 Bed % 1 Bed + Study % 2 Bed % Total % Residential Tower Per Floor Totals GFA (sqm) ,951 NSA (sqm) ,559 Efficiency 85% 85% Commercial Tower Per Floor Totals GFA (sqm) 1,482 34,086 NSA (sqm) 1,295 28,490 Efficiency 83% 83% Ground Floor Lobby and Retail Per Floor Totals GFA (sqm) 1,744 1,744 NSA (sqm) 1,295 28,490 Car Parking Required Residential including visitors 253 Commercial (1 per 100sqm) 297 Total Required 550 Total Car Parking Provided M CWHIRTERS CARPARK 728 ANN INFORMATION MEMORANDUM

51 51 JLL KNIGHT FRANK Artist impression only. Not accurate.

52 52 PRIME OFFICE + CAR PARK PORTFOLIO INFORMATION MEMORANDUM

53 53 JLL KNIGHT FRANK Artist impression only. Not accurate.