WATNEWS INSIDE. Project Awards Operational Updates Half-Year Financial Results Special Shareholder Offer. Shareholder Newsletter 2012

Transcription

1 WATNEWS Shareholder Newsletter 2012 INSIDE Project Awards Operational Updates Half-Year Financial Results Special Shareholder Offer Construction Civil and Mining Specialty Services Property

2 CONTENT Message from the Managing Director 03 Introduction from the Chair 04 Watpac continues awards success 05 Watpac: a fully diversified, national Group 06 Watpac announces new Chair of Board 07 Operational Updates Construction 09 Civil & Mining 10 Specialty Services 11 Property 12 Half Year Financial Results 13 Watpac continuing to deliver Queensland s knowledge corridor 13 Profile Amanda Wright 14 Partnership to inform sustainable stadiums 15 Special shareholder offer 16 2

3 Message from the Managing Director Welcome to the 2012 edition of Watnews Watpac s annual newsletter dedicated to our shareholders. I m pleased to present this national update on our project achievements and growth strategies for the coming 12 months. It has been difficult year, impacted by weather and turbulent national and international economic conditions. Australia s property and construction sector has suffered a downturn. During the past 12 months however, Watpac s commitment and drive to secure new work led us to achieve and maintain a significant work in hand position. We won contracts with major clients in sectors including mining and resources, education, food, health and sciences, sports, and residential and commercial property. We re particularly proud of the work completed this year including the Nambour Hospital refurbishment on Queensland s sunshine coast, the development of Metricon Stadium on the Gold Coast, and the Boggo Road EcoSciences building in Brisbane. Other major projects, including flood recovery civil road works in Western Queensland, the highly-anticipated Rue de Chapel development in Melbourne and the Museum of Contemporary Art redevelopment in Sydney are all due for completion in Our civil and mining business has grown at a rapid pace. With a current forward order book in the order of $750 million, the division now contributes approximately 30 per cent of the Group s annual turnover. We have achieved significant growth in Western Australia and Queensland and have plans to further develop mining services in Victoria and South Australia. Watpac Specialty Services is also breaking into the mining services space and as recently as March this year, won their first mining infrastructure services contract with BMA. The division continues to service the food services and refurbishment sectors with repeat clientele being testament to their reputation in these areas. Our construction business is performing well despite competitive market conditions and I expect this to continue in the coming year with business development activities in well-advanced stages on many projects throughout the country. The division continues to make safety its top priority and over the past year, has implemented a new Occupational Health and Safety management system to align with new harmonised OHS legislation being enacted by various state governments. Watpac maintains a valuable and strategically positioned property portfolio. Projects in Brisbane and Melbourne are currently in marketing mode and are expected to achieve good uptake rates. That said, given market conditions have not improved over the past few years in line with prior expectations, we have committed to undertake a strategic review of our current portfolio. I look forward to continually keeping you updated as the year progresses. Greg Kempton Managing Director, Watpac Limited Shareholder Newsletter

4 Introduction from the Chair I am delighted to introduce myself as the new Chair of Watpac Limited. I was appointed to the role of Chair on 7 March this year, succeeding Kevin Seymour AM who held the position for the past eight years. As was announced at the time, Mr Seymour will remain on the Board as a Non-Executive Director and I look forward to continuing to work alongside him and my fellow Board members as we implement the company s strategic objectives. With a strong work in hand position nationally, it s an exciting time to be a part of the company. I recognise however that like others in the industry, we are not immune to current market conditions and we will need to work hard to maintain our competitive advantage as a leading construction and civil and mining contractor into FY13 and beyond. That said, there has been a lot to be proud of about our performance over the last 12 months. We achieved a solid first half result for FY12, posting an after an after tax profit of $4.9 million, which was above guidance and a 15 per cent improvement on the previous corresponding period. As part of the announcement, the Board reaffirmed that we expect full year underlying operating net profit after tax to be at least 20 per cent above that recorded in FY11. Despite increased competition, our construction business has maintained significant work in hand it was sitting at $1.42 billion at 31 December This constitutes almost 17 months of forward work for this business at current annual turnover levels. Our civil and mining business delivered a strong turnaround in performance in the first half of FY12, which demonstrates we are gaining traction in the resources sector. We have also started to see the benefits of our property sales strategy implemented in 2011 to reduce property holding costs. We have continued to reinvest back into the business to enable future growth opportunities through substantial enhancements in back-office support systems and processes. My focus over the coming 12 months is squarely on two things: profitability and strong equity returns for shareholders. Late last year, we commenced an on market share buy-back scheme to enable us to deliver enhanced value to investors. We have also announced that we are undertaking a strategic review of the current property portfolio. I will oversee this important activity and I expect to be in a position to announce the findings of that review prior to the end of the financial year. As we move into FY13, I look forward to continuing to keep our shareholders updated on these and other important initiatives while presiding over a period where shareholder value is created. Chris Freeman AM chair, watpac limited 4

5 Watpac continues awards success Watpac has long had a reputation for building projects of the highest standards that exceed safety, quality and environmental benchmarks. Over the past year, we have again been recognised by the industry for delivering outstanding construction projects. Picking up several state and national awards, including the Master Builders Queensland Project of the Year, was the $360M Boggo Road project in Brisbane. The project saw the development of a 9.5ha site one of the largest, undeveloped sites in inner city Brisbane into one of Australia s leading scientific research centres. An overview of awards received since the last WatNews publication (April 2011) is below. Boggo Road Urban Village & Knowledge Based Research and Business Project, Brisbane From L to R: Watpac s Owen Burford, Glen Watson, Errol Edwards, Peter Thompson and Stewart Roberts at the 2011 Australian Institute of Building awards Skilled Premiership Stand, Geelong Watpac Construction Boggo Road Urban Village & Knowledge Based Research and Business Project Master Builders Queensland (state and regional) Project of the Year Master Builders Queensland Health and Education Facilities over $30M (state) and over $100M (regional) Australian Institute of Building (state and national) Professional Excellence in Building Award, Commercial Construction $100M plus Waterloo Junction, Brisbane Australian Institute of Building Certificate of High Commendation, Commercial Construction $10-$50M Australian Tropical Sciences and Innovation Precinct, Townsville Master Builders North Queensland Project of the Year Master Builders North Queensland Winner, Health and Education Facilities over $15M Master Builders Queensland Winner, Health and Education Facilities $15-$30M (state) Australian Institute of Building (state) Certificate of High Commendation Commercial Construction $10-$50M Skilled Premiership Stand, Geelong Master Builders Victoria Winner, Commercial Buildings $20-$30M Cochlear Global Headquarters, Sydney Australian Institute of Building (state and national) Professional Excellence in Building Award, Commercial Construction $50-$100M Australian Institute of Building (state) Professional Excellence in Building Award Building Professional of the Year Commercial Construction $50-$100M Watpac Specialty Services Brisbane Boys College Hall, Brisbane Master Builders Queensland Winner, Health and Education Facilities $4-$15M Brisbane Boys College Hall, Brisbane Shareholder Newsletter

6 Watpac: a fully diversified, national Group Established in 1983, Watpac is a national, multi-disciplinary construction, civil and mining contracting and property development company with offices in Brisbane, Sydney, Melbourne, Adelaide, Perth and Townsville. Watpac s success story first began in 1983, when the company then known as Watkins Pacific established itself in Brisbane as a construction and property development business. After two years of rapid growth, which included completing projects such as the Brisbane Entertainment Centre, the company listed on the Australian Securities Exchange in Now a fully diversified group with a team of more than 1,200 employees nationally, Watpac s clients include state and local governments, universities and education providers, resource companies, commercial and residential property developers, airports and food processing plants. In the current economic environment, the company has a particularly strong focus on harnessing opportunities in the resources sector and is experiencing early success. With operations in Western Australia, Queensland, South Australia and Victoria and a solid forward order book, the civil and mining division is quickly growing into a profitable business. The company has invested in a large fleet of modern plant and has a skilled and experienced workforce. The business has become a key player in this industry. In these formative years, Watpac stretched its operations further into Queensland, at one point opening offices in Cairns and the Gold Coast. In 1998, the company established its Townsville office, which continues to service the northern region of the state. DARWIN NORTHERN TERRITORY QUEENSLAND CAIRNS TOWNSVILLE Construction Civil Infrastructure Mining Over the past decade, Watpac s strategy of growth through strategic acquisitions has seen the company broaden its services by expanding into New South Wales, Victoria, South Australia and Western Australia. Through major acquisitions of Grant Construction in 2004, JA Dodd in 2007 and JMS in 2008, Watpac added mining services, civil infrastructure and civil landscaping to its portfolio of interstate construction capabilities and key disciplines. PERTH Civil Infrastructure Mining WESTERN AUSTRALIA SOUTH AUSTRALIA ADELAIDE Construction Mining VICTORIA MELBOURNE Construction Civil Infrastructure Civil Landscape Mining Property NEW SOUTH WALES HOBART SYDNEY Construction Property BRISBANE Construction Civil Infrastructure Mining Specialty Services Property 6

7 Watpac Limited Commercial Construction Industrial Hospitals Residential Stadiums Roads Civil Bridges Dams/Reservoirs Rail and Ports Bulk Earthworks Watpac s Executive Leadership Team from left to right: Greg Sneyd, Paul Kennedy, Robert McDonald, Hedley Davis, Greg Kempton, Martin Monro, Angela Liebke, Mark Baker and Hugh Peterken. Watpac continues to thrive in its traditional areas of strength delivering construction contracts to our clients. The company s national footprint and strong reputation in this area has allowed for growth in new markets and geographies. Watpac has always maintained a strong and stable leadership team and a dedicated Board to drive organisational and financial strategies that deliver results for clients and value to shareholders. Mining Specialty Services Property Surface Mining Crushing & Screening Refurbishment Food Processing Development Open Cut Drill & Blast Mine Infrastructure Design Watpac announces new Chair of Board Chris Freeman AM was appointed as Chair of Watpac Limited on 7 March Mr Freeman succeeds Kevin Seymour AM, who served as Watpac s Chair for the past eight years and will continue on the Board as a Non- Executive Director. The appointment of Mr Freeman represents an exciting new chapter for the company as it looks to the future as a leading national construction, civil and mining contracting group. Mr Freeman has extensive operational, leadership and directorship experience and will continue to focus on enhancing shareholder value by ensuring the Board and management develop strategies to focus on this critical outcome. Mr Freeman has been a member of the Watpac Board since May He will be involved in overseeing the upcoming strategic review of the company s current property portfolio. On his appointment, Mr Freeman said he was looking forward to playing a part in the next chapter of Watpac s history. He said: With work in hand of $2.2 billion nationally, it s an exciting time to be a part of Watpac. I am looking forward to working closely with the Board and senior management as we continue to deliver our strategic objectives. Kevin Seymour was first appointed to the Watpac Board as a Director in 1996 and since that time, has made a significant contribution to the company s success. Under his leadership, Watpac has grown from a small, Queensland-based construction company to a national, multi-disciplined construction and civil and mining contracting group. Mr Seymour said that although he had stepped down from the role as Chair, he would remain actively involved on the Watpac Board. Shareholder Newsletter

8 OPERATIONALUPDATES Construction progress on Eastern Plaza, Melbourne 8

9 Construction Watpac Construction continues to achieve forecast goals despite demanding market conditions. Tightening margins, fierce competition and adverse weather conditions on the eastern-seaboard have all provided additional challenges for the division over the past 12 months. Pleasingly, over the past year we have continued to meet the demands of the current market and we remain on track to deliver a result of approximately $1 billion in revenue in FY12. Several key milestones have been achieved over the past 12 months including the successful creation of the South Australian business and commencement of our first project there, the award of the Group s largest ever project in NSW the $600 million combined Central Park / Park Lane development, and the commencement of our first project in excess of $100 million in Victoria the Eastern Plaza Tennis Centre Precinct upgrade. This year we also commenced our third Public Private Partnership (PPP) project in the form of Single LEAP 2. This project is for the Department of Defence and includes a roll out of approximately 1,000 apartments for defence personnel across five defence bases in Queensland, Victoria and the ACT. The first part of the roll-out commenced on the Lavarack Barracks in Townsville in the first half of FY12. In addition to these specific achievements, there is no question now that the Watpac brand is starting to make a broader impact on the Australian construction industry landscape, particularly outside our traditional Queensland base. The quality of our work continues to be recognised nationally this year we picked up a broad and prestigious portfolio of awards recognising construction excellence on projects in Geelong, Townsville, Sydney and Brisbane. During the past year our forward order book peaked at a record $1.7 billion. That this has been achieved in an economic environment of great uncertainty, and when the overall construction market is contracting, is a credit to the division. Focus is now on delivering this work safely and profitably, and on maintaining a well-balanced and sustainable work in hand for FY13 and beyond. Martin Monro National General Manager Watpac Construction A perspective of the stunning interior of One Central Park, Sydney The completed BMX Supercross Track at Sleeman Sports Complex, Brisbane Shareholder Newsletter

10 Civil and Mining Watpac Civil and Mining has continued its rapid growth forecasting record revenue for FY12. Our forward order book sits at approximately $750 million which is a 75 per cent increase on the previous corresponding period. Much of our success is owed to the skills and experience of our people. As a result of the expansion, the team has doubled in size over the past 12 months and now comprises 750 people throughout Queensland, South Australia, Western Australia and Victoria. Attaining a skilled workforce in this market has been difficult, but our human resources team has met and delivered on this challenge. Progress in the contract mining area has been particularly satisfying with several mining services contracts underway across a number of commodities including iron ore, mineral sands and gold. Over the past three years Watpac has acquired $150 million in major earthmoving and mining equipment. Procuring plant in an overheated mining market has been particularly challenging requiring us to source most of these assets from overseas. With a strong and dedicated plant management team, we have been successful in establishing a fleet of good quality tools of the trade assets. Our main growth areas are in the resource-rich states of Queensland and Western Australia and while the Victorian civil infrastructure market is very competitive, we have managed to maintain a significant work volume and profitability level in this state. Unfortunately the small and very competitive South Australia civil infrastructure market proved to be unprofitable for us and as a result, we have withdrawn from that market. That said, we are continuing to pursue miningrelated opportunities, including associated infrastructure, in South Australia. Among many significant achievements this year, we have: completed the BC Iron haul road in the Pilbara region in Western Australia commissioned iron ore crushing facilities for BC Iron at Nullagine completed mineral sands mining at Douglas Mine for Iluka secured and completed start up works at WRP mineral sands mine for Iluka near Ouyen in western Victoria extended our gold mining contract at Pajingo for Evolution Mining in North Queensland completed the Flinders Street Mall in Townsville, which won the UDIA award for best urban renewal secured a new contract for upgrade works to the Landsborough Highway for the Queensland Department of Main Roads. We have achieved exceptional growth over the past three years. While the future for the business is very bright and full of some wonderful opportunities, we will be embarking on a period of consolidation and more targeted growth in FY13. Hedley Davis National General Manager Watpac Civil & Mining Works are progressing at Mt Magnet Gold Mine, Western Australia Completed civil works at the Cheltenham Road intersection, Melbourne Trial crushing works on the Landsborough Highway reconstruction project, South West Queensland 10

11 Specialty Services Watpac Specialty Services has used its strong track record of delivering successful construction contracts in the food and refurbishments sectors to expand its service offering into the resources sector this year. In early 2012, we won our first mining services project a $2.3 million contract for BMA s Caval Ridge Mine. The contract was significant for the division as we look to expand our business model into this bourgeoning sector. Our strong reputation for delivering successful construction outcomes in existing operational environments also led to new work in our traditional areas of strength in the education, food, commercial and retail sectors. The ongoing opportunities for the division is strong. Griffith University International School on the Gold Coast and completing the $12.6 million Brisbane Boys College Hall redevelopment, which took out the Queensland Master Builders award in the health and education facilities $4- $15 million category. In the food sector, we successfully delivered a major food distribution facility for the Brisbane Markets - a 5,000m2, $11 million cold store and distribution centre. This project was delivered on time, not withstanding the largest flood since 1974 inundating the site for several weeks. Challenging projects such as these, where major construction activities are performed within busy client environments, is how we have earned our reputation. This means we get repeat business from clients, and the $17 million Griffith University Library Expansion and GUMMURRII Centre on the Gold Coast, won earlier this year, demonstrates this. The key to our success rests with our team of construction professionals. Our strong relationshipbased approach to working with clients allows us to operate successfully in busy operational environments. We re confident this approach will serve us well as we realign our business plan to take advantage of more opportunities in the mining and resources sector. Greg Sneyd General Manager Watpac Specialty Services We ve achieved a number of significant milestones over the past year including completing the $24 million Two projects at Griffith University s Nathan Campus totalling more than $20 million are well underway. The completed Brisbane Markets, Brisbane The completed Griffith University International Building, Gold Coast Shareholder Newsletter

12 Property Watpac Property finished last financial year having disposed of $120 million of developed real estate. The majority of sales proceeds were directed towards reducing debt, providing a lower cost platform for activities in FY13. In what has been a challenging marketplace over the past year, we have rationalised the portfolio of development sites by disposing non-core real estate holdings, while at the same time identifying opportunities to bring on projects where ongoing demand exists. During FY12, we launched two new residential projects including The Luxton in Victoria and Addison Quays in Queensland. The current sales programs are encouraging and marketing activities on both sites are continuing. Many positive signs are emerging in the South East Queensland office market including falling vacancy rates, growth in net effective rents and continuing positive net absorption. Our commercial office portfolio is well positioned to capitalise on this growing tenant demand, and we are endeavouring to secure pre-commitment leases which would underpin the next phase of our commercial office development pipeline. Projects such as Waterloo Junction and Joule are prime examples of our targeted projects. Our Development Approval process for projects such as Rochedale Town Centre, Eagle Farm Race Course, Aquarium Avenue Hemmant and Fisherman s Wharf Marina all in Brisbane are progressing well with key milestones for each project expected to be achieved over the course of FY13. Robert McDonald General Manager Watpac Property Stage Two, Waterloo Junction Joule Newstead 12

13 Half Year Financial Results Watpac recorded an after tax profit for the half year to 31 December 2011 of $4.9 million. The result represented a 15 per cent improvement on the previous corresponding period. The company s financial performance was ahead of forecast and was achieved despite growing competition and tightening margins in the construction sector. The Group s civil and mining business delivered a strong turnaround in performance for the first half of FY12, demonstrating we are well placed to take advantage of future opportunities in the resources sector. The construction business continued to perform well amidst difficult market conditions, returning a strong financial result for the half year. Work in hand was sitting at $1.42 billion at 31 December Watpac Directors reaffirmed the December 2011 profit guidance which indicated the company expected full year underlying operating net profit after tax to be at least 20 per cent above that recorded in FY11. Mark Baker Chief Financial Officer FACTS: After tax profit for the half year to 31 December 2011 of $4.9M Represents 15% improvement on corresponding period Ahead of forecast Civil and Mining forward order book grown to almost $750M Construction work in hand approximately $1.42B Property holding cost reduction realised. Watpac continuing to deliver Queensland s knowledge corridor Queensland s new Translational Research Institute (TRI) in Woolloongabba is set to open this year to much acclaim from Australia s medical fraternity. On completion of the 32,000m2 facility being built by Watpac Construction, the TRI will allow for the first time in Australia biopharmaceuticals and treatments to be discovered, produced, clinically tested and manufactured in one location. TRI will bring together four of the country s pinnacle research facilities with the aim of improving and accelerating medical research and translating that research into greater patient care. The seven-storey building will comprise four floors of laboratory research facilities, plus areas for research support, administration and teaching, and will be home to 600 medical research professionals. Watpac was engaged in mid 2010 to undertake the project and was subsequently awarded the construction and internal fit out of the TRI s sister building, the BPA Biologics Plant of the Future a biopharmaceuticals manufacturing facility being developed beside the TRI. Watpac Managing Director Greg Kempton said the company was thrilled to be involved in constructing this world-class facility in an area the Queensland Government has termed the knowledge corridor a four kilometre spine on the city fringe for tertiary education campuses, research precincts, and cultural and creative facilities. We are delighted to be involved in the construction of another ground-breaking health facility in Queensland s knowledge corridor, Mr Kempton said. Of course we have some good experience in this area, having completed the awardwinning Boggo Road Urban Village & Knowledge Based Research and Business Project in late 2010, which are located across the railway line from one another. It s exciting to literally be on the doorstep of projects that are contributing to Queensland becoming a centre for innovation and industry, and one which is attracting and retaining world-class scientists. Construction on TRI is progressing to schedule with more than 80 per cent of the external façade complete. The internal fit-out is wellprogressed with final finishes having already been applied to levels one to four. Roof trusses being installed at Brisbane s ground-breaking Translational Research Institute and an artists impression of the completed building, due to open later this year Shareholder Newsletter

14 Profile: Amanda Wright Watpac machine operator Amanda Wright says a career in mining is both challenging and rewarding. Four years ago, 24 yearold qualified nurse Amanda Wright made the decision to move from country Victoria to Western Australia with her boyfriend to pursue a career in mining. After gaining experience operating machinery on mineral sand, gold and bauxite mining projects, in 2010 Amanda landed a job with Watpac as a machine operator and began working on her first iron ore project. Amanda is part of Watpac s team at the $289 million Nullagine Mining Project, located in the heart of Western Australia s Pilbara region. Watpac is delivering surface mining services for BC Iron on the project including loading and haulage of ore and waste, mobile and fixed crushing, topsoil and vegetation relocation, and road construction and maintenance. Watpac is regularly exceeding monthly production targets on the project, which is increasing to in excess of 300,000 tonnes per month. Amanda said she enjoyed being a part of a high performing team and while the job had its challenging moments, she enjoyed the lifestyle and other benefits the industry brought. I m just like one of the boys, although being a girl and a social butterfly means I take charge of things like the social club, Amanda said. Working on a mine site is great and I ve never looked back, but the long hours mean that it s important the team has some down time and I tend to play the role to get everyone together, socially. It might be the caring nurse in me, but it s the little things like trivia nights that help bring the team together good relationships mean that when we re back on site, we all look out for each other. Now engaged to her boyfriend, Amanda said she d been so won over by working in the sector and by Western Australia in general, that the pair had bought a house in Perth. It s such a great lifestyle the people are great, the money is great and my roster gives me enough time to enjoy my new home in Perth and to travel back to Victoria to visit friends and family, she said. Amanda said the mining sector would suit anyone looking for an exciting and challenging career. There is a lot of training involved and a huge emphasis on health and safety, she said. There is also the challenge of learning how to operate a new machine and with a new surface working with iron ore is so different to bauxite or gold. Personally, being in my early 20s, working in the sector has really brought me out of my shell and made me a stronger, more confident person. I d recommend a career in mining to anyone I m even trying to recruit my sisters! Amanda Wright with a Cat 777 dump truck on the Nullagine Mining Project 14

15 Partnership to inform sustainable stadiums As a leading builder of sports facilities and as part of the company s ongoing commitment to innovation, Watpac recently partnered with RMIT to undertake a lifecycle assessment (LCA) of Australian stadiums. The LCA aims to inform design and construction processes that drive environmental impacts. The Gold Coast s Metricon Stadium, completed by Watpac Construction last year, was used as a model in the study. Watpac Construction Sustainability Manager Atena Malamiri said the company was continually looking for ways to challenge and lead the industry in sustainable design and construction. She said as a member of the Green Building Council of Australia, and as a leading and progressive organisation in the construction industry, Watpac took its responsibilities seriously and had a proud environmental and community record. Constructing sports stadiums is one of Watpac s niche areas, Atena said. By looking at Metricon Stadium Australia s first solar stadium we can see what construction processes and materials have had the greatest environmental impacts, and can investigate the environmental performance improvements of the products and services over their lifetime. In turn, this will drive environmental impacts to inform future decision making and ultimately, assist our clients in building the most sustainable sporting developments. By partnering with leading research institutions like RMIT, we are able to maintain our competitive advantage in this market and deliver projects that assist our clients to meet their sustainability objectives. Atena said that in addition to developing sustainable sports stadiums, Watpac had a strong record of achieving Green Star ratings, both design and as built, for other building projects. Watpac s 5 Green Star rating construction projects currently include the RMIT Design Hub in Melbourne, the Australian Hearing Hub and the One Central Park / Park Lane development in Sydney, she said. These projects are high profile and inclusive of innovative sustainability initiatives which make them unique and challenging. Metricon Stadium on the Gold Coast aims to recycle up to 75 per cent of its waste by recycling glass, paper, cardboard and green waste Vertical sunshades used on the outside of the stadium Shareholder Newsletter

16 Special shareholder offer Watpac is currently offering shareholders favourable terms on two of its exciting new properties in Melbourne and Brisbane for off the plan purchases. The Luxton and Addison Quays present buyers with a unique opportunity to invest in two of the country s most soughtafter developments. The Luxton, Prahan The Luxton, in Melbourne s trendy Chapel Street precinct, is a stunning sixlevel building featuring folding perforated metal screens, striking colour contrasts and upper-level city views. Upon completion, The Luxton will accommodate 53 onebedroom and two-bedroom apartments over five levels with two basement levels of car-parking. Specialty retail outlets will occupy the ground floor of the development. Watpac selected the site for its cosmopolitan location and has designed a building to sustain a lifestyle to match. The development has been tailored to appeal to owneroccupiers as well as investors and early interest has been strong. Prices at The Luxton start from $395,000 Addison Quays, Bulimba Perched in a prestigious pocket of Bulimba on the Brisbane River, Addison Quays is a unique development of 24 apartments. Located close to the Brisbane CBD and in close proximity to the Oxford Street restaurant precinct, the development makes the most of its ideal position to offer an unsurpassed lifestyle. Selling off the plan, there is a range of configurations available from one-bedroom through to three-bedroom plus study apartments. Eighteen marina berths form part of the development, with preference allocations given to buyers in the Addison Quays development. Prices at Addison Quays start from $470,000. For more information on the shareholder offer, please contact Robert McDonald, General Manager Watpac Property on or rmcdonald@watpac.com.au These exciting developments can be viewed in full at and *Shareholder offer ends 30 June 2012 The Luxton Addison Quays Marina berths at Addison Quays Head Office Watpac Limited ABN Level 1, 12 Commercial Road Newstead Qld 4006 PO Box 2053 Fortitude Valley Qld 4006 Tel: Fax: