Stockland Direct Retail Trust No.1

Stockland Direct Retail Trust No. 1 and its controlled entities
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2009
8 Non-current assets – Investment properties
Description
Title
Acquisition
date
Original
purchase
price
$’000
Cost
including
additions
$’000
Independent
valuation
date
Independent
valuation
$’000
30 June 2009
%
Capitalisation rate
Weighted average
lease term 2
30 June 2008
% 30 June 2009 30 June 2008
Book value
2009
$’000
Consolidated
Pacific Pines Shopping Centre,
Pacific Pines, Qld Freehold Dec 2006 17,041 17,102 Jun 2009 18,300 7.25 6.50 7.67 7.52 18,300 18,823
Benowa Gardens Shopping Centre,
Benowa, Qld Freehold Dec 2006 26,024 26,457 Jun 2009 28,500 8.00 6.75 4.57 4.17 28,500 31,100
Tamworth Homespace,
Tamworth, NSW Freehold Dec 2006 19,225 20,314 Jun 2009 14,200 10.50 8.25 3.31 4.73 14,200 19,500
Fremantle Shopping Centre,
Fremantle, WA 1 Leasehold Dec 2006 6,000 21,426 Jun 2009 16,840 8.50 7.00 11.84 9.55 16,840 22,500
Total Investment properties (including amounts classified in Trade and other receivables and Other assets) 77,840 91,923
Less amounts classified as:
– Trade and other receivables (476) (386)
– Other assets (122) (1,115)
Total Investment properties 77,242 90,422
1
On 13 June 2008 the Fremantle property was completed and transferred from property, plant and equipment to investment properties.
2
Weighted average lease term is stated as years by income.
Book value
2008
$’000
Stockland Direct Retail Trust No. 1 June 2009 15