Charter Hall Group (ASX:CHC)

Charter Hall Group 

Property Portfolio 

31 December 2010

Charter Hall Group 4 

Corporate Structure 5 

Our Funds 6 

Listed REITs 

Charter Hall Office REIT 10 

Charter Hall Retail REIT 40 

Unlisted Wholesale Funds 

Core Plus Office Fund (CPOF) 50 

Core Plus Industrial Fund (CPIF) 64 

Charter Hall Opportunity Fund No.4 (CHOF4) 78 

Charter Hall Opportunity Fund No.5 (CHOF5) 80 

Unlisted Retail Funds 

Direct Property Fund (CHDPF) 86 

Direct Industrial Fund (DIF) 98 

Direct Retail Fund (DRF) 102 

130 Stirling Street (CHIF7) 110 

Diversified Property Fund (DPF) 112 

No. 1 Martin Place Trust (1MPT) 120 

Index 122 

Further Information 127 

Cover: Brisbane Square, Brisbane Qld 

2 | Charter hall ProPerty PortFolIo DeCember 2010

occupancy 

95% 

Funds Under 

management (FUm) 

minimum 

rental review 

3.7% 

Weighted average 

lease expiry (Wale) 

6.4 

years 

$10.4b Development 

book 

$1.8b 

11 Exhibition Street, Melbourne Vic 

Contents | 3

Charter Hall Group 

Charter Hall Group is one of Australia’s leading fully integrated property 

groups, with 20 years’ experience managing high quality property on behalf 

of institutional, wholesale and retail clients. Charter Hall has in excess of 

$10.4 billion of funds under management across the office, retail, industrial 

and residential sectors. 

established in 1991 and listed on the asX in 2005 as a 

stapled security, Charter Hall has offices in Sydney, Melbourne, 

brisbane, adelaide, Perth, Warsaw and Chicago and is part 

of the s&P/asX 200 a-reIt Index. through active funds 

management and superior property management, Charter hall 

aims to outperform investment benchmarks, achieving high 

levels of tenant retention and rental growth. 

the Charter hall Group has achieved a solid track record 

across its activities demonstrating a 20 year history of 

managing high quality property on behalf of its institutional, 

wholesale and retail clients and is committed to delivering 

performance through its: 

focus on property fundamentals driving both income and 

capital growth; 

asset, advisory, property and development management 

activities across the risk/return spectrum; 

4 | Charter hall ProPerty PortFolIo DeCember 2010 

significant co-investments in its property funds; 

sourcing of investment opportunities, predominantly offmarket; 

consistent track-record of strong relative performance 

through cycles; 

focus on securing long leased assets and portfolios; 

alignment with ‘best of breed’ joint venture partners; 

strong corporate governance principles; and 

a highly regarded listed and unlisted property funds 

management and in-house development team.

Corporate Structure 

Charter Hall Property Trust 

(CHPT) 

Property Investment 

$259m 

co-investment 

Listed Funds 

$5.8bn FUM 

$140m 

co-investment 

Retail 

Unlisted Funds 

$1.5bn FUM 

$163m 

co-investment 

Wholesale 

Unlisted Funds 

$3.2bn FUM 

$19m 

investment 

Direct Property 

$19m FUM 

Charter Hall Group (ASX:CHC) 

Stapled Security 

Property Funds Management 

Development Investment 

$119m book value (intangible) $27m investment 

Investment Management 

Asset Management 

Property Management 

Development Management 

Transaction Services 

Leasing Services 

Charter Hall Limited 

(CHL) 

CIP 50% 

$31m co-investment 

Wholesale Opportunistic 

Investments in CHOF4 and CHOF5 

5 

Charter hall GroUP | 5

Our Funds 

Listed REITs 

Charter Hall Office REIT (ASX:CQO) 

Assets 33 

Gross asset value $3,629 million 

Look-through gearing 43% 

WALE 5.1 years 

Occupancy 87% 

CHPT co-investment $170.7 million (8.8%) 

Charter Hall Retail REIT (ASX:CQR) 

Assets 138 

Gross asset value $1,962.3 million 



Occupancy 97.2% 



Core Plus Office Fund (CPOF) 

Assets 16 

Gross asset value $1,422 million 





Core Plus Industrial Fund (CPIF) 

Assets 16 

Gross asset value $503 million 





Charter Hall Opportunity Fund No.4 (CHOF4) 

Asset 1 


CHL Investment 3% 


Assets 6 


CHL Investment 15% 

Charter hall aims to outperform investment 

benchmarks, achieving high levels of tenant 

retention and rental growth across more 

than 300 assets. 


Unlisted Retail Funds 

Direct Property Fund (CHDPF) 

Assets 9 




Occupancy 94% 


Direct Industrial Fund (DIF) 

Assets 3 

Gross asset value $69.5 million 

Look-through gearing 35%-45% target 


Occupancy 100% 

Direct Retail Fund (DRF) 

Assets 6 


Look-through gearing 35%-45% target 




130 Stirling Street (CHIF7) 

Assets 1 


Look-through gearing 47.5% 



Diversified Property Fund (DPF) 

Assets 7 




Occupancy 95% 


No.1 Martin Place Trust (1MPT) 

Asset 1 


Look-through gearing 32.9% 


Occupancy 93% 

Charter Hall Umbrella Fund (CHUF)* 

Assets > 55 




Occupancy 97% 


Property Securities Fund (PSF)* 

Gross value $30 million 

Charter Hall Investment Funds (CHIF) 2-6 

Assets 8 


Look-through gearing N/A 



*note: these funds are not a direct owner of property assets. 

Charter hall GroUP | 7

listed reIts 

Allianz Centre, 2 Market Street, Sydney NSW 


lIsteD reIts | 9

CqO 

Argus Centre, 300 LaTrobe Street, Melbourne Vic 


FY 13 16% 

FY 14 11% 

Charter Hall Office REIT 

FY 15 + 

Charter Hall Office REIT is a leading listed real estate investment trust 

focused on investing in high grade office buildings predominantly located 

in major business districts across Australia and the United States. 

Australia 

Fund Statistics 

Top 10 tenants 

by gross income 

Australian Government 21% 

Macquarie Group Ltd 9% 

Telstra Corporation Ltd 8% 

Citigroup 7% 

Allianz 4% 

Gilbert & Tobin 3% 

Wilson 

Parking 

Deacons 2% 

Credit Union 

Australia Ltd 

2% 

Caltex 2% 

3% 

0 10 20 30 40 50 60 

Annual lease expiry 

by Vacant nla 

FY 11 

3% 

FY 12 9% 

FY 13 16% 

FY 14 11% 

FY 15 + 

5% 

10.4% 

57% 

57% 

Charter hall oFFICe reIt | 11


Asset diversification 

by current value 

171 Collins Street, Melbourne 1% 

171 Collins Street, Melbourne 1% 

CitiCentre, 2 Park Street, Sydney 19% 

CitiCentre, 2 Park Street, Sydney 19% 

No.1 Martin Place, Sydney 12% 

No.1 Martin Place, Sydney 12% 

2 Market Street, Sydney 9% 

59 2 Market Goulburn Street, Street, Sydney Sydney 9% 5% 

Wentworth 59 Goulburn Place, Street, Parramatta Sydney 5% 1% 

Charter Grove, St Leonards 4% 

Wentworth Place, Parramatta 1% 

Charter Grove, St Leonards 4% 

Tenant type diversification 


Investment grade 67% 

Investment grade 67% 

NABERS Energy rating (with GreenPower) 

aUstralIan PortFolIo nabers 

enerGy ratInG 

CitiCentre, 2 Park street, sydney �� 

no.1 martin Place, sydney �� 

2 market street, sydney (tower) �� 

2 market street, sydney (forecourt) �� 

59 Goulburn street, sydney �� 

the Denison, north sydney �� 

nCr house, north sydney �� 

Charter Grove, st leonards �� 

123 epping road, north ryde �� 

Wentworth Place, Parramatta �� 


ATO Moonee Ponds 3% 

5 Queens Road, ATO Moonee St Kilda Ponds Road 3% 

5 Queens Argus Road, Centre, St Melbourne Kilda Road 7% 3% 

150 Lonsdale Argus Centre, Street, Melbourne 7% 

150 Lonsdale Australia Street, Place, Melbourne Canberra 2% 7% 

175 

Australia 

Eagle Street, 

Place, 

Brisbane 

Canberra 

7% 

2% 

175 Eagle Capital Street, Hill, Brisbane 2% 7% 

Eastpoint Plaza, Perth 3% 

Capital Hill, Brisbane 2% 

ATO, Newcastle 3% 

Eastpoint Plaza, Perth 3% 

NCR House, North Sydney 3% 

ATO, Newcastle 3% 

The Denison, North Sydney 4% 

NCR House, North Sydney 3% 

Avaya The House, Denison, Macquarie North Sydney Park 4% 

Avaya House, Macquarie Park 4% 

Government 21% 

Government 21% 

Other 12% 

Other 12% 

aUstralIan PortFolIo nabers 

enerGy ratInG 

ato, newcastle �� 

150 lonsdale street, melbourne �� 

argus Centre, melbourne �� 

5 Queens road, st Kilda �� 

ato, moonee Ponds �� 

175 eagle street, brisbane �� 

Capital hill, brisbane �� 

eastpoint Plaza, Perth �� 

australia Place, Canberra ��


CitiCentre 2 Park street, 

sydney nsW 

No. 1 Martin Place 

sydney nsW 

Allianz Centre 2 market street, 

sydney nsW 

59 Goulburn Street 

sydney nsW 

The Denison 65 berry street, 

north sydney nsW 

NCR House 8-20 napier street, 


Charter Grove 29-57 Christie 

street, st leonards nsW 

Avaya House 123 epping 

road, north ryde nsW 

Wentworth Place 9 Wentworth 

street Parramatta nsW 

ATO 266 King street, 

newcastle nsW 

Argus Centre 300 latrobe 

street, melbourne Vic 

150 Lonsdale Street 

melbourne Vic 

171 Collins Street melbourne 

Vic (Development site) 

5 Queens Road 

melbourne Vic 

ATO Moonee Ponds 6-20 

Gladstone street, melbourne Vic 

175 Eagle Street 

brisbane Qld 

Capital Hill 83-85 George 

street, brisbane Qld 

Eastpoint Plaza 233-237 

adelaide terrace, Perth Wa 

Australia Place 14 mort street, 

Canberra aCt 

TOTAl/wEIgHTED 

AvERAgE 

CQO 

OWNERSHIP 

% 

DEC 2010 

BOOk vALUE 

A$M 

DEC 2010 

CAPITALISATION 

RATE % 

DEC 2010 

DISCOUNT RATE 

% 

DEC 2010 

TERMINAL 


RATE % 

WALE 

(Years) 

50% 360.0 7.20% 8.70% 7.00% 2.8 

50% 230.0 6.80% 9.00% 7.00% 4.0 

50% 167.5 7.00% 9.00% 7.40% 7.5 

100% 87.0 8.00% 9.50% 8.50% 3.1 

100% 79.5 8.25% 9.25% 8.50% 2.6 

100% 53.0 8.50% 9.50% 8.60% 2.4 

100% 82.0 9.00% 9.25% 9.00% 3.9 

100% 72.0 8.25% 9.25% 8.50% 4.1 

100% 25.5 9.50% 10.25% 9.75% 2.4 

100% 50.0 10.30% 10.00% 10.25% 6.3 

100% 129.0 7.25% 9.50% 7.75% 11.3 

100% 129.0 8.25% 9.50% 8.75% 3.8 

50% 17.2 7.00% n/a n/a n/a 

100% 65.3 8.00% 9.25% 8.50% 4.3 

100% 64.0 9.75% 9.75% 9.25% 2.2 

100% 131.0 8.00% 9.25% 8.00% 2.2 

100% 46.5 8.75% 9.50% 9.00% 5.3 

100% 52.0 9.20% 10.00% 9.25% 4.1 

100% 32.0 9.00% 10.25% 9.50% 1.8 

1,872.5 7.86% 9.24% 8.02% 4.4 


No. 1 Martin Place , Sydney NSW 


Charter Hall Office REIT australia 

CitiCentre 

2 Park street, sydney nsW 

Premium grade 47 level office tower located in the Sydney CBD 

directly opposite the Queen Victoria building and sydney town hall. 

sUmmary 

year built (or refurbished) 2000 

Grade Premium 

ownership 50% 

JV partner General Property trust (GPt) 

total nla (sqm) 73,528 

Typical floor plate (sqm) 1,865 

Car spaces 

ValUatIon 

284 

Valuation (50%) $360.0 million 

Valuer Knight Frank 

Value ($/sqm) $9,792 

Capitalisation rate 7.20% 

Discount rate 8.70% 

last external valuation date 

tenanCy statIstICs 

Jun 2010 

Wale (by income) 2.8 years 

occupancy 97% 

maJor tenants nla (sQm) 

Citi 33,784 

Gilbert and tobin 9,280 

royal bank of Canada 4,128 

No.1 Martin Place 

sydney nsW 

Prime office building located in the Sydney CBD on the prestigious 

GPo site in martin Place. 

sUmmary 


Grade Premium 

ownership 50% 

JV partner no. 1 martin Place trust 



Car spaces 

ValUatIon 

374 



Value ($/sqm) $11,432 





Jun 2010 


occupancy 90% 

maJor tenant nla (sQm) 

macquarie Group ltd 36,404 



Allianz Centre 

2 market street, sydney nsW 

a 24 level, a-grade building with an adjoining seven level forecourt 

building located in the western corridor of the sydney CbD. 

sUmmary 

year built (or refurbished) 1991 (2007 forecourt) 

Grade a 

ownership 50% 

JV partner allianz 


Typical floor plate (sqm) 1,954 (main) 

Car spaces 

ValUatIon 

301 


Valuer Cbre 

Value ($/sqm) $8,403 





Jun 2009 


occupancy 99% 


allianz 18,380 

Caltex 9,201 

bDo Kendalls 3,952 

Fitness First 2,038 


59 Goulburn Street 

sydney nsW 

A 28 level, A-grade office tower located between George and Pitt 

streets, opposite World square. 

sUmmary 

year built (or refurbished) 1973 (2001) 

Grade a 

ownership 100% 


Typical floor plate (sqm) 752 

Car spaces 

ValUatIon 

135 

Valuation $87.0 million 

Valuer m3 Property 

Value ($/sqm) $4,442 





Dec 2009 


occupancy 95% 


Dept of environment, Climate 

Change & Water (nsW) 

10,996 

Charles Parsons 1,669 

Parsons brinckerhoff 1,669

The Denison 

65 berry street, north sydney nsW 

A modern 18 level office building centrally located within the North 

sydney CbD. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

157 



Value ($/sqm) $5,257 





Jun 2009 


occupancy 100% 


mediaCom 4,772 

NCR House 

8-20 napier street, north sydney nsW 

A 23 level, B-grade commercial office building in North Sydney with 

panoramic views across sydney harbour. 

sUmmary 

year built (or refurbished) 1975, (1998) 

Grade b 




Car spaces 

ValUatIon 

130 



Value ($/sqm) $5,001 





Jun 2009 


occupancy 90% 


nCr australia 2,078 

IDG Communications 1,492 

seek limited 1,246 



Charter Grove 

29-57 Christie street, st leonards nsW 

Modern seven level, A-grade office building and adjoining sports and 

community complex located in the st leonards business district. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

285 



Value ($/sqm) $4,535 





Dec 2010 


occupancy 88% 


Coca Cola amatil (australia) 4,313 

Fitness First 3,056 

arU 2,818 


Avaya House 

123 epping road, macquarie Park nsW 

A modern 10 level, A-grade office building prominently located in 

one of australia’s premier technology precincts. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

534 



Value ($/sqm) $4,422 





Dec 2010 


occupancy 93% 


avaya australia 5,050 

amgen australia 3,548

Wentworth Place 

9 Wentworth street, Parramatta nsW 

a recently refurbished and upgraded seven level building, well 

located in the Parramatta CbD. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

97 


Valuer Cbre 

Value ($/sqm) $3,324 





Dec 2010 




Dept of Immigration & Citizenship 5,972 

Australian Taxation Office 

266 King street, newcastle nsW 

A modern nine level, A-grade office building located within the civic 

precinct of the newcastle CbD. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

64 



Value ($/sqm) $3,532 





Dec 2010 




Australian Taxation Office 14,157 



Argus Centre 

300 latrobe street, melbourne Vic 

A modern 34 level, A-grade office building and car park located 

opposite melbourne Central railway station. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

520 



Value ($/sqm) $3,903 





Dec 2010 




telstra Corporation ltd 23,482 

Department of Veteran affairs 7,727 


150 Lonsdale Sreet 

melbourne Vic 

A refurbished 29 level, A-grade office building located in the north 

eastern section of the melbourne CbD. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

647 


Valuer Cbre 

Value ($/sqm) $4,489 





Jun 2010 


occupancy 92% 



GmK Centric services 2,717 

GhD 2,485

171 Collins Street 

melbourne Vic 

Construction has commenced and once completed in mid 2013, will 

offer 17 levels of premium and boutique office space in a highly sought 

after area in melbourne’s CbD. 

sUmmary 

Completion date mid 2013 

Grade Premium (Upon completion) 

ownership 50% 

JV partner Cbus Property 

Proposed office NLA (sqm) 31,494 (land site 2,957) 

Proposed retail nla (sqm) 1,571 

Proposed storage/other nla (sqm) 364 

Proposed car spaces 

ValUatIon 

136 



bhP billiton (pre-committment) 11,844 (contingent on options) 

5 Queens Road 

melbourne Vic 

An 11 level, A-grade office building situated in the midst of the St 

Kilda Road office precinct, opposite Albert Park. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

323 



Value ($/sqm) $3,683 





Jun 2009 


occupancy 97% 


beca 5,041 

leighton Contractors Pty ltd 3,362 

IsIs 2,827 

Unico 2,405 



Australia Taxation Office 

6-20 Gladstone street, moonee Ponds Vic 

A seven level, A-grade office building situated in Moonee Ponds in 

melbourne’s north west. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

120 


Valuer m3 property 

Value ($/sqm) $3,043 





Jun 2009 




Australian Taxation Office 21,034 


175 Eagle Street 

brisbane Qld 

an a-grade quality riverfront property situated within the ‘Golden 

triangle’ of the brisbane CbD. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

162 


Valuer Cbre 

Value ($/sqm) $5,733 





Jun 2010 


occupancy 93% 


Credit Union australia ltd 4,879 

Deacons 4,522

Capital Hill 

83-85 George street, brisbane Qld 

An 18 level office building located within the Queensland Government 

office precinct in the Brisbane CBD. 

sUmmary 


Grade b 




Car spaces 

ValUatIon 

105 


Valuer Colliers International 

Value ($/sqm) $4,442 





Dec 2009 




state of Qld - Dept main roads 8,780 

Eastpoint Plaza 

233-237 adelaide terrace, Perth Wa 

A 13 level B-grade office building well located in the eastern end 

of Perth’s CbD. 

sUmmary 


Grade b 




Car spaces 

ValUatIon 

89 



Value ($/sqm) $4,455 





Dec 2010 


occupancy 73% 


minister for Works (health & Police) 4,604 

national native title tribunal 2,099 



Australia Place 

14 mort street, Canberra aCt 

A modern eight level A-grade commercial office building with 

basement parking located in the civic precinct of the Canberra CbD. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

67 


Valuer Jones lang lasalle 

Value ($/sqm) $3,410 





Dec 2010 




Dept of education & training 9,384 

24 | | Charter CHARTER hall HAll ProPerty PortFolIo DeCember 2010 2010

5 Queens Road, Melbourne Vic 


CqO 

Wells Fargo Center, Denver CO USA 

26 | CHARTER Charter hall HAll ProPerty OffICE REIT PortFolIo DeCember 2010

3 

4 

5+ 

4% 

9% 

Charter Hall Office REIT 

Charter Hall Office REIT United States portfolio comprises of $1.9 billion 

assets under management, with properties strategically located throughout 

the United States. 

United States 


0 3 6 9 12 15 



JP Morgan Chase 13% 

Wells Fargo Bank 6% 

AT&T 5% 

Verizon 4% 

The Cassidy 

Companies 

SunTrust Bank 3% 

Iron Mountain 

Info Management 

Smith 

Gambrell 

Sony 

Computer 

Skadden 

0 10 20 30 40 50 60 


by nla 

Vacant 

FY 11 

FY 12 

FY 13 

FY 14 

FY 15+ 

2% 

4% 

2% 

2% 

2% 

9% 

9% 

3% 

4 % 

18% 

10.4% 

0 3 6 9 12 15 

59% 

59% 


Fund Statistics United states 



One & Three Christina Center, Delaware, DE 6% 

One 30 Independence & Three Christina Blvd, Center, Warren Delaware, Township DE NJ 6% 2% 

30 700 Independence Thirteenth Street, Blvd, Washington Warren Township D.C. 8% NJ 2% 

700 745 Thirteenth Atlantic, Boston Street, MA Washington 3% D.C. 8% 

745 Cerritos Atlantic, Corporate Boston Center, MA 3% Cerritos CA 5% 

Cerritos Corporate Center, Cerritos CA 5% 

Chase Tower, Indianapolis, IN 10% 

Chase Tower, Indianapolis, IN 10% 

One California Plaza, Los Angeles CA 11% 

One California Plaza, Los Angeles CA 11% 



Government 1% 

Government 1% 

Non-investment 28% 

Non-investment 28% 


700 13th Street 7.9% 

700 13th Street 7.9% 

Wells Fargo Center, Denver CO 16% 

Wells Fargo Center, Denver CO 16% 

SunTrust Financial Centre, Tampa FL 5% 

SunTrust 

SunTrust 

Financial 

Center, 

Centre, 

Orlando 

Tampa FL 

FL 

5% 

7% 

Stadium SunTrust Gateway, Center, Anaheim Orlando CA FL 7% 3% 

San Diego Stadium Tech Gateway, Center, San Anaheim Diego CA 3% 8% 

San Diego Tech Promenade Center, San II, Atlanta Diego GA CA 8% 9% 

Promenade II, Atlanta GA 9% 

Pasadena Towers, Pasadena CA 8% 

Pasadena Towers, Pasadena CA 8% 

Investment grade or 

nationally recognised 71% 

Investment grade or 

nationally recognised 71%

Property Portfolio United states 

One California Plaza 

300 south Grand avenue, 

los angeles Ca 

Pasadena Towers 

800 east Colorado boulevard, 

Pasadena Ca 

Cerritos Corporate Center 

12900 Park Plaza Drive, 

Cerritos Ca 

Stadium Gateway 

1900 south state College 

boulevard, anaheim Ca 

San Diego Tech Center 

9605 scranton road, 

san Diego Ca 

wells fargo Center 

1700 lincoln street, 

Denver Co 

700 Thirteenth Street 

Washington DC 

SunTrust Center 

200 south orange avenue, 

orlando Fl 

SunTrust financial Centre 

401 east Jackson street, 

tampa Fl 

745 Atlantic Avenue 

boston ma 

One & Three Christina Center 

301 & 201 north Walnut street, 

Delaware De 

Promenade II 

1230 Peachtree street, 

atlanta Ga 

30 Independence Boulevard 

Warren township nJ 

Chase Tower 

111, monument Circle, 

Indianapolis In 

TOTAl/ 

wEIgHTED AvERAgE 

CQO 

OWNERSHIP 

% 

DEC 2010 

BOOk 

vALUE 

US$M 

DEC 2010 


RATE % 

DEC 2010 

INITIAL YIELD % 

DEC 2010 

DISCOUNT 

RATE % 

DEC 2010 

TERMINAL 


RATE % 

80% 189.2 6.25% 6.50% 10.00% 8.50% 7.4 

100% 127.0 7.00% 1.80% 9.00% 7.50% 6.1 

80% 76.0 9.00% 9.35% 8.00% 7.75% 4.2 

80% 43.2 7.50% 7.20% 9.00% 8.00% 4.4 

80% 129.5 7.50% 5.65% 8.50% 7.50% 3.9 

80% 271.2 7.00% 7.30% 8.50% 8.00% 6.5 

100% 139.0 6.00% 4.25% 7.25% 6.25% 2.1 

100% 112.4 8.50% 5.85% 9.50% 9.00% 5.0 

91% 79.6 8.00% 6.45% 9.00% 7.50% 4.5 

100% 52.9 8.50% 7.60% 7.50% 8.50% 2.8 

80% 99.1 8.25% 8.55% 9.00% 8.50% 5.5 

100% 142.6 8.50% 2.20% 10.00% 9.00% 7.8 

WALE 

(Years) 

100% 41.2 11.00%* 14.20% 8.25% 8.25% 10.0 

100% 172.1 8.50% 8.45% 9.25% 8.50% 6.4 

*notional capitalisation rate would be 8.00% based on new lease terms. 

1,675.1 7.62% 6.30% 8.88% 8.05% 5.8 


Charter Hall Office REIT United states 

One California Plaza 

300 south Grand avenue, los angeles Ca 

A 42 level Class-A office tower located in the Bunker Hill district of 

downtown los angeles. one California Plaza has a number of high 

quality national recognised tenants. 

sUmmary 


Grade a 

ownership 80% 

JV partner MPG Office Trust (20%) 

total nla (sqf) 1,009,645 

Typical floor plate (sqf) 24,039 

Car spaces 1,313 

ValUatIon 

Valuation (80%) Us$189.2 million 

Valuer Cushman & Wakefield 

Value/($/sqf) Us$234 



last external valuation date Jun 2010 



occupancy 77% 

maJor tenants nla (sQF) 

skadden 162,258 

morgan, lewis & bockius 96,114 

bank of the West 89,568 

30 | CHARTER HAll ProPerty PortFolIo 2010 


Pasadena Towers 

800 east Colorado boulevard, Pasadena Ca 

Pasadena Towers consists of two nine level Class-A office buildings, 

located in the heart of the Pasadena office market and ten miles outside 

of downtown los angeles. Pasadena towers is the premier asset within 

this submarket. 

sUmmary 

year built (or refurbished) 1990/1991 

Grade a 


total nla (sqf) 443,627 


Car spaces 

ValUatIon 

1,184 

Valuation Us$127.0 million 

Valuer Cbre 






Dec 2010 


occupancy 50% 


tokio marine 59,359 

First Quadrant 26,043 

morgan stanley 24,155

Cerritos Corporate Center 

12900 Park Plaza Drive, Cerritos Ca 

situated within the master planned Cerritos towne Center. Cerritos 

Corporate Center consists of two Class-A office properties on nine 

acres of land. 

sUmmary 


Grade a 

ownership 80% 



Typical floor plate (sqf) 32,582 (bld 1), 27,041 (bld 2) 

Car spaces 

ValUatIon 

1,283 


Valuer Cbre 






Dec 2008 



maJor tenant nla (sQF) 

at&t 326,535 

Stadium Gateway 

1900 south state College boulevard, anaheim Ca 

A six level Class-A office building located in Anaheim, California and 

adjacent to angel stadium, home of major league baseball team, 

the angels. 

sUmmary 


Grade a 

ownership 80% 




Car spaces 

ValUatIon 

1,300 


Valuer Cbre 






Jun 2010 


occupancy 72% 


turner Construction Company 45,121 

Countrywide home loans 42,336 



San Diego Tech Center 

9605 scranton road, sorrento mesa Ca 

san Diego tech Center features 11 buildings set within a 

38 acre campus. The property is the premier technological office and 

r&D development in the sorrento mesa sub market and includes a 

five acre garden, swimming pool, tennis and volleyball courts. 

sUmmary 


Grade 

A - office component 

b - r&D component 

ownership 80% 



Typical floor plate (sqf) 21,000 (office component) 

Car spaces 

ValUatIon 

1,797 


Valuer Colliers 






Jun 2010 


occupancy 82% 


sony Computer 184,171 

novatel Wireless 96,330 

blackbaud 22,250 


wells fargo Center 

1700 lincoln street, Denver Co 

Wells Fargo Center is the most prominent building in the downtown 

Denver skyline. this 52 level Class-a building features large 

and flexible floor plates, picturesque views and is anchored by 

Wells Fargo bank. 

sUmmary 


Grade a 

ownership 80% 




Car spaces 

ValUatIon 

970 








Jun 2010 


occupancy 93% 


Wells Fargo bank 414,654 

holme, roberts, owen 119,413 

newmont Gold 102,169

700 Thirteenth Street 

Washington DC 

700 thirteeth street is located in a prime location within the 

east end sub-market of Washington DC, just two blocks from the 

White house. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

240 








Dec 2010 


occupancy 97% 


the Cassidy Companies 111,267 

Perkins Coe 66,001 

hyman, Phelps, mcnamara 27,812 

SunTrust Center 

200 south orange avenue, orlando Fl 

located in downtown orlando, the suntrust Center consists of two 

Class-A office buildings plus a six level parking garage. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

1,342 








Dec 2010 


occupancy 76% 


suntrust bank 125,085 

baker hostetler 60,027 

holland Knight 52,416 



SunTrust financial Centre 

401 east Jackson street ,tampa Fl 

The SunTrust Financial Centre is a 36 level premier office tower 

including 540 car spaces on six levels. the property also includes 

a one acre adjacent lot that currently houses an additional 253 car 

spaces but has future development potential. 

sUmmary 


Grade a 

ownership 91% 

JV partner stiles Corporation (9%) 



Car spaces 

ValUatIon 

793 


Valuer Cbre 






Jun 2010 


occupancy 78% 


suntrust bank 85,170 

hapag-lloyd Usa 39,944 

Akerman Senterfitt 36,011 


745 Atlantic Avenue 

boston ma 

745 Atlantic Avenue is a 11 level office building. Located on the 

corner of atlantic avenue and beach street in boston, the property 

is opposite south station, a major transport interchange. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

153 








Dec 2010 




Iron mountain 117,756 

Key bank Us 37,094

One & Three Christina Center 

301 & 201 north Walnut street, Delaware De 

1 and 3 Christina Center consists of two Class-a buildings in the 

Wilmington CbD, a submarket of Greater Philadelphia. the state of 

Delaware has attracted substantial business activity to Wilmington, 

in particular financial institutions, seeking to benefit from favourable 

tax laws. 

sUmmary 


Grade a 

ownership 80% 

JV partner brandywine realty trust (20%) 


Typical floor plate (sqf) 27,159 (1CC), 22,200 (3CC) 

Car spaces 

ValUatIon 

1,430 








Jun 2010 


occupancy 98% 


JP morgan Chase 572,005 

Promenade II 

1230 Peachtree street, atlanta Ga 

Promenade II is a 37 level trophy Class-A office tower situated in the 

vibrant midtown business district of atlanta, in close proximity to 

amenities and cultural centers such as the symphony hall and the 

Woodruff arts Center. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

2,057 


Valuer First service PGP 






Jun 2010 


occupancy 56% 


smith Gambrell 159,136 

tVs Design 94,354 



30 Independence Boulevard 

Warren township nJ 

located in Warren township, northern new Jersey within the boston 

to Washington corridor, this six level Class-a property features a 

full height atrium with an octagonal skylight, cafeteria, reception, 

lounge, teleconference rooms and fitness centre. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

748 


Valuer Cbre 






Dec 2009 

Wale (by income) 10 years 



Verizon Wireless 210,524 


Chase Tower 

111 monument Circle, Indianapolis In 

Chase tower has 48 levels and is arguably the most prominent 

building in Indianapolis. Circle building was completed in 1959, 

extensively refurbished in 1988 and subsequently integrated into 

the Chase tower. 

sUmmary 

year built (or refurbished) 

1959 Circle building (1988) 

1989 tower building 

Grade a 



Typical floor plate (sqf) 19,000 (tower), 13,000 (Circle) 

Car spaces 

ValUatIon 

1,008 


Valuer Cbre 






Dec 2010 


occupancy 96% 


JP morgan Chase 376,597 

bose mckinney & evans 111,692 

ernst & young 58,628

Promenade II, Atlanta GA USA 


Charter Hall Office REIT europe 

Atrium Charlottenburg 

Kaiser-augusta-allee 31/Goslaver Ufer 37-39, 

berlin Germany 

An 11 level A grade office building located in the West Berlin submarket 

of Charlottenburg. 

sUmmary 


Grade a 


total nla (sqm) 39,916sqm 


Car spaces 

ValUatIon 

405 

Valuation €59.0 million 


Value €/sqm €1,478 





Dec 2009 




Deutsche telekom 34,599 


One California Plaza, CA USA 


Charter Hall Retail REIT 

Renmark Plaza, Renmark SA 



Charter Hall Retail REIT invests in well located grocery anchored neighbourhood 

and sub-regional shopping centres together with select household retail centres. 

With an active management strategy focused on maximising total returns through 

attracting and retaining creditworthy tenants, the REIT aims to deliver strong 

performance across its quality portfolio. 

New South Wales 

sUmmary 

number of properties 25 

number of tenancies 434 

total nla (sqm) 

ValUatIon 

120,834 


Value ($/sqm) $3,453.8 


Discount rate 


9.39% 


occupancy 98.2% 

maJor tenants abr1 ContrIbUtIon (%) 

Coles 27.6% 

Woolworths 23.5% 

big W 4.7% 

target Country 4.0% 

bi-lo 2.1% 

1. annual base rent 

ProPerty oWnershIP (%) ClassIFICatIon 

bathurst Chase, bathurst 100% neighbourhood 

Cardiff Coles, Cardiff 100% Freestander 

Caringbah Coles, Caringbah 100% Freestander 

Cooma Woolworths, Cooma 100% Freestander 

Cootamundra Woolworths, 

Cootamundra 

100% Freestander 

earlwood Coles, earlwood 100% Freestander 

mackenzie mall, Glen Innes 100% neighbourhood 

Goonellabah Village, Goonellabah 100% neighbourhood 

Jerrabomberra Village, Jerrabomberra 100% neighbourhood 

Kings langley shopping Centre, 

Kings langley 

100% neighbourhood 

balo square, moree 100% neighbourhood 

morisset shopping Centre, morisset 100% neighbourhood 

lake macquarie Fair, mount hutton 50% sub-regional 

mount hutton Plaza, mount hutton 50% neighbourhood 

mudgee metroplaza, mudgee 100% neighbourhood 

sunnyside mall, murwillumbah 100% neighbourhood 

narrabri Coles, narrabri 100% Freestander 

Kierath’s shopping square, 

narromine 


orange Central, orange 100% neighbourhood 

Parkes metroplaza, Parkes 100% neighbourhood 

rosehill Woolworths, rosehill 100% Freestander 

Gowrie street mall, singleton 100% sub-regional 

tumut Coles, tumut 100% Freestander 

Wellington Coles, Wellington 100% Freestander 

young Woolworths 100% Freestander 

Charter hall retaIl reIt | 41


Victoria 

sUmmary 




ValUatIon 

35,957 


Value ($/sqm) $2,633.2 




bairnsdale Coles, bairnsdale 100% Freestander 

safeway Kerang, Kerang 100% Freestander 

Kyneton shopping Centre, 

Kyneton 


olive tree shopping Centre, 

lilydale 


moe Coles, moe 100% Freestander 

moe Kmart, moe 100% Freestander 

home hQ nunawading, 

nunawading 


50% household retail 



maJor tenants abr ContrIbUtIon (%) 


Coles 17.1% 

Kmart 9.5% 

bev marks beds 5.3% 

nick scali 4.7% 

the Good Guys 4.4% 

Fitness First 3.7% 

Jb hIFI 3.3% 

Double one 3.1% 

Focus on Furniture 2.5% 

Dick smith electronics 1.8% 


queensland 

sUmmary 




ValUatIon 

81,565 


Value ($/sqm) $3,337.2 




tablelands Village, atherton 100% neighbourhood 

bribie Island shopping Centre, 

bribie Island 

100% sub-regional 

Caboolture Park shopping 

Centre, Caboolture 


Currimundi markets, Currimundi 100% neighbourhood 

Gatton Plaza, Gatton 100% neighbourhood 

bay Plaza, hervey bay 100% neighbourhood 

Kallangur Fair, Kallangur 100% neighbourhood 

sydney street markets, mackay 100% neighbourhood 

mareeba Plaza, mareeba 100% neighbourhood 

moranbah Fair, moranbah 100% neighbourhood 

allenstown Plaza, rockhampton 100% neighbourhood 

Springfield Fair, Springfield 







Coles 17.7% 


Kmart 4.5%

South Australia 

sUmmary 




ValUatIon 

44,998 


Value ($/sqm) $2,200.1 




mile end homemarker Centre, 

mile end 

100% household retail 

Wharflands Plaza, Port Augusta 100% sub-regional 

renmark Plaza, renmark 






big W 17.1% 


nick scali Furniture 4.9% 

the Good Guys 4.4% 

Freedom Furniture 4.1% 

amart all sports 3.0% 

Forty Winks 2.5% 

barbeques Galore 2.4% 

snooze 2.2% 

beacon lighting 1.7% 

Western Australia 

sUmmary 




ValUatIon 

75,298 


Value ($/sqm) $2,699.9 




albany Plaza, albany 100% sub-regional 

Glenview shopping Centre, ballajuna 100% neighbourhood 

Carnarvon Central, Carnarvon 100% neighbourhood 

Collie Central, Collie 100% neighbourhood 

esperance boulevard, esperance 100% neighbourhood 

Kalgoorlie Central, Kalgoorlie 100% neighbourhood 

maylands Coles, maylands 100% Freestander 

narrogin Coles, narrogin 100% Freestander 

south hedland shopping Centre, 

south hedland 


swan View shopping Centre, swan 

View 





maJor tenants abr ContrIbUtIon 

(%) 


Coles 16.8% 

Kmart 8.0% 




ACT 

sUmmary 




ValUatIon 

17,145 


Value ($/sqm) $4,782.8 




Dickson Woolworths, Dickson 100% Freestander 

manuka terrace, manuka 100% neighbourhood 

erindale shopping Centre, 

Wanniassa 







Coles 14.9% 


Tasmania 

sUmmary 




ValUatIon 

9,553 


Value ($/sqm) $3,088 




newstead Coles, newstead 100% Freestander 

riverside shopping Centre, 

riverside 


smithton Woolworths, smithton 100% Freestander 

Wynyard Woolworths, Wynyard 


100% Freestander 





Coles 26.7%

Poland 

sUmmary 




ValUatIon 

64,028 


Value (€/sqm) €2,975.3 


ProPerty oWnershIP (%) 

arena, Gliwice 100% 

borek, Wroclaw 100% 

Dabrowka, Katowice 100% 

turzyn, szczecin 100% 

Zakopianka, Krakow 


100% 



Germany 

sUmmary 




ValUatIon 

97,141 


Value (€/sqm) €1,019.1 



alt Chemnitz Center, Chemnitz 100% 

burgaupark Jena, Jena 


100% 




toom 65.8% 

ohG Fegro / selgros 10.3% 

mobel Walther aG 10.4% 



Non-core assets 

(Contracted or marketed for sale) 

New Zealand 

sUmmary 




ValUatIon 

32,008 

Valuation nZ$93.5 million 

Australia 

sUmmary 




ValUatIon 

7,080 



Kalgoorlie outparcel 100% 

manjimup shopping Centre 100% 

margaret river shopping Centre 100% 


United States 

sUmmary 




ValUatIon 

273,794 



hilltop Village, Colorado 75% 

Kleinwood Center, texas 75% 

murray landing, south Carolina 75% 

Vineyard shopping Center, Florida 75% 

Centennial Crossroads Plaza, nevada 100% 

regency milford Centre, ohio 100% 

trowbridge Crossing, Georgia 100% 

Woodstock Crossing, Georgia 

ContraCteD For sale 

100% 

entIty no. oF ProPertIes oWnershIP (%) 

Desco regency JV 32 60% 

Wholly owned 7 100%

Wharflands Plaza, Port Augusta SA 



Melbourne Airport Business Park, Tullamarine Vic 


UnlIsteD Wholesale FUnDs | 49

Brisbane Square, Brisbane Qld 


FY 13 

FY 14 

6.0% 

Core Plus Office fund 

FY 15 

FY 16 

Charter FY 17 Hall’s Core Plus 6.5% Office fund (CPOf) is the largest of the Core Plus series 

of wholesale funds. Launched in June 2006, the Fund predominantly targets the 

FY 18 

14.3% 

office property sector in the major capital city markets of Australia. 

FY 19 

Fund FY20Statistics 

0.6% 

FY 21+ 



Australian Government 

17.0% 

0 5 10 15 20 

Telstra Corp 

Westpac Group 

Mercer 

Suncorp Metway 

BHP Billiton 

Qld Gas 

Company Ltd 

Wilson Parking 

Parsons 

Brinckerhoff 

Hatch 

Regus 

Next Fin. 

1.5% 

3.0% 

2.9% 

2.6% 

2.6% 

Annual Ltd lease 1.5% expiry 

by Calibre gross income 

Global 

Pty Ltd 

Fidelity Vacant 

Inv. 

Bar FY 11 

333 

1.3% 

1.2% 

1.2% 

4.5% 

4.1% 

4.9% 

5.9% 

10.1% 

10.5% 

11.8% 

14.8% 

15.3% 

18.6% 

0 5 10 15 20 

FY 12 

FY 13 

FY 14 

FY 15 

FY 16 

FY 17 

FY 18 

FY 19 

FY 21+ 

FY20 

4.4% 

4.9% 

5.9% 

6.0% 

6.5% 

Australian Government 

17.0% 

0 5 10 15 20 

Telstra Corp 

0.6% 

3.5% 

10.1% 

10.5% 

14.8% 

14.3% 

15.3% 

18.6% 

Core PlUs oFFICe FUnD | 51



Western Western Australia Australia 14.3% 14.3% 


109 109 St St Georges Georges Terrace, Terrace, WA WA 4.5% 4.5% 

144 144 Stirling Stirling Street, Street, WA WA 3.5% 3.5% 

51 51 Pirie Pirie Street, Street, SA SA 1.0% 1.0% 

Bank Bank SA, SA, SA SA 1.4% 1.4% 

331 331 George George Street, Street, NSW NSW 0.4% 0.4% 

333 333 George George Street, Street, NSW NSW 4.8% 4.8% 

34 34 Hunter Hunter Street, Street, NSW NSW 2.5% 2.5% 

St St George George Bank, Bank, NSW NSW 8.2% 8.2% 

167 167 Macquarie Macquarie Street, Street, NSW NSW 5.8% 5.8% 

New New York York Hotel, Hotel, NSW NSW 0.1% 0.1% 

150 150 Queen Queen Street, Street, Vic Vic 1.7% 1.7% 



Government Government and and government government related related 17.8% 17.8% 

Other Other 13.8% 13.8% 


New New South South Wales Wales 21.7% 21.7% 

225 225 St St Georges Georges Terrace, Terrace, WA WA 6.3% 6.3% 

Northbank Northbank Plaza, Plaza, Qld Qld 11.6% 11.6% 

275 275 George George Street, Street, Qld Qld 12.1% 12.1% 

11 11 Exhibition Exhibition Street, Street, Vic Vic 12.1% 12.1% 

570 570 Bourke Bourke Street, Street, Vic Vic 11.3% 11.3% 

National National and and international international 68.5% 68.5%


geographical diversification 


South Australia 2.4% 

Victoria 25.1% 

Western Australia 14.3% 

109 St Georges Terrace, WA 4.5% 

weighted Average lease Expiry (years) 

by gross income 144 Stirling Street, WA 3.5% 

51 Pirie Street, SA 1.0% 

St George Bank, 97 King Bank William SA, SA Street, 1.4% Adelaide SA 

0 2 4 6 8 10 10.7 12 

331 George Street, NSW 0.4% 

Northbank Plaza, Qld 11.6% 

St George Bank, 4-16 Montgomery Street, Kogarah NSW 

Brisbane Square, Brisbane Qld 

275 George Street, Brisbane Qld 

Hatch, 144 Stirling Street, Perth WA 

Northbank Plaza, Brisbane Qld 

11 Exhibition Street, Melbourne Vic 

167 Macquarie Street, Sydney NSW 

570 Bourke Street, Melbourne Vic 

225 St Georges Terrace, 

Perth WA 


Perth WA 

333 George Street, 

Sydney NSW 

333 George Street, NSW 4.8% 

34 Hunter Street, NSW 2.5% 

St George Bank, NSW 8.2% 

167 Macquarie Street, NSW 5.8% 

New York Hotel, NSW 0.1% 

150 Queen Street, Vic 1.7% 

2.3 

3.0 

3.0 

Government and government related 17.8% 

1.3 

1.3 

Other 13.8% 

1.0 

3.9 

5.1 

4.9 

150 Queen Street, 

0.8 

0 Melbourne 2 Vic 4 6 8 10 12 

WALE 

New York Hotel, 

Pyrmont NSW 

51 Pirie Street, 

Adelaide SA 


Sydney NSW 

34 Hunter Street, 

Sydney NSW 

0.8 

6.1 

6.7 

8.5 

8.4 

Queensland 36.5% 

New South Wales 21.7% 

225 St Georges Terrace, WA 6.3% 

10.7 

10.6 

275 George Street, Qld 12.1% 

11 Exhibition Street, Vic 12.1% 

570 Bourke Street, Vic 11.3% 

National and international 68.5% 



167 Macquarie Street, 

sydney nsW 

34 Hunter Street, 

sydney nsW 

St George Bank, 

Kogarah nsW 

331 & 333 George Street, 

sydney nsW 

11 Exhibition Street, 

melbourne Vic 

570 Bourke Street, 

melbourne Vic 


melbourne Vic 

Brisbane Square, 

brisbane Qld 


brisbane Qld 

Northbank Plaza, 

brisbane Qld 

51 Pirie Street, 

adelaide sa 

Bank SA, 

adelaide sa 


Perth Wa 

144 Stirling Street, 

Perth Wa 


Perth Wa 

TOTAl/ 

wEIgHTED AvERAgE 

CPOF 

OWNERSHIP 

(%) 

DEC 2010 

vALUATION 

(A$M) 


DEC 2010 


RATE (%) 

DEC 2010 

DISCOUNT 

RATE/IRR (%) 

WALE 

(YEARS) 

WEIGHTED AvG 

RENT REvIEWS 

(%) 

100% 82.0 7.25% 9.25% 4.90 3.79% 

100% 35.0 7.25% 9.50% 0.80 4.36% 

100% 117.0 8.25% 9.00% 10.70 CPI (3.0%) 

100% 73.5 7.38% 9.25% 2.30 3.84% 

100% 171.5 7.00% 9.25% 5.10 4.12% 

100% 160.0 8.00% 9.75% 3.90 3.52% 

100% 24.5 8.75% 10.00% 0.80 3.77% 

50% 181.3 7.25% 9.00% 10.60 3.44% 

50% 172.5 7.00% 9.00% 8.50 4.47% 

100% 165.0 7.75% 9.50% 6.70 4.48% 

100% 13.6 9.75% 10.50% 1.30 3.79% 

100% 19.8 9.00% 10.50% 10.70 CPI (3.0%) 

50% 89.0 8.25% 9.50% 3.00 5.15% 

100% 50.0 8.00% 9.75% 8.40 3.74% 

100% 64.5 8.75% 10.00% 2.80 3.76% 

1,422.1 7.65% 9.37% 6.10 3.91%

570 Bourke Street, Melbourne Vic 

CPOF’s asset portfolio is diversified across all 

key office markets and is well positioned to 

take advantage of improving market conditions. 



167 Macquarie Street 

sydney nsW ( core/development inventory) 

Located in the prestigious financial core of Sydney’s CBD, Macquarie 

House is a refurbished A grade office tower offering spectacular views 

across the royal botanic Gardens and sydney harbour. 

the building spans 19 levels consisting two ground level 

retail tenancies. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

78 



Value ($/sqm) $8,424 





June 2010 




Gresham Partners 2,364 

Fidelity 2,364 


34 Hunter Street 

sydney nsW 

34 hunter street is ideally positioned on an island site with frontages 

to Pitt, hunter, Curtin and hamilton streets, in the heart of sydney’s 

financial core precinct. The property is a 12 level retail and office 

building, consisting of 10 upper office levels and prominent ground 

floor retail comprising three separate retail tenancies. 

sUmmary 


Grade b 




Car spaces 

ValUatIon 

16 



Value ($/sqm) $6,438 





march 2010 


occupancy 61% 


Voyager travel 517 

Dymocks (retail) 226

St george Bank 

4-16 montgomery street, Kogarah nsW (core) 

st George house is well positioned on the southern rail network, 

providing the bank with an excellent ability to tap into the large 

southern sydney workforce. st George house comprises a purpose 

built commercial complex, spanning eight levels featuring extensive 

office space, a bank branch and car spaces. 

In addition to the office space and bank branch, the property 

incorporates a cafeteria, community centre, child care centre, 

auditorium, gymnasium, outdoor area, tennis court and running track. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

595 



Value ($/sqm) $3,726 





June 2010 




st George bank (Westpac) 31,724 

331 and 333 george Street 

sydney nsW ( core/development inventory) 

Prominently located at the western end of martin Place in sydney’s 

CbD, the property comprises a 15 level refurbished commercial 

office tower built in 1971. 331 George Street is a standalone 

three level retail terrace building, which is currently fully leased. 

331 George street was acquired by CPoF as part of a strategic site 

consolidation plan, which is part of a medium to long term strategy 

to redevelop the combined properties into an integrated retail and 

A-grade office building. 

sUmmary 331 333 

year built (or refurbished) 1971 1971 

Grade retail b 

ownership 100% 100% 

total nla (sqm) 138 9,882 

Typical floor plate (sqm) 100 730 

Car spaces 

ValUatIon 

0 16 

Valuation $5.5 million $68.0 million 

Valuer savills savills 

Value ($/sqm) - Office 

n/a $5,244 

- retail 

$41,353 $17,608 

Capitalisation rate 4.5% 7.38% 

Discount rate n/a 9.25% 



December 2010 December 2010 

Wale (by income) 1.0 years 2.3 years 

occupancy 100% 100% 

maJor tenants nla (sQm) nla (sQm) 

Charter hall Group n/a 1,919 

bar 333 (ryans hotels) n/a 1,089 

australian Ugg 138 n/a 



11-33 Exhibition Street 

melbourne Vic (core) 

located in the prime eastern sector of the melbourne CbD, within 

close proximity to Collins street, 11–33 exhibition street is a modern 

premium-grade office building. 

The building comprises 16 levels of office accommodation with a 

further 1,077.6sqm leased over a variety of five retail leases. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

340 



Value ($/sqm) $7,511 





June 2010 




mercer 11,748 

Fair Work australia (Commonwealth of australia) 9,796 


570 Bourke Street 

melbourne Vic (core) 

570 bourke street is located in the heart of melbourne’s CbD, legal 

and commercial district. the property comprises 35,081sqm of 

refurbished lettable commercial office space spread over 31 levels 

plus a public car park over five basement levels. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

522 



Value ($/sqm) (exc car park) $3,675 





June 2010 




state Government 12,780 

anZ 3,415 

Willis australia 3,419 

Wilson Parking 512 bays

150 queen Street 

melbourne Vic 

Prominently located on the high profile south-east corner of Bourke 

and Queen streets in the heart of the melbourne CbD, the property 

comprises 11 levels of office space plus ground floor retail. 

sUmmary 


Grade b 




Car spaces 

ValUatIon 

28 


Valuer DtZ 

Value ($/sqm) $3,052 





June 2010 




Westpac bank 520 

UGl services 687 

Pass Global 684 

Brisbane Square 

brisbane Qld (core) 

located within the brisbane CbD at the top of the Queen street mall, 

Brisbane Square is an iconic office building located in the heart of the 

government and legal precincts along George street. the property 

comprises of premium office space over 38 levels, ground floor retail 

and parking over three basement levels. 

the building was purchased in november 2010 and CPoF holds a 

50% stake with telstra super. 

sUmmary 


Grade a 

ownership 50% 



Car spaces 

ValUatIon 

341 



Value ($/sqm) $6,326 





november 2010 




brisbane City Council 34,598 

suncorp metway 23,240 



275 george Street 

brisbane Qld (core) 

located within the brisbane CbD, 275 George street, comprises 

a state of the art energy efficient office tower accommodating 

40,306sqm of modern office space, 1,432sqm of retail space. 

CPoF holds a 50% stake with the singaporean listed K-reIt whom 

purchased previous joint owner, ChoF4’s interest in march 2010. 

sUmmary 


Grade a 

ownership 50% 



Car spaces 

ValUatIon 

246 



Value ($/sqm) $8,206 





December 2010 





Queensland Gas Company 11,650 


Northbank Plaza 

69 ann street, brisbane Qld (core) 

located within the brisbane CbD, northbank Plaza has been 

comprehensively refurbished and repositioned with a-grade 

services. The majority of floors feature expansive river, mountain 

and CbD views. 

sUmmary 


Grade a 



Typical floor plate (sqm) - Podium 

2,000 

- tower 

1,200 

Car spaces 

ValUatIon 

156 



Value ($/sqm) $6,179 





June 2010 





Parsons brinckerhoff 5,847 

the bureau of meteorology 1,400

51 Pirie Street 

fitzpatrick+partners 

adelaide sa (core/development) 

51 Pirie Street comprises a seven level retail/office building Artist and Impression Only is 

51 Pirie Street Adelaide 

This drawing is issued upon the condition it is not copied, reproduced, Drawings show design intent only. Shop drawings are to be 

CLIENT 

PROJECT NORTH SCALE PRINT DATE fitzpatrick+partners 

DRAWING 

PROJECT NO. DRAWING NO. 

ISSUE 

retained or disclosed to any unauthorised person either wholly or in provided for approval prior to construction or manufacture. 

1:0.60 28/10/2010 © Copyright 2010 

part without prior consent in writing of fitzpatrick+partners. 

P) + 61 2 8274 8200 W) www.fitzpatrickpartners.com Perspective 4 Entry 

2730 DA-034 A 

Inconsistencies are to be reported to fitzpatrick + partners. 

@ A1 

Do not scale drawings. Check dimensions before commencing work. 

located within the heart of the adelaide CbD. the property comprises 

refurbished commercial b-grade accommodation covering ground 

retail, five upper levels of office space and a basement level. 

Planning approval has been obtained for a new 30,000sqm a-grade 

office tower. 

sUmmary 


Grade b 




Car spaces 

ValUatIon 

0 



Value ($/sqm) $2,153 





June 2010 




st George bank 4,291 

Bank SA 

97 King William street, adelaide sa (core) 

bank sa is located in the heart of adelaide and comprises a 

basement vault, ground and mezzanine level banking branch, and 

an office building over eight upper levels. The building also includes a 

gymnasium and squash courts which are located on the roof area. 

sUmmary 


Grade b 




Car spaces 

ValUatIon 

28 


Valuer savills 

Value ($/sqm) $1,310 





June 2010 




st George bank 15,625 



BHP House 

225 st Georges terrace, Perth Wa (core) 

Located on St Georges Terrace, the primary office address within 

the Perth CbD. 225 st Georges terrace comprises a 21,192sqm 

office building, with 733sqm of retail space and three levels of 

basement parking. 

sUmmary 


Grade a 

ownership (Wyllie Group own50%) 50% 



Car spaces 

ValUatIon 

373 



Value ($/sqm) $8,399 





June 2010 


occupancy 99% 


bhP billiton 13,920 

Wilson Parking 373 bays 


Hatch Building 

144 stirling street, Perth Wa 

The A-grade office building is property is located within the northern 

fringe of the Perth CBD, a rapidly emerging office precinct, with 

significant new development scheduled to occur over the next 

two years. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

201 



Value ($/sqm) $4,598 





December 2010 




hatch 9,317 

Wilson 250 bays

109 St georges Terrace 

Perth Wa (core) 

located in the heart of the Perth CbD, the Westpac building at 

109 St Georges Terrace, comprises a lower A-grade office building, 

which underwent extensive refurbishment in 2005. the building 

spans 19 upper office levels, a ground level bank, vault and security 

storage area. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

550 


Valuer Jll 

Value ($/sqm) $4,641 





December 2010 




Westpac bank 8,169 

Calibre Global 2,496 

BHP House, 225 St Georges Terrace, Perth WA 


CPIF owns 16 assets with an average value of 

$31.4 million and a strong Wale of 11.9 years. 

309 Fitzgerald Road, Derrimut Vic 


FY 13 

FY 14 

FY 15 

FY 12 

4.7% 

0.3% 

FY 16 0.4% Charter Hall’s Core Plus Industrial fund (CPIf) was launched in April 2007. 

The FY 17 Fund predominantly 11.4% targets industrial and logistics sectors in major 

capital FY 18 0.7% city markets of Australia and sources a mix of core and enhanced 

investment grade property assets. 

FY 19 

FY20 0.0% 


FY 21+ 



Coles Group 

23.6% 

0 5 10 15 20 25 

1.5% 

2.4% 

Core Plus Industrial fund 

5.3% 

Woolworths Ltd 

Volkswagen 

Fastline International 

Volvo Commercial 

Smorgon Steel 

Schenker 

STC Logistics 

Toll 

Holdings 

TJM 

Products 

Regus 

2.9% 

2.9% 

2.8% 

2.5% 

8.8% 

5.1% 

4.7% 

4.5% 


Next Fin. 

1.5% 

by Ltd gross income 

Calibre 

Global 

Pty Ltd 

1.3% 

Vacant 2.8% 

Fidelity 

Inv. 1.2% 

FY 11 7.2% 

Bar 

333 

1.2% 

FY 12 2.4% 

9.2% 

14.5% 

55.9% 

0 10 20 30 40 50 60 

FY 13 

FY 14 

FY 15 

FY 17 

FY 19 

FY20 

FY 16 

FY 18 

FY 21+ 

0.0% 

4.7% 

0.3% 

0.4% 

0.7% 

5.3% 

8.8% 

11.4% 

Coles Group 

23.6% 

0 5 10 15 20 25 

55.9% 

Core PlUs InDUstrIal FUnD | 65


Queensland 19% 



Coles Distribution Centre, 

Perth Airport WA 25% 

Woolworths, 

Launceston Tas 15% 

772-776 Boundary Road, 

Richlands Qld 1% 

55-65 Sky Road, 

Melbourne Airport Vic 1% 

7 Viola Place, Brisbane Airport Qld 2% 

200 Holt Road, Pinkenba Qld 2% 

41-57 South Centre Road, Melbourne Airport Vic 2% 

130-138 Link Road, Melbourne Airport Vic 3% 

Core vs. Enhanced assets 


Enhanced 12.8% 


New South Wales 22% 

24 Muir Road, Chullora NSW 13% 

123-135 Kewdale Road, 

Kewdale WA 7% 

372 Eastern Valley Way, 

Chatswood, NSW 6% 

309 Fitzgerald Road, 

Derrimut Vic 5% 

30 Main Beach Road, 

Pinkenba Qld 5% 

140-160 Robinson Road, 

Geebung Qld 5% 

17 Sugarmill Road, 

Meeandah Qld 4% 

56 Anzac Street, Chullora NSW 4% 

Core 87.2%




Victoria 12% 

Tasmania 15% 

Queensland 19% 


Perth Airport WA 25% 

weighted Average lease Expiry 

by years 

Woolworths, 

Launceston Tas 15% 


Richlands Qld 1% 


Melbourne Airport Vic 1% 

7 Viola Place, Brisbane Airport Qld 2% 

200 Holt Road, Pinkenba Qld 2% 

41-57 South Centre Road, Melbourne Airport Vic 2% 

130-138 Link Road, Melbourne Airport Vic 3% 

Enhanced 12.8% 

Western Australia 32% 


24 Muir Road, Chullora NSW 13% 

0 5 10 15 20 25 25 

Woolworths Launceston, Tas 

Coles Distribution Centre, Perth Airport WA 

309 Fitzgerald Road, Derrimut NSW 

30 Main Beach Road, Pinkenba Qld 

Volkswagen Australia, Chullora NSW 

Cnr South Centre Road and Link Road, 

Melbourne Airport Vic 

7 Viola Place, 

Brisbane Airport Vic 

55-65 Sky Road, Melbourne 

Airport Business Park Vic 


Chatswood NSW 

WALE 

5.8 

5.6 

6.2 

8.4 


Kewdale WA 


Geebung Vic 

130-138 Link Road, 

Tullamarine Vic 

56 Anzac Street, 

Chullora NSW 


Meeandah Qld 

1.9 

1.7 

3.3 

4.5 

4.1 

11.9 

13.0 

13.0 

16.9 

17.4 


Kewdale WA 7% 


Chatswood, NSW 6% 

309 Fitzgerald Road, 

Derrimut Vic 5% 


Pinkenba Qld 5% 


Geebung Qld 5% 


Meeandah Qld 4% 

56 Anzac Street, Chullora NSW 4% 

Core 87.2% 



CPIF 

OWNERSHIP 

(%) 

DEC 2010 

vALUATION 

(A$M) 


DEC 2010 


RATE (%) 

DEC 2010 

DISCOUNT 

RATE/IRR (%) 

WALE 

(YEARS) 

WEIGHTED AvG 

RENT REvIEWS 

(%) 

24 Muir Road, 

Chullora nsW 1 100% 57.50 7.75% 9.50% 13.00 3.25% 

24 Muir Road, Chullora 

(Vacant 1.9 hectare site) nsW 

100% 6.50 n/a n/a n/a n/a 

372 Eastern valley way, 

Chatswood nsW 1 100% 29.88 8.25% 9.50% 5.60 3.54% 

56 Anzac Street, 

Chullora nsW 

100% 18.50 8.75% 10.25% 1.90 3.75% 

41-57 South Centre Roads, 

melbourne airport Vic 1 100% 11.60 9.00% 10.00% 8.40 3.50% 

130-138 link Road, 

melbourne airport Vic 


melbourne airport Vic 

309 fitzgerald Road, 

Derrimut Vic 

100% 14.50 9.50% 10.25% 3.30 3.25% 

100% 7.40 9.25% 10.00% 5.80 3.50% 

100% 27.65 8.00% 9.50% 16.90 3.50% 


Pinkenba Qld 1 100% 25.20 8.00% 9.50% 13.00 3.25% 

200 Holt Street, 

Pinkenba Qld 


Geebung Qld 

Toll, 7 viola Place, 

brisbane airport Qld 

100% 9.70 n/a n/a n/a n/a 

100% 24.75 8.75% 10.00% 4.10 3.22% 

100% 8.53 9.37% 9.75% 6.20 3.25% 


meeandah Qld 1 100% 18.65 9.00% 9.75% 1.70 3.50% 


richlands Qld 1 100% 6.00 n/a n/a n/a n/a 


Perth airport Wa 

75% 126.00 7.90% 9.75% 17.40 2.75% 


Kewdale Wa 1 100% 33.00 8.25% 9.75% 4.50 4.00% 

Woolworths 

launceston tas 1 100% 77.50 8.50% 9.75% 25.00 2.80% 


AvERAgE 

note: 

1. 

Directors valuation as at 31 December 2010. all other valuations are independant as at 31 December, 2010. 

502.8 8.28% 9.73% 11.9 3.13%

volkswagen Australia 

24 muir road, Chullora nsW 1 

The Volkswagen Australia head office and distribution facility is to 

be constructed on 5.1 hectares strategically located in the land 

constrained inner west market. Chullora is situated approximately 18 

kilometres west of the sydney GPo and close to sydney airport and 

the Port. 

the state of the art facility comprises warehouse accommodation 

featuring a minimum clearance height of approximately ten metres 

and ten recessed docks. the 5.01 hectare Volkswagen site forms 

part of a larger parent allotment of 6.979 hectares. 

sUmmary 

year built (or refurbished) Under Construction 


total Gla (sqm) 26,180 

Car spaces 

ValUatIon 

n/a 

Valuation* $64.0 million 

Valuer Cbre 

Value ($/sqm) $2,070 





31 December 2010 



maJor tenant (Gla) sQm 

Volkswagen Group 26,180 

note: 

1. 

Includes the 1.9 hectares of surplus land valued independently at $340 per sqm. 

Chatswood Business Park 

372 eastern Valley Way, Chatswood nsW 

The Chatswood Business Park is located on a high profile site at the 

corner of eastern Valley Way and smith street, two kilometres north 

east of the Chatswood regional Centre and 10 kilometres north of 

the sydney CbD. 

the property comprises a modern, ten unit industrial complex that 

was completed in 1986. the units are constructed over two main 

levels and have a Gla of 12,667sqm. the top level of the estate is 

occupied by traditional industrial uses, whilst the ground level of the 

estate comprises more commercial and bulky goods uses. 

sUmmary 




Car spaces 

ValUatIon 

190 


Valuer Directors 

Value ($/sqm) $2,352 





30 June 2010 



maJor tenants (Gla) sQm 

the Good Guys 2,566 

Channel nine 1,921 

Petbarn 1,525 



56 Anzac Street 

Chullora nsW 

The property comprises two substantial industrial warehouse/office 

facilities, with attached awning and hardstand areas situated on a 

site of 6.476 hectares. building one comprises a modern showroom/ 

office area fronting the Hume Highway and warehouse area to the 

rear. It is occupied by Volvo truck australia. 

Building two is a large freestanding office/warehouse of some 

20,017sqm. Internal clearance ranges from approximately 13 metres 

to 19 metres and access is provided via a series of 15 roller shutter 

doors with a large covered awning. 

sUmmary 




Car spaces 

ValUatIon 

n/a 



Value ($/sqm) $685 









Vacant 21,203 

Volvo trucks 6,995 


41-57 South Centre Road 

melbourne airport business Park, tullamarine Vic 

Ideally located within the melbourne airport precinct, the site is in 

close proximity to all airport freight and logistics facilities as well as 

excellent immediate access to major freeway systems. this new 

facility was completed and occupied in may 2009, and features Gla 

of 13,716sqm incorporating a high clearance (ten metre) sprinklered 

warehouse with roller shutter doors and recessed loading docks, and 

external 15 metre awning and efficient B-double access. 

sUmmary 




Car spaces 

ValUatIon 

244 








30 June 2010 




Db schenker 13,716

130-138 link Road 


the property comprises an industrial facility, within the melbourne 

Airport Business Park, which is located to the southern confines of 

tullamarine airport. the facility comprises two stages, the Caterpillar 

Logistics tenancy, two level office attached to a sprinklered, high 

bay (ten metre springing height) warehouse totalling 10,678sqm and 

providing both on-grade and recessed dock loading. 

The balance of this building comprises a further two level office 

attached to a sprinklered, high bay warehouse totalling 10,479sqm 

and providing both on-grade and recessed dock loading. 

sUmmary 




Car spaces 

ValUatIon 

n/a 












Caterpillar 10,678 

Primus australia 10,479 

55-65 Sky Road 


the property comprises an industrial facility, within the 

melbourne airport business Park, which is located to the 

southern confines of tullamarine airport. 

the Kathmandu facility comprises a two level office attached 

to a sprinklered, high bay (ten metre springing height) 

warehouse totalling approximately 10,040sqm, both on-grade 

and recessed dock loading provides for b-double access. It 

occupies a leasehold corner site of 18,397sqm. 

sUmmary 




Car spaces 

ValUatIon 

n/a 












Kathmandu 10,040 



309 fitzgerald Road 

Derrimut Vic 

situated on a 48,253sqm site is a new distribution facility, which was 

constructed over three stages, commencing in 1998 and completed 

in 2004. the facility comprises a total core Gla of 27,432sqm, made 

up of a 2,303sqm office and a 25,129sqm warehouse. 

the property is an excellent modern logistics facility, enjoying a 

convenient location, only 800 metres from the Western ring road on 

and off ramps. The site coverage provides efficient B-double access 

and the flexibility to be subdivided into smaller tenancies. 

sUmmary 




Car spaces 

ValUatIon 

n/a 



Value ($/sqm) $1,008 









Fastline International 27,432 


30 Main Beach Road 

Pinkenba Qld 

the new smorgon Distribution Centre is a state of the art logistics 

facility located on a large land holding of 4.22 hectares strategically 

situated within the trade Coast Precinct, close to brisbane airport, the 

Port of brisbane and the brisbane CbD on the north side of the river. 

the facility has a Gla of 11,331sqm incorporating a high clearance 

(9.7 metres) warehouse, with multiple access points, together with 

two level offices and amenities, b-double access, an expansive 

marshalling area and on-grade dock access. 

sUmmary 




Car spaces 

ValUatIon 

n/a 



Value ($/sqm) $2,223 





30 June 2010 




smorgon steel 11,298

200 Holt Street 

Pinkenba Qld 

the property comprises a 31,880sqm site, and it is proposed to 

construct new industrial buildings, providing a total Gla of circa 

17,500sqm. the eagle Farm/Pinkenba industrial precinct is one of 

the most tightly held industrial precincts in brisbane and is sought 

after by industrial/commercial users, given its unparalleled access to 

the Gateway arterial network, airport, Port and the brisbane CbD. 

the property represents one of the last remaining large scale 

freehold industrial development sites in the precinct and provides 

for drive around access from dual entry/exit ports. 

sUmmary 

year built (or refurbished) Development site 


site area (ha) 3.18 

Car spaces 

ValUatIon 

n/a 




last external valuation date 31 December 2010 

140-160 Robinson Road 

Geebung Qld 

140–160 robinson road comprises two industrial sites located 

within the core industrial precinct of Geebung, which is located within 

close proximity to brisbane airport and the Gateway motorway. 

the properties have prominent frontage on robinson road, which 

is currently undergoing considerable gentrification toward a higher 

office/showroom style product. The acquisition of both the Robinson 

road properties created a business park. the metrics for both 

properties are assessed as one single holding. 

sUmmary 

year built (or refurbished) 2002-2006 



Car spaces 

ValUatIon 

n/a 



Value ($/sqm) $1,434 









tJm (subsidiary of Usa listed 

Group CmI ltd) 

9,310 

Protector alsafe (100% subsidiary 

of Wesfarmers) 

4,396 

Wild republic (K&m toys) 1,977 



Toll, 7 viola Place 

brisbane airport Qld 

the property comprises a 14,920sqm leasehold site, improved with 

a newly completed industrial building, providing a 1,668sqm two level 

office and 4,881sqm warehouse, with a minimal internal clearance 

height of eight metres and an additional 1,370sqm of awnings and 

b-double access. off-street parking is provided for 105 cars. 

the property is located within the newly developed brisbane airport 

business Park and sits alongside Dhl, repco and Custom Fleet, 

providing further support for the location as a logistics hub. 

sUmmary 




Car spaces 

ValUatIon 

105 



Value ($/sqm) $1,302 









toll transport 6,549 


Citiport Industrial Estate 

17 sugarmill road, meeandah Qld 

the Citiport Industrial estate is located approximately nine kilometres 

north east of the brisbane CbD in the heart of the australia trade 

Precinct. the business Park is accessed directly from sugarmill road 

and provides for good access and manoeuvrability. 

The property comprises seven modern office and warehouse units 

erected in three buildings, together with a small central café tenancy 

and 135 car spaces and is 100% occupied. the estate has a Gla of 

14,257sqm. 

sUmmary 




Car spaces 

ValUatIon 

n/a 



Value ($/sqm) $1,308 





30 June 2010 




airport loaders & Packers 4,391 

CV services 2,943 

brisbane City Council 985

772-776 Boundary Road 

richlands Qld 

the property comprises a 23,050sqm development site and it 

is proposed to construct a new industrial building, providing circa 

500sqm of office and a 12,312sqm distribution style warehouse to 

meet the needs of the current strong demand by corporate industrial 

users in this location. the richlands industrial precinct is one of 

brisbane’s traditional and most sought after south western industrial 

precincts which is benefiting from Queensland’s population growth. 

sUmmary 

year built (or refurbished) Development site 


site area (ha) 2.31 

Car spaces 

ValUatIon 

n/a 




last external valuation date 31 December 2010 

Coles Distribution Centre 

136 horrie miller Drive, Perth Wa 

the Coles Distribution Centre is a state of the art logistics facility 

located on a 25 hectares site strategically situated within Perth airport, 

ten kilometres east of the Perth CbD. the centre is located on horrie 

miller Drive, midway from its intersection with tonkin highway and 

Perth International terminal. Perth airport is one of the major logistics 

hubs in Western australia, with tenants including Woolworths, toll, 

electrolux and linfox recently committing to large facilities along 

horrie miller Drive. 

sUmmary 


ownership 75% 

total Gla (sqm) 90,545 (incl awning) 

Car spaces 

ValUatIon 

n/a 



Value ($/sqm) $1,922 





30 June 2010 




Coles Group ltd 81,647 


123-135 Kewdale Road 

Kewdale Wa 

the property is located approximately eight kilometres south of the 

Perth CbD, one kilometre south of Perth airport and adjoins the 

Kewdale Freight terminal. It is a proven transport and distribution 

location, and is in close proximity to the leach, tonkin and roe 

highways. 

the 4.5hectares site contains a former Woolworths distribution 

centre, comprising approximately 2,013sqm of office and 27,942sqm 

of warehouse space. the facility provides complete drive around and 

double access, in addition to both on-grade and dock access. 

sUmmary 




Car spaces 

ValUatIon 

n/a 



Value ($/sqm) $1,101 





30 June 2010 




sCt logistics 14,362 

myer 12,606 

Woolworths 2,071 


woolworths Distribution Centre 

4-20 translink avenue, launceston tas 

the Woolworths Distribution Centre will be a start of the art 

logistics facility located on a 19.80hectares site which adjoins the 

northern end of the launceston airport and is approximately 15 

radial kilometres from launceston’s Central business District. the 

building will be highly energy efficient using the latest environmental 

controls and sustainability initiatives and also provides for significant 

expansion with development approval for the construction of 

another 25,000sqm of warehouse accommodation. 

sUmmary 




Car spaces 

ValUatIon 

n/a 

Valuation (on completion) $77.5 million 


Value ($/sqm) $1,712 





30 september 2010 




Woolworths ltd 46,000

Coles Distribution Centre, Perth WA 


Home HQ North Shore, Artarmon NSW 


Charter Hall Opportunity Fund No.4 

Charter Hall’s Opportunity Fund No.4 (CHOF4) was launched in 2005. The 

Fund’s mandate is to identify, acquire and deliver property development and 

value-add opportunities across various sectors within the Manager’s existing 

skill base, including commercial, industrial, retail, household retail and infill 

residential sectors. 


CHOf4 Equity Allocation 


Aquilo, Oak Avenue, Mentone 3.4% 

Gepps Cross Centre, Adelaide 9.4% 

Home HQ North Shore, 

Artarmon 29.6% 

Home Hq North Shore 

artarmon nsW 

Alluvion, 58 Mounts Bay Road, 

Perth 12.6% 

Commercial development 

Household retail development 

Residential developments 

Industrial/ showroom development 

located in artarmon, home hQ north shore is a household retail 

Centre comprising of approximately 22,200sqm of retail space with 

customer parking for 503 cars. the Centre opened on 17 march 

2010 and has achieved the first 4 star Green Star Rating for a 

household retail development in australia. 

Gepps X Trade Centre, Adelaide 1.0% 

275 George Street, Brisbane 24.2% 

Northbank Plaza, 69 Ann Street, 

Brisbane 16.8% 

420 George Street, Brisbane 3.0% 

sUmmary 




Car spaces 

ValUatIon 

503 

Capitalisation rate 7.25% 1 


Wale (by area) 7.66 years 

occupancy 98% 

maJor tenants Gla (sQm) 

Jb hiFi 1,289 


Freedom 3,171 

1. estimated capitalisation rate at date of proposed sale July 2012 

Charter hall oPPortUnIty FUnD no.4 | 79

40 Creek Street, Brisbane Qld 

80 | Charter hall ProPerty PortFolIo 2010


Charter Hall’s Opportunity Fund No.5 (CHOF5) was launched in early 2007. 

The Fund’s mandate is to identify, acquire and deliver property development 

and value-add opportunities across various sectors within the Manager’s 

existing skill base, including commercial, industrial, retail, household 

retail and infill residential sectors located primarily in capital cities and 

metropolitan markets across Australia and New Zealand. 


CHOf5 Equity Allocation 

Unallocated equity 6.2% 

Home HQ Hastings, Hastings NZ 6.3% 

Workzone, 186-202 Pier Street, 

Perth WA 13.8% 

40 Creek Street, Brisbane Qld 25.8% 

Commercial developments 

Household retail development 

Residential developments 

Fund costs and Trustee undertakings 

Unallocated equity 

Fund costs and Trustee undertakings 2.1% 

1408 Anzac Parade, 

Little Bay NSW 25% 

Lacrosse Apartments, Stage 1, 

Melbourne Docklands Vic 14.7% 

Aquilo Residential, Mentone Vic 6.1% 


Little Bay 

1408 anzac Parade, little bay nsW 

14 kilometres from the sydney CbD this unique property is located 

at the southern end of sydney’s eastern suburbs peninsula. the site 

has an area of approximately 11.42 hectares. the site has approval 

for 570 dwellings and will be developed on a staged basis. 

The site features sweeping views of the Pacific Ocean, Botany Bay 

and prestigious golf courses. 

sUmmary 

status Under construction 

ownership 50% 

JV partner ta Global 

no. of dwellings >500 

lacrosse Apartments - Stage 1 

melbourne Docklands Vic 

the lacrosse apartments are located in latrobe street, melbourne 

Docklands, adjoining Docklands (etihad) stadium. the stage 1 

project comprises 312 residential apartments in an 18 level high rise 

tower, and 1,291sqm of concourse level retail space. 

sUmmary 

status Under construction and >90% pre-sold 


no. of dwellings 312 


Aquilo 

34-94 oak avenue mentone Vic 

aquilo is situated in an established residential area, located 

approximately 18 kilometres south east of the melbourne CbD. the 

3.33 hectare site is currently being developed and will accomadate 

119 townhouses. The property benefits from excellent proximity to 

public transport and shopping facilities. 

sUmmary 

status Under construction and >90% pre-sold 


no. of dwellings 119


40 Creek Street 

brisbane Qld 

40 Creek Street is situated in the heart of the financial precinct, 

known as the ‘Golden triangle’. the building comprises 17 levels 

of office space, ground floor retail space and parking over two 

basement levels. 

40 Creek street underwent a major refurbishment program in June 

2009, has been repositioned with a-grade services and is targeting a 

4 star nabers energy rating. 

sUmmary 

status refurbished in 2009 




Car spaces 70 

Home HQ Hastings 

701 Caroline road, hastings nZ 

home hQ hastings is situated at nelson Park, hastings new Zealand 

and will be developed into a large format retail centre with mitre 10 mega, 

and the Warehouse Group secured as major pre committments. 

sUmmary 

status Under construction 



Car spaces 775 

wORKZONE 

202 Pier street, Perth Wa 

the WorKZone campus is located on the Perth CbD fringe, and on 

completion will comprise two buildings providing a total net lettable 

area of approximately 27,270sqm. 

This A-grade development will feature large efficient floor plates, floor 

to ceiling façades and, an abundance of natural light. WorKZone is 

in close proximity to transport and amenities. 

sUmmary 

status Pre-leasing 



Typical floor plate (sqm) 

building a: 2,440 

building b: 1,950 

Car spaces 227 


Unlisted retail Funds 

165 Walker Street, North Sydney NSW 


UnlIsteD retaIl FUnDs | 85

154 Pacific Highway, St Leonards NSW 


FY 12 

Charter FY 13 Hall Direct Property 14.9% fund 

FY 14 


1 2 3 4 5 6% 

1.5% 

2% 

3% 

3% 

4% 

4% 

4% 

4% 

Next Fin. 

Ltd 

1.5% 0by gross income 

Calibre 

5 10 15 20 

Global 

Pty Ltd 

Vacant 

1.3% 

6% 

Fidelity 

Inv. 1.2% 

1.2% 

8.5% 

14.1% 

FY 15 

17.5% 

Charter Hall Direct Property fund (CHDPf) is an unlisted open-ended 

property FY 16 fund that 8.8% aims to provide regular, tax effective income payable 

quarterly primarily from a diversified portfolio of direct property, unlisted 

FY 17 

26.2% 

wholesale funds and listed A-REITs. 



Orica 

Barristers’ Chambers 

Wilson Parking 

Davies Collison Cave 

NSW Department of Education 

Meat & Livestock Australia 

SMEC Aus Pty Ltd 

Ramsay Healthcare Ltd 

Commonwealth 

of Australia - AGS 

Adecco 

Regus 


FY 11 

Bar 

333 

FY 12 

FY 13 

FY 14 

FY 15 

FY 16 

FY 17 

FY 18 

FY 19 

FY 20 

Orica 

1% 

2% 

3% 

3% 

7% 

1 2 3 4 5 6% 

8% 

9% 

6% 

14% 

15% 

17% 

18% 

Charter hall DIreCt ProPerty FUnD | 87

Charter Hall Direct Property fund 

Sector diversification 



Unlisted Funds 3% 

Cash & Other 3% 

Listed REITs 4% 

300 Adelaide Street, Brisbane 12% 

2 Wentworth Street, Parramatta 8% 

504 Pacific Hwy, St Leonards 7% 

165 Walker Street, North Sydney 6% 

154 Pacific Hwy, St Leonards 6% 

71 Queens Road, Melbourne 4% 


Office 90% 

1 Nicholson Street, Melbourne 14% 

68 Pitt Street, Sydney 21% 

200 Queen Street, Melbourne 22% 

Queensland 12% New South Wales 47%



Queensland 12% New South Wales 47% 

Victoria 41% 

weighted Average lease Expiry 

by years 

1 Nicholson Street, Melbourne Vic 

7.1 

0 1 2 3 4 5 6 7 8 

200 Queen Street, Melbourne Vic 

68 Pitt Street, Sydney NSW 

300 Adelaide Street, Brisbane Qld 

154 Pacific Hwy, St Leonards NSW 

2 Wentworth Street, 

Parramatta NSW 

165 Walker Street, 

North Sydney NSW 

504 Pacific Hwy, 

St Leonards NSW 

71 Queens Road, 

Melbourne Vic 

WALE 

2.6 

2.5 

2.8 

3.0 

3.3 

3.6 

4.5 4.7 

5.4 

6.2 



68 Pitt Street, 

sydney nsW 

154 Pacific Highway, 

st leonards nsW 

165 Walker Street 


504 Pacific Highway 


2 wentworth Street, 

Parramatta nsW 

71 Queens Road, 

melbourne Vic 


melbourne Vic 

1 Nicholson Street, 

melbourne Vic 

300 Adelaide Street, 

brisbane Qld 


AvERAgE 

CHDPF 

OWNERSHIP 

(%) 

DEC 2010 

vALUATION 

(A$M) 


DEC 2010 


RATE (%) 

DEC 2010 

DISCOUNT 

RATE/IRR (%) 

WALE 

(YEARS) 

WEIGHTED AvG 

RENT REvIEWS 

(%) 

100% 94.20 7.50% 9.00% 5.40 3.1% 

100% 24.60 9.50% 9.75% 3.30 2.4% 

100% 24.80 9.00% 9.50% 2.80 4.3% 

100% 32.50 9.75% 9.50% 2.60 2.9% 

100% 34.30 9.30% 9.25% 3.00 3.5% 

100% 22.60 9.50% 9.50% 2.50 3.6% 

100% 95.60 8.00% 9.75% 6.20 1.9% 

100% 60.60 8.25% 9.75% 7.10 3.5% 

100% 51.80 10.00% 9.25% 3.60 3.7% 

441.00 8.61% 9.47% 4.70 3.21%

200 Queen Street, Melbourne Vic 



68 Pitt Street 

sydney nsW 

situated in the centre of the sydney CbD on the corner of Pitt and 

hunter streets, the 26 level commercial building is in immediate 

proximity to Australia Square and Wynyard Station and benefits 

from four sides of natural light. the property was repositioned via 

refurbishment in December 2008. 

sUmmary 

year built (or refurbished) 1965 (refurbished in 2008) 

Grade a 




Car spaces 

ValUatIon 

52 



Value ($/sqm) $6,592 









troy law services 1,252 




The B-grade commercial office building comprising ground plus nine 

upper levels and basement parking. the property enjoys a prominent 

position on the corner of Greenwich road, with pleasant views to the 

city and inner harbour from upper levels. The ground floor foyer has 

been refurbished and a full upgrade of the lift cars was completed in 

the second quarter of 2008. 

sUmmary 


Grade b 




Car spaces 

ValUatIon 

181 



Value ($/sqm) $3,928 









ramsay healthcare ltd 2,622 

teletech International Pty ltd 1,969

165 Walker Street 


the building comprises ground level entrance foyer and retail 

accommodation, lower ground office accommodation and six upper 

levels of office accommodation. 

sUmmary 

year built (or refurbished) 1963 (refurbished in 1988 and 2001) 

Grade b 




Car spaces 

ValUatIon 

44 



Value ($/sqm) $4,698 









meat and livestock australia ltd 3,171 

note: occupancy includes heads of agreement 



a 14 level commercial building located on the south western 

alignment of the Pacific Highway with a rear south eastern frontage 

to nicholson street and located within the heart of the st leonards 

commercial precinct. 

sUmmary 


Grade b 




Car spaces 

ValUatIon 

115 



Value ($/sqm) $2,941 









InterContinental hotels 1,775 



2 Wentworth Street 

Parramatta nsW 

the a-grade commercial property comprises nine upper levels of 

office and three levels of parking. Located on the corner of Wentworth 

street and Parkes street in the south eastern commercial precinct of 

Parramatta. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

118 



Value ($/sqm) $3,189 









nsW state Government 7,017 


71 Queens Road 

melbourne Vic 

A fully refurbished office building located in Queens Road in close 

proximity to st Kilda road. the building enjoys uninterrupted views 

over albert Park. 

sUmmary 

year built (or refurbished) 1970 (various refurbishments) 

Grade b 




Car spaces 

ValUatIon 

115 


Valuer Cbre 

Value ($/sqm) $2,677 









smeC australia 3,839 

sm Urban 1,678

200 queen Street 

melbourne Vic 

The A-grade commercial office building comprises nine levels of 

parking, ground level retail premises and office foyer and 25 levels of 

office accomodation. The building is well located close to the legal 

and financial precincts of Melbourne’s CBD, reflected in the calibre 

of tenants, mainly legal service providers. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

413 


Valuer Cbre 

Value ($/sqm) $4,844 









barristers Chambers ltd 6,127 

australian Government solicitors 3,270 

1 Nicholson Street 

melbourne Vic 

Melbourne’s first glass curtain wall facade ‘sky-scraper’, designed 

by bates smart and constructed in 1958. the building comprises 18 

levels of office, ground floor retail cafe and basement parking. The 

building enjoys fantastic views over Parliament Gardens and state 

Parliament house and is located close to public transport hubs, both 

tram and train. 

sUmmary 


Grade b 




Car spaces 

ValUatIon 

54 



Value ($/sqm) $3,572 









orica 7,374 

bates smart 1,838 



300 Adelaide Street 

brisbane Qld 

The B-grade commercial office building comprising of 19 upper 

levels of office accommodation, ground floor retail premises, foyer 

and two levels of basement parking. the building underwent a major 

refurbishment in 2000 and is well located within close proximity to 

the brisbane river, Central station and the Queen street mall. 

sUmmary 


Grade b 




Car spaces 

ValUatIon 

36 



Value ($/sqm) $3,944 









transaction network services 1,302 


300 Adelaide Street, Brisbane Qld 



Charter Hall Direct Industrial fund 

Established in July 2010, the Charter Hall Direct Industrial fund (DIf) is an 

unlisted property fund which seeks to invest directly in a diversified selection 

of Australian industrial assets. The Fund aims to provide investors with 

sustainable and stable, tax-advantaged income quarterly. 

Investment Strategy 

DIF’s strategy involves progressively acquiring a diversified portfolio 

of quality industrial properties in accordance with clear investment 

criteria. the investment criteria to be met before an acquisition is 

approved includes prime property grade, superior location close 

to transport links, high quality tenants, 100% occupancy and a 

minimum 10 year weighted average lease expiry (Wale). 

Investment opportunities will be sought through Charter hall’s real 

estate investment pipeline together with external sources. DIF’s 

experienced asset management team will actively manage the 

Fund’s assets to maximise capital and income growth prospects. 

over the course of the Fund’s life, properties will be reviewed to 

ensure consistency with the investment objectives, and where 

appropriate, properties may be sold to maximise returns with capital 

being repatriated to investors. 

DIF is suitable for retail, smsF and IDPs investors and is available on 

the macquarie Wrap and bt Wrap platforms and amP Personalised 

Portfolio service. 


DIreCt InDUstrIal FUnD 

asset total 

tenants 

australia Post 

Distribution Centre 

toll Fleet & auto 

logistics Centre 

Grace Worldwide 

logistics Facility 

Top 3 tenants 


Top 3 tenants 

Toll Holdings 

Grace Worldwide 

Australia Post 

Fantastic 

Furniture 

occupancy 

% 

wale 

(years) 

Value 

a$M 

1 100 15 15.5 

1 100 15 24.4 

1 100 12 29.6 

10 20 30 34.8% 

22.6% 

42.6% 

Australia Post Distribution Centre 

Kingsgrove nsW 

the proposed australia Post Distribution Centre will comprise an 

office and warehouse facility of 6,750sqm that is situated on a site 

of 13,803sqm. Construction is underway and practical completion is 

expected in June 2011. the property is located within the Kingsgrove 

industrial precinct, some 20 kilometres south-west of the sydney 

CbD and features convenient access to the m5 motorway, sydney 

airport and Port botany. 

sUmmary 


Grade n/a 



Typical floor plate (sqm) n/a 

Car spaces 

ValUatIon 

166 

Valuation (upon completion) $15.5 million 


Value ($/sqm) $2,296 







occupancy (upon comlpetion) 100% 

maJor tenant Gla (sQm) 

australia Post 6,750 

Charter hall DIreCt InDUstrIal FUnD | 99

Charter Hall Direct Industrial fund 

Toll fleet & Auto logistics Centre 

altona north Vic 

the property comprises of a new logistics facility of 6,318sqm that 

is situated on a site of 49,515sqm. acquired in 2010, the property 

is located at altona north some 14 kilometres west of melbourne’s 

CbD with direct access to the West Gate Freeway, the Port of 

melbourne and melbourne airport. the sole tenant is a subsidiary 

of toll holdings, an asX listed company with a market capitalisation 

of $4.6 billion. 

sUmmary 

year built (or refurbished) november 2010 

Grade n/a 




Car spaces 

ValUatIon 

196 



Value ($/sqm) $3,8621 Capitalisation rate 8.00% 




30 June 2010 




toll holdings 6,318 

1. Reflects low site cover ratio of 13% 

100 | CHARTER HAll ProPerty PortFolIo DeCember 2010 

grace worldwide logistics facility 

Willawong Qld 

the proposed Grace Worldwide logistics Facility is located at 

Willawong 17 kilometres south of brisbane’s CbD with easy 

access and egress to the logan motorway, Ipswich motorway and 

the brisbane CbD. on completion the facility will have a Gla of 

21,880sqm that is situated on a site of 38,929sqm. the sole tenant, 

Grace Worldwide, is the largest records management, removals and 

storage company in australia. Construction has commenced and 

practical completion is expected in July 2011. 

sUmmary 


Grade n/a 




Car spaces 

ValUatIon 

98 

Valuation (upon completion) $29.6 million 


Value ($/sqm) $1,353 







occupancy (upon completion) 100% 


Grace Worldwide 21,880

Toll Fleet & Auto Logistics Centre, Altona North Vic 

Charter hall DIreCt InDUstrIal FUnD | 101

Home HQ Ipswich, Ipswich Qld 


Charter Hall Direct Retail fund 

Charter Hall’s Direct Retail fund (DRf) was launched in December 2010. The 

Fund invests directly in quality retail properties with an initial property portfolio 

of six retail shopping centres located in established markets in New South 

Wales, victoria, Queensland and New Zealand. DRF will seek to supplement 

the initial portfolio by progressively acquiring and managing a diversified 

portfolio of quality sub-regional, neighbourhood and household retail shopping 

centres, with a focus on established and growing retail markets in Australia. 





5 10 15 20 21.8% 

Woolworths Supermarkets, Big W, Dan Murphy’s, Dick Smith 

Coles Supermarkets, 

Bunnings Warehouse 

John Wiley 

& Sons 

Fantastic 

Furniture 

Regus 

1.5% 

4.0% 

5.6% 

Bev Marks Beds 2.6% 

Next Fin. by Ltd gross 1.5% income 

Calibre 

Global Vacant 1.3% 1.6% 

Pty Ltd 

FY Fidelity 11 

Inv. 

FY 

Bar 

12 

333 

Trade Secrets 2.6% 

Goodlife Gyms 2.5% 

Nick Scali Furniture 2.3% 

1.7% 1.2% 

Spotlight 3.1% 

1.2% 

10.5% 

Franklins Supermarkets 2.9% 


0 5 10 15 20 25 30 

FY 13 

FY 14 

FY 15 

FY 16 

FY 17 

FY 18 

FY 19 

FY20+ 

2.4% 

4.3% 

4.3% 

7.7% 

7.0% 

8.2% 

15.5% 

20.9% 

26.4% 

Charter hall DIreCt retaIl FUnD | 103


Rent review split 

over next 12 months 

Rent review split 

Tenant contribution 

by passing income 

Tenant contribution 

Vacant 

1.5% 

CPI 

25% 

Banks 

2.6% 

(includes: NAB, CBA, Bendigo Bank 

and Bank of Queensland) 

John Wiley & Sons 

6.0% 


Market 

3% 

Fixed 

72% 

National retailers 

41.9% 

(includes: Franklins, IGA, KFC, Bakers Delight, 

The Reject Shop, JB HiFi, Millers, Sony, 

The Good Guys, Spotlight ) 

Woolworths Group 

21.1% 

(includes: Woolworths, Big W, 

Dan Murphy, Dick Smith Electronics) 

Other Specialties 

15.1% 

Wesfarmers 

11.8% 

(includes: Coles and Bunnings )

Property Specialty Portfolio 

34.0% 

Sector diversification 


Lake Macquarie, 

newcastle nsW 

Menai Central, 

sydney nsW 

Home HQ Nunawading, 

melbourne Vic 

Sub regional 20.0% 

Neighbourhood 30.0% 

Bunnings Warehouse Stafford, 

brisbane Qld 

Home HQ Ipswich, 

Ipswich Qld 

Countdown Auckland City, 

auckland nZ 


AvERAgE 

DRF 

OWNERSHIP 

(%) 

DEC 2010 

vALUATION 

(A$M) 

DEC 2010 


RATE (%) 

DEC 2010 

DISCOUNT 

RATE/IRR (%) 

Household retail 50.0% 

WALE 

(YEARS) 

WEIGHTED 

ANNUAL RENT 

REvIEWS (%) 

50% 35.2 8.36% 9.57% 7.70 4.52% 

100% 36.9 8.50% 9.50% 6.30 3.38% 

50% 31.1 8.50% 10.00% 5.60 3.53% 

100% 30.2 7.73% 9.29% 8.50 3.26% 

100% 27.1 8.25% 9.50% 6.70 3.98% 

100% 18.2 8.25% 10.00% 8.50 2.00% 

178.7 8.28% 9.62% 7.20 3.68% 


Countdown Auckland City, Auckland New Zealand 



Lake Macquarie Fair 

newcastle nsW 

lake macquarie is a sub-regional shopping centre which dominates 

its primary catchment area of mount hutton and surrounding 

suburbs with on-site parking. mount hutton is an established 

suburb of newcastle located approximately 15 kilometres southwest 

of the city’s CbD. the property comprises lake macquarie 

Fair and mount hutton shopping Centre. 

sUmmary 


Classification sub - regional 

ownership 50% 


Car spaces 

ValUatIon 

> 1,100 



Value ($/sqm) $3,444 









big W 6,336 

Woolworths supermarket 4,088 

Coles supermarket 3,066 

Menai Central 

sydney nsW 

menai Central is a modern neighbourhood shopping centre 

comprising six separate buildings. menai is an established 

residential neighbourhood located within the sutherland shire 

local Government area, approximately 28 kilometres south of the 

sydney CbD. 

sUmmary 


Classification neighbourhood 



Car spaces 

ValUatIon 

275 



Value ($/sqm) $3,418 





30 June 2010 




Dan murphy’s 1,835 

Goodlife Gym 1,835 

Franklin supermarkets 1,619 



Home HQ Nunawading 

melbourne Vic 

home hQ nunawading is a modern two-level household retail 

centre located on Whitehorse road in nunawading, approximately 

25 kilometres east of the melbourne CbD. 

sUmmary 


Classification household retail 

ownership 50% 


Car spaces 

ValUatIon 

417 


Valuer m3 property 

Value ($/sqm) $2,721 





30 June 2010 




bev marks beds 3,429 


nick scali Furniture 2,743 


Bunnings warehouse Stafford 

brisbane Qld 

this property is located on stafford road within the stafford 

household retail area, approximately nine kilometres from the 

brisbane CbD. the property comprises a bunnings Warehouse 

with on-site parking, plus an adjoining site with two warehouse 

facilities leased to John Wiley & sons, a new york exchange listed 

publishing company. 

sUmmary 





Car spaces 

ValUatIon 

519 



Value ($/sqm) $1,362 





30 June 2010 




bunnings Warehouse 12,861 

John Wiley & sons 9,313

Home HQ Ipswich 

Ipswich Qld 

home hQ Ipswich is a newly-built household retail centre that was 

completed in 2009. the property is located close by to the Ipswich 

CbD and approximately 30 kilometres south-west of the brisbane 

CbD on a major transport corridor within a growing residential 

catchment area. 

sUmmary 





Car spaces 

ValUatIon 

257 



Value ($/sqm) $2,100 





30 June 2010 




Fantastic Furniture 3,772 

spotlight 3,511 

Countdown Auckland City 

auckland nZ 

Countdown auckland City is a freestanding supermarket located 

on the north-eastern frontage of the auckland CbD and is in close 

proximity to commercial office buildings, retail services and soonto-be-completed 

residential developments. 

sUmmary 


Classification neighbourhood 



Car spaces 

ValUatIon 

190 



Value ($/sqm) $4,142 





30 november 2010 




Countdown supermarket (Woolworths) 4,394 


130 Stirling Street, Perth WA 


130 Stirling Street Trust (CHIf7) 

130 Stirling Street Trust (CHIf7) is Charter Hall’s seventh closed-end 

syndicate, an unlisted property trust providing the opportunity to invest in a high 

quality A-grade office building in the growth corridor of the Perth CBD fringe. 

130 Stirling Street 

Perth Wa 

130 Stirling Street comprises four office levels plus commercial, retail 

tenancies with four levels of car parking. the property is located on 

the northern fringe of the Perth CbD in a developing area of Perth 

and has views to the city centre. 

sUmmary 


Grade a 



Typical floor plate (sqm) 2,700 to 3,075 

Car spaces 

ValUatIon 

242 












Commonwealth Government (medicare) 5,306 

Wa Police and nurses Credit society 4,150 

hlb mann Judd 1,079 


Top 6 tenants 


Commonwealth Government (Medicare) 

Police & Nurses Credit Society 

Core Plus Office Fund 

HLB Mann 

Judd 

Wilson 

Parking 

Croissant 

Express 

CY11 0% 

CY12 0% 

CY13 0% 

CY16 

CY17 0% 

1% 

9% 

4% 

14% 



Vacant 0% 

CY14 19% 

CY15 0% 

CY19 

0% 

CY18 0% 

CY20 9% 

31% 

72% 

41% 

Charter hall InVestment FUnD 7 | 111

181 St Georges Terrace, Perth WA 


0 5 10 15 20 25 

Vacant 

5% 

Charter Hall Diversified Property fund 

Charter FY 13 Hall Diversified Property 13% fund (DPf), launched in November 2005, 

as an unlisted open-ended fund investing in quality assets across office, 

FY 14 

6% 

retail and industrial sectors throughout Australia, with properties generally 

FY 15 

5% 

valued in the range of $5 million to $30 million. 

FY 16 

11% 

The Fund’s investment objective is to provide stable distribution returns for 

FY 17 

20% 

investors with capital growth over the long term across a well diversified 

FY 18 

3% portfolio of assets. 

Fund FY 18 Statistics 

FY 20+ 

Top 5 tenants 


Allion Legal 

FY 18 

Icon 

Engineering 

FY 28 



Vacant 

FY 11 

FY 12 

Regus 

FY 13 

Next Fin. 

Ltd 

FY Calibre 14 

Global 

Pty Ltd 

FY 15 

Fidelity 

Inv. 

FY 16 

Bar 

333 

FY 17 

FY 18 

Calibre 

Global 

Pty Ltd 

Fidelity 

Inv. 

Bar 

333 

FY 11 0.1% 

FY 12 

FY 18 

Coles Group Ltd 

Central Queensland 

University 

DOF Subsea 

1.3% 

1.2% 

1.2% 

3.7% 

3.7% 

1.2% 

FY 19 0.0% 

4.8% 

6.6% 

6.3% 

10 15 20 25 

8.7% 

10.7% 

12.6% 

18.0% 

FY 20 24.9% 

FY 20+ 

5 10 15 20 25 25.6% 

1.5% 

1.5% 

1.3% 

1.2% 

4.8% 

4.7% 

8.7% 

7% 

9% 

19.2% 

Victoria 9% 

22% 




Western Australia 55% 

Charter hall DIVersIFIeD ProPerty FUnD | 113


400 kent Street, 

sydney nsW 

53 Berry Street, 


22-28 Compark Circuit, 

mulgrave Vic 

95 South Centre Road and 

1 and 15 Jets Court, 

tullamarine Vic 


Perth Wa 

46-50 kings Park Road, 

West Perth Wa 




AvERAgE 

DPF 

OWNERSHIP 

(%) 

DEC 2010 

vALUATION 

(A$M) 


DEC 2010 


RATE (%) 

DEC 2010 

DISCOUNT 

RATE/IRR (%) 

WALE 

(YEARS) 

WEIGHTED AvG 

RENT REvIEWS 

(%) 

75% 40.1 7.50% 9.25% 5.8 3.75% 

100% 19.8 8.50% 9.50% 2.8 4.07% 

100% 6.0 9.00% 10.50% 2.3 3.00% 

100% 9.3 9.37% 10.00% 2.6 3.75% 

100% 25.0 8.50% 10.00% 6.1 4.94% 

100% 26.1 8.50% 9.75% 2.7 3.98% 

25% 42.0 7.90% 9.75% 17.4 2.75% 

168.30 8.18% 9.68% 7.6 3.63%


400 Kent Street 

sydney nsW 

situated in the western corridor of the CbD, 400 Kent street 

comprises an 11 level office building and retains the façade of a 

former heritage building. 

sUmmary 


Grade b 

ownership 75% 



Car spaces 

ValUatIon 

10 



Value ($/sqm) $5,111 





30 June 2010 




Central Queensland University 9,541 

meinhardt engineering 920 

53 Berry Street 


53 Berry Street, is a modern seven level office building situated on 

the high profile south western corner of Berry and Miller Streets in the 

north sydney CbD. the property has prominent retail exposure. 

sUmmary 


Grade b 




Car spaces 

ValUatIon 

30 



Value ($/sqm) $5,551 







occupancy 77% 


national Credit Insurance Providers 550 

UGl 549 



22-28 Compark Circuit 

mulgrave Vic 

22-28 Compark Circuit is located in mulgrave, a prominent commercial 

precinct 20 kilometres south east of the melbourne CbD. Compark 

Circuit business Park is situated near the intersection of Wellington 

and springvale roads, mulgrave and the property is situated on 

a high profile corner site within the estate. 22-28 Compark Circuit 

comprises a recently constructed two level office building. 

sUmmary 


Grade n/a 




Car spaces 

ValUatIon 

65 



Value ($/sqm) $3,005 









leighton Properties 1,020 

semF 977 


95 South Centre Road, 1 and 15 Jets Court 

tullamarine Vic 

south Centre road and Jets Court combines a portfolio of three 

industrial leasehold investments located in the new melbourne airport 

business Park, adjacent to the melbourne airport. 

sUmmary 


Grade n/a 




Car spaces 

ValUatIon 

80 








30 June 2010 




schenker 5,042 

Gibsons Freight 3,004

181 St georges Terrace 

Perth Wa 

located at 181 st Georges terrace, the property comprises a 

modern A-grade quality office building comprising of ground floor 

foyer and retail tenancies and six upper level office floors. The 

property’s location on st Georges terrace is the premier address 

for financial and commercial activity within the Perth CBD. 

sUmmary 


Grade a 




Car spaces 

ValUatIon 

14 



Value ($/sqm) $6,968 







occupancy 86% 


DoF subsea 1,843 

michael Page 535 

46-50 Kings Park Road 

West Perth Wa 

46-50 Kings Park road, known as spinifex house, is a modern 

three level office building situated on the high profile corner of 

Kings Park road and Walker avenue. the property overlooks 

Kings Park and is considered a premium office address in West 

Perth. located approximately two kilometres from the Perth CbD, 

46-50 Kings Park road is zoned for commercial and residential 

development. 

sUmmary 


Grade b 




Car spaces 

ValUatIon 

82 

Valuation 26.1 million 


Value ($/sqm) $6,381 





30 June 2010 




allion legal 1,244 

Icon engineering 1,229 



Coles Distribution Centre 


the Coles Distribution Centre located approximately 10 kilometres 

east of the Perth CbD, is adjacent to Perth airport on leasehold land 

and is situated on approximately 25 hectares and is surrounded by a 

mix of commercial, industrial, residential and rural land uses. 

sUmmary 


ownership 25% 

total Gla (sqm) 90,545 (incl awning) 


Car spaces 

ValUatIon 

n/a 



Value ($/sqm) $1,922 





30 June 2010 



maJor tenants Gla (sQm) 

Coles Group ltd 81,647 


400 Kent Street, Sydney NSW 


No.1 Martin Place, Sydney NSW 


No.1 Martin Place Trust 

No.1 Martin Place Trust (1MPT) was established in 2002 to acquire a 50% 

interest in the office tower and car park located at No.1 Martin Place, Sydney. 

No.1 Martin Place 

sydney nsW 

sUmmary 


Grade Premium 

ownership 50% 



Car spaces 

ValUatIon 

374 



Value ($/sqm) $11,432 





30 June 2010 


occupancy 90% 


macquarie Group 36,404 

secure Parking n/a - carpark 

Set in the financial heart of Sydney, No.1 Martin Place is one of 

Australia’s most esteemed business addresses. The 24 level office 

building has flexible floor plans, floor-to-ceiling windows and views of 

the surrounding city - all in the centre of the sydney CbD. beneath 

the office tower is seven levels of basement car parking. 



FY 11 0% 

FY 12 0% 

FY12 FY 13 0% 

FY13 FY 14 0% 

FY 15 

FY 16 0% 

FY 17+ 

FY 17+ 

Vacant 7% 

13% 

80% 

no.1 martIn PlaCe trUst | 121

Index 

Charter Hall Office REIT (ASX:CQO) 

neW soUth Wales 

CitiCentre, 2 Park street, sydney 15 

no.1 martin Place, sydney 15 

allianz Centre, 2 market street, sydney 16 

59 Goulburn street, sydney 16 

the Denison, 65 berry street, north sydney 17 

nCr house, 8-20 napier street, north sydney 17 

Charter Grove, 29-57 Christie street, st leonards 18 

avaya house, 123 epping road, macquarie Park 18 

Wentworth Place, 9 Wentworth street, Parramatta 19 

Australian Taxation Office, 266 King Street, Newcastle 19 

VICtorIa 

argus Centre, 300 latrobe street, melbourne 20 

150 lonsdale street, melbourne 20 

171 Collins street, melbourne 21 

5 Queens road, melbourne 21 

Australia Taxation Office, 6-20 Gladstone Street, Moonee Ponds 22 

QUeenslanD 

175 eagle street, brisbane 22 

Capital hill, 83-85 George street, brisbane 23 

Western aUstralIa 

eastpoint Plaza, 233-237 adelaide terrace, Perth 23 

aCt 

australia Place, 14 mort street, Canberra 24 


Usa 

one California Plaza, 300 south Grand avenue, 

los angeles Ca 

30 

Pasadena towers, 800 east Colorado boulevard, 

Pasadena Ca 

30 

Cerritos Corporate Center, 12900 Park Plaza Drive, 

Cerritos Ca 

31 

stadium Gateway, 1900 south state College boulevard, 

anaheim Ca 

31 

san Diego tech Center, 9605 scranton road, sorrento 

mesa Ca 

32 

Wells Fargo Center, 1700 lincoln street, Denver Co 32 

700 thirteenth street, Washington DC 33 

suntrust Center, 200 south orange avenue,orlando Fl 33 

suntrust Financial Centre, 401 east Jackson street, 

tampa Fl 

34 

745 atlantic avenue, boston ma 34 

one & three Christina Center, 301 & 201 north Walnut 

street, Delaware De 

35 

Promenade II, 1230 Peachtree street, atlanta Ga 35 

30 Independence boulevard, Warren township nJ 36 

Chase tower, 111 monument Circle, Indianapolis In 36 

Germany 

atrium Charlottenburg, 

Kaiser-augusta-allee 31/Goslaver Ufer 37-39, berlin 

38



bathurst Chase, 39 William street, bathurst 41 

Cardiff Coles, 17 Kelton street, Cardiff 41 

Caringbah Coles, 178-184 Willarong road, Caringbah 41 

Cooma Woolworths, 12-20 Vale street, Cooma 41 

Cootamundra Woolworths, Parker lane, Cootamundra 41 

earlwood Coles, 5-15 Clarke street, earlwood 41 

mackenzie mall, 179 bourke street, Glen Innes 41 

Goonellabah Village, 1 simeoni Drive, Goonellabah 41 

Jerrabomberra Village, limestone Drive, Jerrabomberra 41 

Kings langley shopping Centre, James Cook Drive, 

Kings langley 

41 

balo square, 85 balo street, moree 41 

morisset shopping Centre, 35 yambo street, morisset 41 

lake macquarie Fair, south street, mt hutton nsW 41 

mount hutton Plaza, south street, mt hutton nsW 41 

mudgee metroplaza, 84-86 mortimer street, mudgee 41 

sunnyside mall, Cnr Wollumbin & brisbane street, 

murwillumbah 

41 

narrabri Coles, 154 maitland street, narrabri 41 

Kierath’s shopping square , 76 Dandaloo street, narromine 41 

orange Central, 227-237 summer street, orange 41 

Parkes metroplaza, 299 Clarinda street, Parkes 41 

rosehill Woolworths, 28-30 oak street, Parramatta 41 

Gowrie street mall, 1 Gowrie street, singleton 41 

tumut Coles, 29-39 russel street, tumut 41 

Coles, 128-140 Percy street, Wellington 41 

Woolworths, boorowa street, young 41 

VICtorIa 

Coles, 96-118 main street, bairnsdale 42 

safeway, Cnr shadford and nolan street, Kerang 42 

Kyneton shopping Centre, 7 Jennings street, Kyneton 42 

olive tree shopping Centre, 118 main street, lilydale 42 

Coles, 92 albert street, moe 42 

Kmart, Cnr albert street & britter lane, moe 42 


327-394 Whitehorse road, nunawading 

42 

QUeenslanD 

tablelands Village, 14 Cook street, atherton 42 

bribie Island shopping Centre, Cnr Goodwin Drive and 

hornsby road, bongaree 

42 

Caboolture Park shopping Centre, 60-78 King street, 

Caboolture 

42 

Currimundi markets, Cnr nicklin Way and bellara Drive, 

Currimundi 

42 

Gatton Plaza, 114 spencer street, Gatton 42 

bay Plaza, 27 torquay street, Pialba 42 

Kallangur Fair, 1473 anzac avenue, Kallangur 42 

sydney st markets, 31 Gordon street, mackay 42 

mareeba Plaza, 241 byrnes road, mareeba 42 

moranbah Fair, street Francis Drive, moranbah 42 

allenstown Plaza, 42 Caroline street, rockhampton 42 

Springfield Fair,Corner Topaz Rd and Springfield Parkway, 

Springfield 

42 

soUth aUstralIa 

mile end homemaker Centre, 121-150 railway terrace, 

mile end 

43 

Wharflands Plaza, Tassie Street, Port Augusta 43 

renmark Plaza, Corner renmark avenue and twentieth 

street, renmark 

43 


albany Plaza, 38 albany highway albany 43 

Carnarvon Central, robinson street Carnarvon 43 

Collie Central, Johnson street, Collie 43 

esperance boulevard, Corner Forrest & Windich street 

esperance 

43 

Kalgoorlie Central, Corner hannan and Wilson street 

Kalgoorlie 

43 

Coles, Corner Guildford road and Caledonian avenue 

maylands 

43 

Coles, Corner ensign and earl street narrogin 43 

south hedland shopping Centre, throssell road south 

hedland 

43 

swan View shopping Centre, Corner Gladstone and 

marlboro street swan View 

43 

aCt 

Woolworths, 1 Dickson Place, Dickson 44 

manuka terrace, Corner Flinders Way and Franklin street, 

manuka 

44 

erindale shopping Centre, 50-68 Comrie street, 

Wanniassa 

44 

tasmanIa 

Coles, 165a elphin road, newstead 44 

riverside shopping Centre, 

304 West tamar road, riverside 

44 

Woolworths, 142 nelson street, smithton 44 

Woolworths, 68 Goldie street, Wynyard 44 

Charter hall DIVersIFIeD ProPerty InDeX FUnD | 123

Index 


PolanD 

arena, Gliwice 45 

borek, Warsaw 45 

Dabrowka, Katowice 45 

turzyn, szczecin 45 

Zakopianka, Krakow 45 

Germany 

alt Chemnitz Center, Chemnitz 45 

burgaupark Jena, Jena 45 

Non-core Assets 

aUstralIa 

Kalgoorlie outparcel 46 

manjimup shopping Centre 46 

margaret river shopping Centre 46 

UnIteD states 

hilltop Village, Colorado 46 

Kleinwood Center, texas 46 

murray landing, south Carolina 46 

Vineyard shopping Center, Florida 46 

Centennial Crossroads Plaza, nevada 46 

regency milford Centre, ohio 46 

trowbridge Crossing, Georgia 46 

Woodstock Crossing, Georgia 46 


Core Plus Office Fund (CPOF) 


167 macquarie street, sydney 56 

34 hunter street, sydney 56 

st George bank, 4-16 montgomery street, Kogarah 57 

331 and 333 George street, sydney 57 

VICtorIa 

11-33 exhibition street, melbourne 58 

570 bourke street, melbourne 58 

150 Queens street, melbourne 59 

QUeenslanD 

brisbane square, brisbane 59 

275 George street, brisbane 60 

northbank Plaza, 69 ann street, brisbane 60 

soUth aUstralIa 

51 Pirie street, adelaide 61 

bank sa, 97 William street, adelaide 61 

bhP house, 225 st Georges terrace, Perth 62 

hatch building, 144 stirling street, Perth 62 

109 st Georges terrace, Perth 63

Core Plus Industrial Fund (CPIF) Charter Hall Opportunity Fund No.4 (CHOF4) 


Volkswagon, 24 muir road, Chullora 69 

Chatswood business Park, 

372 eastern Valley Way, Chatswood 

69 

56 anzac street, Chullora 70 

VICtorIa 

41-57 south Centre road, melbourne airport business 

Park, tullamarine 

70 

130-138 link road, melbourne airport business Park, 

tullamarine 

71 

55-65 sky road, melbourne airport business Park, 

tullamarine 

71 

309 Fitzgerald road, Derrimut 72 

QUeenslanD 

30 main beach road, Pinkenba 72 

200 holt street, Pinkenba 73 

140-160 robinson road, Geebung 73 

toll, 7 Viola Place, brisbane airport 74 

Citiport Industrial estate,17 sugarmill road, meeandah 74 

772-776 boundary road, richlands 75 


Coles Distribution Centre, 136 horrie miller Drive, Perth 75 

123-135 Kewdale road, Kewdale 76 

tasmanIa 

Woolworths Distribution Centre, 4-20 translink avenue, 

launceston 

76 


home hQ north shore, artarmon 79 



little bay, 1408 anzac Parade, little bay 82 

VICtorIa 

aquilo, 34-94 oak avenue, mentone 82 

lacrosse apartments – stage 1, melbourne Docklands 82 

QUeenslanD 

40 Creek street, brisbane 83 


WorKZone, 202 Pier street, Perth 83 

neW ZealnD 

home hQ hastings, 701 Caroline road, hastings 83 


Index 

Direct Property Fund (CHDPF) 


68 Pitt street, sydney 92 

154 Pacific Highway, St Leonards 92 

165 Walker street, north sydney 93 

504 Pacific Highway, St Leonards 93 

2 Wentworth street, Parramatta 94 

VICtorIa 

71 Queens road, melbourne 94 

200 Queen street, melbourne 95 

1 nicholson street, melbourne 95 

QUeenslanD 

300 adelaide street, brisbane 96 

Direct Industrial Fund (DIF) 


australia Post Distribution Centre, Kingsgrove 99 

VICtorIa 

toll Fleet and auto logistics Centre, altona north 100 

QUeenslanD 

Grace Worldwide logistics Facility, Willawong 100 

Direct Retail Fund (DRF) 


lake macquarie Fair and mount hutton 

shopping Centre, newcastle 

107 

menai Central, sydney 107 

VICtorIa 


327-394 Whitehorse road, nunawading 

108 

QUeenslanD 

bunnings Warehouse stafford, 450 stafford road, stafford 108 

home hQ Ipswich, Ipswich 109 

neW ZealnD 

Countdown auckland City, auckland 109 


130 Stirling Street (CHIF7) 


130 stirling street, Perth 111 

Diversified Property Fund (DPF) 


400 Kent street, sydney 115 

53 berry street, north sydney 115 

VICtorIa 

22-28 Compark Circuit, mulgrave 116 

south Centre road and Jets Court, 

melbourne airport business Park, tullamarine 

116 


181 st Georges terrace, Perth 117 

46-50 Kings Park road, West Perth 117 

Coles Distribution Centre, horrie miller Drive, Perth airport 118 

No.1 Martin Place Trust (1MPT) 


no.1 martin Place, sydney 121

further Information 

Listed enquiries 

Kylie ramsden 

head of listed Investor relations 

+61 2 8908 1016 

kylie.ramsden@charterhall.com.au 

Unlisted enquires 

nick Kelly 

head of Investor relations 

+61 2 8908 4028 

nick.kelly@charterhall.com.au 

Disclaimer: 

This document has been prepared for the purpose of providing general information, without taking into account any particular reader’s objectives, financial situation or needs. A reader 

should, before making any decisions in relation to the subject matter of the document, consider by themselves the appropriateness of the information in this document and/or seek 

professional advice. this document does not constitute any offer or part of any contract for sale or lease or otherwise. all details are approximate and have not been independently 

verified. Except where otherwise provided, all references to rent, income or price referred to in this document are GST exclusive. While every care has been taken in the preparation 

of this document, the Charter Hall Group (CHC) makes no representation or warranty as to the accuracy or completeness of any statement in it. CHC, its officers, employees, 

subcontractors and agents, together with CHC’s related entities, and their respective officers, employees, subcontractors and agents shall not be liable (to the extent permitted by 

law) to any person for any loss, liability, damage or expense arising directly or indirectly from or connected in any way with any use of or reliance on information in this document. 


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