Valuation Report

Valuation Report
Near-City Office Building
187-207 and 211A Wharf Street

Spring Hill Brisbane Qld 4000
11 August 2015
Reference 3765:JF
187-207 and 211A Wharf Street, Spring Hill Brisbane Qld 4000
187-207 AND 211A WHARF STREET, SPRING HILL
Page i
Liability limited by a scheme approved under Professional Standards Legislation.
Executive Summary
Property Details
Address 187-207 and 211A Wharf Street, Spring Hill, Brisbane, Queensland, 4000.
Prepared for and Purpose Instructed by Mr Grant Archibald on behalf of Brisbane Land Holdings Pty Ltd
to prepare a valuation for accounting purposes and also to be relied upon by
intending mortgagee for mortgage security purposes.
Reliance upon this report by an intending mortgagee is subject to an
assignment of the report to the nominated mortgagee by m3property (Qld) Pty
Ltd.
Registered Owner Wharf Street Investments Pty Ltd.
Interest Valued Fee simple subject to the existing lease.
Land Area 2,433 square metres.
Planning Identified by the Brisbane City Council as being within a MU1 Mixed Use (inner
city) area and subject to the ‘Petrie Terrace and Spring Hill Local Plan’.
The subject is proposed to be zoned PC1 Principal Centre (City Centre) under
the proposed new Spring Hill Neighbourhood Plan which is expected to be
gazetted by mid 2016 and has been formally recommended by the Brisbane
City Council to the Qld State Government. Given the site is greater than 1,800
square metres the zoning will allow development up to 30 storeys.
Description The property is situated in Spring Hill 800 metres north of the Brisbane CBD.
The subject is a 2,433 square metre rectangular shaped inside allotment that
falls moderately to the rear and has a moderate crossfall from its northern
boundary to its southern boundary.
The land is improved with a c1995 rendered precast concrete and concrete
masonry commercial office building of four levels together with two basement
levels. In our opinion the building provides B minus quality office
accommodation. Vehicle access is available from Wharf Street and from
Carrol Lane.
The property is currently the subject of a put and call option with a contract of
sale (if option exercised) purchase price of $21,280,000 exclusive of GST
between Wharf Street Investments Group Pty Ltd (vendor) and BLF Wharf Pty
Ltd (purchaser). The purchaser is a wholly owned subsidiary of Brisbane Land
Holdings Pty Ltd.
The property is wholly leased to Commonwealth of Australia for an annual
gross rental of $2,473,587 pa ex GST. It is proposed that the vendor will prior
to settlement finalise the 1 year plus 1 year option extension of the lease from
its current expiry of 31 March 2016 until 31 March 2017. This amendment
provides for the Lessor to terminate during the one year lease after 6 months
with 90 days notice and in the option period either party can terminate after 6
months with 90 days notice. This valuation is conditional upon the lease
amendment being finalised on the terms and conditions as per the put and call
option agreement.
Net Lettable Area 4,695 square metres.
Car Spaces 63 spaces, providing a parking ratio of 1:75.
Vacancy Nil
Lease Expiry 31 March 2017
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Property Details
Major Issues The market continues to be active for inner city residential development sites
and the resultant end product. In the event of a major downturn in demand
there may a negative impact on market values of development sites within this
category. The subject however provides some flexibility with its holding
income and commercial office improvements allowing alternative use.
Valuation Approaches The property has been valued utilising as the primary valuation method the
direct comparison on rate per square metre of land area with as a secondary
check valuation method the capitalisation of net income approach.
Critical Conditions 1. The put and call option includes a draft amendment for lease to extend the
current lease until 31 March 2017. Our valuation is subject to this lease
amendment being finalised.
2. The Brisbane City Council has prepared and recommended to State
Government a draft planning scheme (Spring Hill Neighbourhood Plan)
which provides for development of the site up to 30 storeys. This plan is
due to be finalised by mid 2016 as per Council’s program. Our valuation is
subject to this plan being adopted.
Date of Inspection 11 August 2015.
Date of Valuation 11 August 2015.
Market Value $21,280,000 exclusive of GST.
Valuer John Falvey AAPI Ross B Perkins FAPI
Certified Practising Valuer Managing Director – m3property (Qld)
Registration No. 3357
Director – m3property (Qld)
Page iii
Valuation Summary
Income
Gross Income
Passing $2,473,587 pa - $527/m²
Market $2,211,630 pa - $471/m²
Adopted Outgoings $452,203 pa - $96/m²
Net Income
Passing $2,021,384 pa - $431/m²
Market (inc vacancy allowance) $1,704,136 pa - $363/m²
Direct Comparison Approach
Land Area 2,433 square metres
Value Range Per square metre $8,700 to $8,800
Value Range Calculated $21,167,100 to $21,410,400
Value Indicated $21,280,000 (Rounded)
Capitalisation Approach
Capitalisation Rate 8.25%
Adjustments $550,151
Indicated Value $21,200,000 (Rounded)
Valuation Analysis
Adopted Market Value $21,280,000

Value /m² of land area $8,746/m²
Value /m² of net lettable area $4,532/m²
Passing Yield 9.49%
Equivalent Yield 8.26%
Market Yield (fully leased) 8.26%
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Risk Profile
Asset  The titles confer an estate in fee simple. The property has two Telstra
infrastructure easements as noted herein. Both easements located
adjacent the northern and rear boundary are free from existing
improvements but however need to be taken into consideration for
redevelopment proposals.
 The land has a regular shape and falls to its rear boundary and has a
moderate cross fall.
 The land has not been subject to any contaminating use and is not
identified as being flood affected.
 The New Spring Hill Neighbourhood Plan due for gazettal in July 2016
provides for mixed use development on the site up to 30 storeys. This
new planning scheme will significantly increase primarily the residential
density and amenity of Spring Hill in the short to medium term.
 The use of the land for commercial office purposes is inconsistent with
the highest and best use of high rise mixed use development.
 The improvements provide (in our opinion) B minus accommodation.
 The property does not have a NABERS energy rating.
Leasing and Cash Flow  The property is fully leased to Commonwealth of Australia providing a
high quality security of rental return until the amended lease expiry in
March 2017.
 The subject is proposed to be redeveloped so its WALE of 1.64 years is
considered a positive. In the event that redevelopment is delayed or
does not proceed the asset can be readily re-let given its standard of
accommodation, uniform floor plates and location. However some
internal cosmetic refurbishment may be required to enhance leasing
prospects.
 In our opinion the current passing rental is above market by $372,539 pa
gross.
 The outgoings are considered consistent with industry benchmarks.
Investment  The subject has the following positive features for prospective
purchasers: mixed use development potential up to 30 storeys, a lease
expiry in April 2017, high yielding holding income and sound existing
asset quality with flexibility to re-let the property if market demand
weakens for development product.
 The property is offered to the market would sell within a six month period
if professionally marketed.
 The most likely purchaser would be a private investor or developer.
Asset Management  The property requires professional management although it is not
considered to be management intensive.
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Contents
1.0 INTRODUCTION .........................................................................................................................1

1.1 INSTRUCTIONS ..................................................................................................................1
1.2 VALUATION ASSUMPTIONS .............................................................................................1
1.3 DEFINITIONS ......................................................................................................................3
1.4 PECUNIARY INTEREST .....................................................................................................4
1.5 DATE OF INSPECTION ......................................................................................................4
1.6 DATE OF VALUATION ........................................................................................................4
2.0 LAND PARTICULARS ................................................................................................................5
2.1 TITLE DETAILS ..................................................................................................................5
2.2 LAND DESCRIPTION ..........................................................................................................5
2.3 PLANNING ...........................................................................................................................6
2.4 LOCALITY AND SURROUNDING DEVELOPMENT ........................................................11
2.5 ROAD SYSTEM, ACCESS AND EXPOSURE .................................................................12
2.6 STATUTORY VALUATION ................................................................................................12
3.0 IMPROVEMENTS......................................................................................................................13
3.1 OVERVIEW ........................................................................................................................13
3.2 BUILDING SPECIFICATION .............................................................................................13
3.3 ACCOMMODATION ..........................................................................................................14
3.4 PRESENTATION, CONDITION AND UTILITY .................................................................15
3.5 REPLACEMENT VALUE OF IMPROVEMENTS ...............................................................16
3.6 PHOTO GALLERY .............................................................................................................17
4.0 MARKET COMMENT ................................................................................................................22
4.1 BRISBANE FRINGE OFFICE MARKET OVERVIEW .......................................................22
4.2 TENANT DEMAND ............................................................................................................22
4.3 OFFICE SUPPLY ...............................................................................................................24
4.4 VACANCY RATES .............................................................................................................24
4.5 RENTAL MARKET .............................................................................................................25
4.6 INVESTMENT MARKET ....................................................................................................26
4.7 FRINGE OFFICE MARKET OUTLOOK ............................................................................27
4.8 RESIDENTIAL DEVELOPMENT SITE MARKET ..............................................................28
4.9 MARKETABILITY AND SELLING PERIOD .......................................................................28
5.0 TENANCY DETAILS .................................................................................................................29
5.1 OVERVIEW .......................................................................................................................29
6.0 INCOME ANALYSIS .................................................................................................................30
6.1 PASSING INCOME ...........................................................................................................30
6.2 POTENTIAL MARKET INCOME........................................................................................32
6.3 SUMMARY .........................................................................................................................35
7.0 VALUATION RATIONALE ........................................................................................................36
7.1 VALUATION METHODOLOGY .........................................................................................36
7.2 VALUATION PARAMETERS .............................................................................................36
8.0 VALUATION ..............................................................................................................................43
8.1 PRIMARY VALUATION METHOD DIRECT COMPARISON APPROACH .......................43
8.2 SECONDARY VALUATION METHOD CAPITALISATION OF NET INCOME APPROACH43
8.3 SUMMARY .........................................................................................................................44
9.0 VALUATION CERTIFICATE .....................................................................................................45
3765:JF
ANNEXURES
1 Photocopy of Instructions
2 Photocopy Extract of Put and Call Option and Contract of Sale
3 Photocopies of Current Title Searches
4 Photocopy of Registered Plan
5 Photocopy of Sample Contaminated Land Search
6 Photocopy of Extract of Lease and Amendment To Lease
7 Photocopy of Preliminary Redevelopment Scheme Plans

8 Photocopy of Due Diligence Building Condition Report Summary
3765:JF
1.0 Introduction
1.1 INSTRUCTIONS
We have been instructed by Mr Grant Archibald on behalf of Brisbane Land Holdings Pty Ltd to
assess the market value of 187-207 and 211A Wharf Street, Spring Hill, Brisbane, Queensland for
accounting purposes and also to be relied upon by intending mortgagee for mortgage security
purposes.
Reliance upon this report by an intending mortgagee is subject to an assignment of the report to the
nominated mortgagee by m3property (Qld) Pty Ltd.
The interest being valued is the fee simple subject to the existing lease.
1.2 VALUATION ASSUMPTIONS
This valuation has been prepared on the basis of, and is subject to, the qualifications and assumptions
contained within this section. These should be noted and, where appropriate, acted upon.
1.2.1 Verifiable Assumptions
The verifiable assumptions below relate to matters of fact detailed throughout this report, and should
thus be read conjunctly. We have directed reference to these assumptions by way of footnoting
throughout the report.
The verifiable assumptions upon which our valuation is based are as follows:
1. The encumbrances that are detailed within this report have been considered in our
assessment of market value. If there are any encumbrances, encroachments, restrictions,
leases or covenants which are not noted in this report, they may affect our assessment. If any
such matters are known or discovered, we should be advised and asked as to whether they
affect our assessment.
2. We have physically identified the boundaries of the property on inspection and there do not
appear to be any encroachments. We are not qualified surveyors and no warranty can be
given without the benefit of an identification survey. If there is any doubt in respect of these
issues, we recommend that a check survey be undertaken by a qualified surveyor and that the
survey be sent to us for advice as to whether our assessment of value is affected.
3. The flood level information has been relied upon in our assessment of value and no
responsibility is accepted for the accuracy of the information provided. Should it prove
incorrect in any material respect, the matter should be referred to us for review of the valuation
as deemed appropriate.
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4. We have only performed a sample contaminated land search for Lot 10 on Registered Plan
10313. This valuation proceeds on the basis subsequent searches of the remaining lots would
return similar results. No soil tests, environmental studies, or reports have been made
available to us. Accordingly, our valuation is made on the assumption that there are no
environmental problems in any way affecting the property, including surface or below ground
conditions, toxic or hazardous wastes, building material hazards or unexploded ordnances.
Any such matters may adversely affect the property or its use and our assessment of value.
Should any such matters be known or discovered no reliance should be placed on our
assessment of value unless we have been advised of these matters and we have confirmed
that our assessment is not affected.
5. The planning information set out in this report has been obtained from the Brisbane City
Council. We have relied upon this information in assessing the value of the property. No
responsibility is accepted for the accuracy of that information and if it is wrong in any
significant respect, our assessment of value may be different. Should you have concerns
regarding the validity of this information, we would recommend that a formal enquiry be made
with the appropriate authority.
6. We are not qualified building inspectors and this report does not purport to be a building
inspection. The valuation is subject to the current improvements and uses as inspected being
approved, lawful and compliant with all requirements of Council and other regulatory
authorities including but not limited to the Queensland Fire and Rescue Service, the Building
Code of Australia and the Queensland Development Code.
7. It should be noted that a Department of Transport and Main Roads search has not been
sighted. This valuation is based on the assumption that there are no Government Authority
requirements for the land. It is recommended that any party relying on this valuation
undertake its own searches in this regard.
8. We have relied upon the lettable areas indicated on lease survey plans provided. Should any
subsequent surveys indicate a variation to the areas adopted within, the matter should be
referred to us for review of the valuation as deemed appropriate.
9. This valuation report does not purport to be a site or structural survey of the improvements,
nor was any such survey undertaken. Overall, we have assumed that detailed reports with
respect to the structure and service installations of the improvements would not reveal any
defects or inadequacies requiring significant capital expenditure. Should there be deficiencies
associated with the building structure or its services, the valuation should be referred back to
us for comment.
10. This valuation has been undertaken assuming that there is no asbestos-related health risk
associated with the property. Should any concerns persist, we would recommend that a
formal enquiry be made with the appropriate authority.
11. The title lists the registered lease. With respect to the lease and the proposed amendment to
lease details, we note that the both documents have been sighted and reviewed. Should there
be any variation, we reserve the right to review our valuation. Our valuation assumes that the
right to any rental guarantee, security deposit, bank guarantee, or any other form of guarantee
provided in respect to any leases to which the property is subject, will pass to a purchaser of
the property.
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12. We have relied upon various financial and other information submitted by selling agent, Mr
Mike Walsh of CBRE and Mr Grant Archibald on behalf of Brisbane Land Holdings Pty Ltd.
Where possible, within the scope of our retainer and limited to our expertise as valuers, we
have reviewed this information including by analysis against industry standards. Based upon
that review, we have no reason to believe that the information is not fair and reasonable or
that material facts have been withheld. However, our enquiries are necessarily limited by the
nature of our role and we do not warrant that we have identified or verified all of the matters
which a full audit, extensive examination or due diligence investigation might disclose. For the
purpose of our valuation assessment, we have assumed that this information is correct.
13. It should be noted that in the case of advice provided in this report which is of a projected
nature, we must emphasise that specific assumptions have been made which appear
reasonable based upon current market sentiment and forecasts. It follows that any one of the
associated assumptions may change over time and no responsibility can be accepted in this
event. Accordingly, the indicated figures should not be viewed as absolute certainty.
1.2.2 Assumptions Requiring Further Consultancy
There are no assumptions within this report requiring further consultancy from a valuation perspective.
1.2.3 Assumptions based on Opinion
There are no assumptions contained within this report which are based on the valuer’s opinion.
1.3 DEFINITIONS
This valuation has been prepared in accordance with the following definitions as defined by the
International Valuations Standard Committee and adopted by the Australian Property Institute:
 Highest and best use – “the use of an asset that maximises its potential and that is physically
possible, legally permissible, and financially feasible.” The opinion of such use may be based
upon the highest and most probable use of the property at the date of valuation or the likely to
be in demand within the reasonably near future.
 Market rent – “the estimated amount for which an interest in real property should be leased
on the valuation date between a willing lessor and a willing lessee on appropriate lease terms
in an arm’s length transaction, after proper marketing and where the parties had each acted
knowledgeably, prudently and without compulsion.”
 Market value – “the estimated amount for which an asset or liability should exchange on the
date of valuation between a willing buyer and a willing seller in an arm’s length transaction,
after proper marketing, wherein the parties had each acted knowledgeably, prudently and
without compulsion.” It should be noted that the market value includes items of building
fixtures, fittings, together with all building plant and equipment.
Page 3
Furthermore, the following terms are referred to within the valuation:
 Initial or Passing Yield (PY) – the percentage return on value or price derived from the
current net passing income. No allowance is made for any future rent growth.
 Equivalent Yield (EY) – the annualised yield derived from the current net income and future
changes to the net income over time but no allowance is made for future rental growth. It is
the rate of return of a net income stream over a specific period of time that reflects current
actual rents and costs and current levels of rental values.
 Market Yield (MY) – the percentage return on value or price derived from the assessed
market net income. No allowance is made for any future rent growth.
1.4 PECUNIARY INTEREST
Neither the valuer nor m3property (Qld) Pty Ltd has any pecuniary interest giving rise to a conflict of
interest in valuing the property.
1.5 DATE OF INSPECTION
11 August 2015.
1.6 DATE OF VALUATION
11 August 2015.
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2.0 Land Particulars
1
2.1 TITLE DETAILS
Interest Description Registered Owner
Fee simple in possession. Lots 5-10 on Registered Plan 10313, Wharf Street Investments
Parish of North Brisbane, County of Stanley. Pty Ltd.
Title reference 16554109, 10209224, 14948009,
12475106, 14953131, 14953132.
Lot 436 on CP SL 8631. Title reference
16069156.
The title refers to the following encumbrances:
 Rights and interests reserved to the Crown by Deed of Grant No. 19561160 (subn por 191).
 Lots 5-10 only Lease No. 710906619 Commonwealth of Australia of part of the basement floor
(lease b1), part of the ground floor (lease c1), part of the first floor (d1), part of the second floor
(lease e1), part of the third floor (lease f1) term: 01/10/2006 to 31/03/2016 option nil.
 Mortgage No. 716291546 United Overseas Bank Limited A.R.B.N. 060 785 284
 Lot 5 Easement in Gross No. 701196030 burdening the land to Telstra Corporation Limited
over Easement A on RP 838467.
 Lot 436 Easement in Gross No. 701196030 burdening the land to Telstra Corporation Limited
over Easement B on RP 838467.
The easements noted above are free from the building improvements and in our opinion do not have a
negative impact on the market value of the property.
There are no Unregistered Dealings or Administrative Advices over the title, a copy of which is
contained in the Annexures.
2.2 LAND DESCRIPTION
2.2.1 Physical Attributes

2
The land comprises seven contiguous allotments which form a near-rectangular shaped inside parcel,
encompassing 2,433 square metres with primary frontage of approximately 60.4 metres to Wharf
Street and a depth of approximately 40.4 metres. The land falls moderately to the rear and has a
moderate crossfall from its northern boundary to its southern boundary. At the date of inspection,
there were no drainage problems evident. All basic services, including electricity, reticulated water,
sewerage, and telephone services, are connected to the land.
A site plan of the property is shown overleaf.
1
Refer to Assumption 1
2
Page 5
SUBJECT
3
2.2.2 Flooding
The Brisbane City Council does not identify the property as being susceptible to flooding from creek,
river, storm tide or overland flow paths, based on current modelling. As such, the flooding risk of the
property is considered to be low. It should be noted that we are not experts in this regard and, if any
doubt exists, inquiries should be made with the appropriate consultant.
4
2.2.3 Environmental Issues
A sample search of Lot 10 on Registered Plan 10313 within the Environmental Management and
Contaminated Land registers revealed that the lot is not included on either register. A copy of this
search is contained in the annexures.
2.3 PLANNING
5
2.3.1 Area Classification
The subject is identified by the Brisbane City Council under the Brisbane City Plan 2014 as being
within an Inner City zone precinct of an area classified MU1 Mixed Use (inner city) as per the
depicted plan following. The purpose of the mixed use classification is to “provide for a mixture of
development including business, retail, residential, tourist accommodation and associated services,
service industry and low impact industrial uses”.
3
4
5
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Zone Map (Existing Zones)
SUBJECT
Page 7
The Brisbane City Council is preparing a new neighbourhood plan that will help shape the future of
Spring Hill. Once complete, the Spring Hill Neighbourhood Plan will become part of Brisbane’s
planning scheme to guide new development and infrastructure in Spring Hill.
Overlooking the city centre and adjacent to Fortitude Valley, Spring Hill is home to vital hospitals and
schools, as well as a strong business community that will continue to play an important role as the city
grows.
Council's City Centre Master Plan 2014 identified a need to optimise the potential of Spring Hill
through planning for future growth, while protecting heritage places. The current local plan for the
area, the Petrie Terrace and Spring Hill Local Plan, was developed more than 28 years ago.
Initial community consultation was undertaken in late 2014 with the release of the draft Spring Hill
Renewal Strategy. During this period 82 submissions were received and 32 people completed the
online survey. Council has reviewed the submissions received and used this feedback to prepare and
revise the draft Spring Hill Neighbourhood Plan.
The draft Spring Hill Neighbourhood Plan was endorsed by Council on 19 May 2015 and is currently
with the Queensland Government for review. The Plan encompasses the following depicted area:
SUBJECT
Page 8
Proposed Zone Map New Spring Hill Neighbourhood Plan
The subject is proposed to be zoned PC1 Principal Centre (City Centre) which has a purpose to
provide for the largest and most diverse mix of uses and activities that forms the core of an urban
settlement. The Principal centre zone includes concentrations of high order retail, commercial,
employment, residential, health services, administrative, community, cultural, recreational and
entertainment activities and other uses capable of servicing the planning scheme area. Development
for residential use is to be high density.
SUBJECT
Page 9
The following table details the maximum building height limits for the proposed new zonings
with the subject highlighted in red indicating an allowable 30 storeys.
Development of Development of Development of Development of

2 2 2
a site less than a site 500m or a site 1,000m or a site 1,800m or
2
500m or with a greater but less greater but less greater.
2 2
site frontage of than 1,000m . than 1,800m .
less than 20m.
If in the City Centre expansion precinct (Spring Hill neighbourhood plan/NPP-001)

Where in the Principal 8 15 25 30
centre zone
Where in the Mixed use 6 8 15 20
zone
Where in the Community
facilities zone (Major 20
health care zone precinct)

facilities zone (Education 10
purposes zone precinct)
If in the Boundary Street heart precinct (Spring Hill neighbourhood plan/NPP-002)

Where in the District 5 5 10 15
centre zone or the Mixed
use zone
facilities zone (Major 15
health care zone precinct)
If in the Spring Hill east precinct (Spring Hill neighbourhood plan/NPP-003)

zone and with a primary
street frontage to Saint
Pauls Terrace
zone otherwise
Source: Brisbane City Council
2.3.2 Compliance of Current Use 6
The current use is compliant with the planning scheme.
6
Page 10
2.3.3 Highest and Best Use
In our opinion, as at the date of valuation, the highest and best use of the property is for high rise
mixed use development.
2.4 LOCALITY AND SURROUNDING DEVELOPMENT
The property is located in the CBD-fringe suburb of Spring Hill, approximately 800 metres north of the
Brisbane General Post Office.
Spring Hill is essentially a mixed-use suburb incorporating aged dwellings on small residential lots,
modern unit developments, and a major commercial and retail focus along the major roads of Wharf,
Leichhardt, Upper Edward and Boundary Streets and Wickham and St Pauls Terrace. The suburb is
proximate to the Central Business District and surrounding amenity, however has not undergone the
regeneration and gentrification that has occurred in other inner city suburbs. Surrounding
development to the subject includes: St Pauls Tavern to the north, semi-modern low rise commercial
office building to the south, low-rise medium density development to the east (rear) and opposite semi-
modern low to mid rise commercial office buildings.
SUBJECT
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7
2.5 ROAD SYSTEM, ACCESS AND EXPOSURE
Wharf Street, from which pedestrian access is gained, is a bitumen paved road carrying two lanes of
traffic in each direction (including restricted parking along each kerb) between its junctions with
Leichhardt Street in Spring Hill and Queen Street in the CBD. It has concrete kerb and channelling to
either side with also on-street paid car parking.
The property also has a narrow frontage to Carrol Lane at its rear which carries a single lane of traffic
along a narrow carriageway running parallel to Wharf Street.
Public transport is available within the general vicinity of the property, with the Brisbane Central train
station being located within approximately 500 metres walk; and bus services operating through
Spring Hill with connections to the Queen Street Bus Station.
Access to the property is therefore relatively easy and direct via both public and private modes of
traffic. The location affords a reasonable degree of vehicular and pedestrian exposure.
SUBJECT
2.6 STATUTORY VALUATION
The Site Value, as assessed by the Department of Natural Resources and Mines with effect from 30
June 2015, is $6,100,000, which equates to approximately $2,507 per square metre of site area.
This valuation is made for rating and taxation assessments and is quoted here for information
purposes only.
7
Page 12
3.0 Improvements
3.1 OVERVIEW
The land is improved with a semi-modern c1995 four level commercial office building together with two
basement levels. There is a car park entry from Wharf Street which continues as a driveway that is
parallel with the northern boundary and then is parallel with the eastern rear boundary continuing until
it meets with Carrol Lane.
3.2 BUILDING SPECIFICATION
3.2.1 Construction and Fit-Out
General construction details of the property are as follows.
Floors Reinforced post tensioned floor slabs and reinforced concrete column
construction.
External Walls A combination of rendered masonry block infill walls, precast concrete panels
and glazed curtain walling.
Internal Walls Plasterboard stud partitions to lettable areas.
Windows Aluminium glazed curtain walling.
Ceilings Mineral fibre acoustic ceiling tiles within a suspended ceiling grid.
Roof Central Plant area comprises reinforced concrete roof slab with acrylic
waterproof finish. Main roof elsewhere comprises colourbond profiled roof
sheeting laid to falls and gutters.
3.2.2 Services
Lifts Two passenger lifts –16 person Liftronic lifts capacity (1088kg).
Air Conditioning Two roof mounted air-cooled towers. Ducted throughout with multiple zones
per level.
Lighting Recessed fluorescent light fittings.
Fire Services Fitted with break glass alarms, fire hose reels, hydrants, fire extinguishers
and smoke detection system and EWIS. Level B1 is fire sprinklered.
Stairs Two sets of fire stairs.
Back up Generator Diesel back up generator located in B1 car park level supplying essential
power to the building.
Security Automated building management and security systems controlling access to
the building.
This valuation includes all plant and equipment located at the building including air-conditioning
services and fire protection equipment that would normally pass with the building in the event of a
sale.
Page 13
3.3 ACCOMMODATION
8
3.3.1 Building Areas
The following floor areas are based on lease survey plans:
Building Component Area Configuration

2
Ground 1,078 m Street level entry, reception and office.
External secured patio area.
2
Level 1 1,171 m Part office tenancy and part plant room.
2
2
External balcony area.
2
Total 4,695 m
3.3.2 Accommodation Description
Further details of the accommodation provided within the building include the following:
 Lower Basement includes also transformer and mains switchboard rooms. Vehicle roller door
access and exit to rear driveway in property.
 Upper Basement includes workshop, explosive store, generator room and secure stores.
Vehicle roller door access and exit to rear driveway in property.
 Ground level refurbished ground level lift foyer, secure large external patio area.
 Office accommodation, fitted out to basic and dated standards in accordance with the
respective tenant’s requirements providing a range of open plan and partitioned offices,
administration, and ancillary areas.
 City and eastern views are available from numerous points at each level.
 Ablutions to each level.
 Ground and level 2 have basic kitchen facilities.
 High level of security and security systems given the occupier is the Australian Federal Police.
 Data and plant rooms to ground and upper levels.
 Level 3 has gym together with male and female change rooms including showers.
3.3.3 Parking
Car parking is provided on-site within two basement levels for 63 vehicles. This equates to a car park
ratio-to-net lettable area ratio of approximately 1:75 which is considered sufficient given its location
and in-line with industry benchmarks.
8
Page 14
3.4 PRESENTATION, CONDITION AND UTILITY 9
3.4.1 Building Grade and Functionality
We have referred to the Property Council of Australia publication ‘A Guide to Office Building Quality’
so as to determine the grade of office accommodation provided within the property. From our
observations the property generally conforms to the criteria describing a B minus Grade building.
The building was constructed in 1995 and has been adequately maintained since. It provides a basic
standard of accommodation for its class of building. The floor plates are uniform with a central core. If
the current lessee was to vacate at lease expiry and it was decided to re-let the property rather than
redevelop then a cosmetic internal refurbishment may improve leasing prospects. At the time of
inspection all services appeared to be operating satisfactorily.
A due diligence report has been completed by the proposed purchaser’s independent consultant
noting a number of building defects which in the consultant’s opinion appear to be related to original
constructions issues. The identified list of defects are summarised in the annexures. Given the
subject property is to be redeveloped we have not made any allowances to rectify same.
3.4.2 Environmental Rating
The property does not have a NABERS Energy rating.
10
3.4.3 Asbestos
An independent consultant report from a qualified asbestos testing consultant was reviewed by the
purchaser’s consultant and concluded that ‘no asbestos based products or materials were located
within the building’.
We have relied upon this advice.
3.4.4 Pest Affectation
The property is located in an area considered not susceptible to termite infestation. Inspection of the
improvements did not reveal any apparent termite infestation. This should, however, be confirmed by
a certified pest control firm. If the expert report established that there is infestation, the report should
be referred to us for advice as to whether it affects our assessment of value.
9
10
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3.5 REPLACEMENT VALUE OF IMPROVEMENTS
The assessment for reconstruction assumes the re-erection of a substantially identical building using
similar design and construction techniques. The assessment assumes that current planning
regulations would not inhibit the current building use being continued on the site and therefore the
permissible construction of similar building improvements.
The replacement and reinstatement value of the improvements for insurance purposes, including
removal of debris, Council and professional fees, and likely escalation in costs during the development
and insurance period, is considered to be $15,500,000 excluding GST. This assessment does not
include an allowance for emergency accommodation and income protection.
Replacement Cost
Estimated Base Building Cost 4,695 m² @ $1,900 $8,920,500

Estimated Car Parking Cost 63 bays @ $35,000 $2,205,000
Estimated Fit Out Cost 4,695 m² @ $500 $2,347,500
Add:
Cost Escalation 12 months @ 3.00% $404,190
Professional Fees @ 7.00% $943,110
Cost of Debris Removal 4,695 m² @ $50 $234,750
Cost Escalation - Lapse between renewals 12 months @ 3.00% $451,652
INSURANCE VALUE (ROUNDED) $15,506,702 ($15,500,000)
We have adopted building costs which reflect the standard of improvements with primary reliance on
Rawlinsons Australian Construction Handbook 2014 publication. The assessment of replacement
value of improvements is provided as indicative advice only and, should an accurate assessment be
required, advice should be obtained from a quantity surveyor.
Page 16
3.6 PHOTO GALLERY
ENTRY
VIEW NORTHERN SIDE
Page 17
VIEW REAR
VIEW SOUTH ALONG W HARF ST TO CBD
Page 18
UPPER LEVEL BASEMENT
GROUND LEVEL LIFT LOBBY
Page 19
INTERNAL OFFICE
KITCHEN
Page 20
VIEW NORTH EAST ROOF TOP
VIEW SOUTH EAST FROM ROOFTOP
Page 21
4.0 Market Comment
4.1 BRISBANE FRINGE OFFICE MARKET OVERVIEW
4.1.1 Market Definition
The Brisbane Fringe market includes the Inner South, Milton, Spring Hill, Toowong, and Urban
Renewal sub-locales.
The Property Council of Australia Office Market Report estimates that the Brisbane Fringe office
market comprises 1,198,568 square metres of floor space as at July 2015, making it the largest non-
CBD office market in Australia. Although the Property Council of Australia does not qualify any stock
in the Fringe as being of premium quality, the majority of stock (53.1%) is of A-grade quality.
The composition of the market by grade and sub-locale is shown on the following charts.
4.2 TENANT DEMAND
Over recent years, the Brisbane office market has suffered weak tenant demand, resulting from
subdued economic conditions, government austerity measures and the downsizing of the resources
sector. These factors have negatively affected business confidence which has further affected
demand for office space. As a result, firms which might have otherwise been preparing for an
expansion went into cost-reduction mode and have since displayed a general reluctance to make
major relocation decisions.
These conditions have resulted in an increased amount of vacant space and declining effective rents
across the broader office market. Yet because the CBD housed the majority of government
employees and resource sector project space, it has been hit harder than the Fringe market.
Furthermore, from the end of 2015, the CBD will see 190,000 square metres of new stock added to
the market, which will result in further increases to vacancy and declines to effective rents in this
market. These conditions have opened the door to Fringe and Suburban-based companies to
relocate into the CBD at no/minimal additional cost to the business.
Page 22
Whilst a number of firms have relocated out of the Fringe to the CBD, these firms have typically had
relatively small space requirements (less than 500 square metres). Thus, although the Fringe has lost
some tenants to the CBD, the overall effect on net absorption and vacancy in the Fringe has been
minimal. When combined with the planned relocation of some large firms to the Fringe (such as Flight
Centre in 2016 and potentially Aurizon), net inter-precinct relocations are expected to continue to
favour the Fringe over the CBD in the short term. After Flight Centre (and potentially Aurizon),
however, we expect that the trend of firms moving out of the CBD to the Fringe will have largely run its
course.
Another factor which will influence demand over the medium to long-term in the broader office market
is the emergence of cloud computing, which is expected to contribute to a reduction in tenant space
requirements, relative to space requirements when using traditional IT services.
4.2.1 Net Absorption
Net absorption in the Fringe has averaged 33,138 square metres per annum over the past 10 years.
Most of the net absorption over this period has occurred in the Urban Renewal and Inner South sub-
locales.
During the 2015 financial year, net absorption was 10,095 square metres. As shown in the following
table, all positive net absorption during the year was in the Urban Renewal sub-locale, which benefited
from several major tenant moves (including Bank of Queensland, Lend Lease and Robert Bird Group).
Page 23
2 2
Grade Net Absorption m Sub-locale Net Absorption m
Premium No premium stock Inner South -11,323

A-grade 27,189 Milton -11,838
B-grade -14,188 Spring Hill -4,774
C-grade -521 Toowong -336
D-grade -2,385 Urban Renewal 38,366
Total 10,095 Total 10,095
Source: Property Council of Australia, m3property
4.3 OFFICE SUPPLY
The Fringe office supply pipeline has contracted considerably over the past 12 months as a result of
strong demand for residential development sites coupled with subdued office market conditions. The
only new supply added to the Fringe market to date in 2015 has been the K1 development at Bowen
Hills. K1 is a 15,990 square metre, A-grade, building that was completed in the second quarter of the
year with pre-commitments to Robert Bird Group and Lend Lease.
Currently under construction is the Southpoint Stage 1 development at South Brisbane (22,000 square
metres). This building has been fully committed to Flight Centre and is expected to be completed in
2016. 45 Cribb Street (27,800 square metres), 11-15 Breakfast Creek Road (17,500 square metres),
and Gasometer 3 (12,800 square metres) have (or are in the processing of obtaining) development
approval. With the exception of 11-15 Breakfast Creek Road (Tatt’s Group Headquarters), we do not
expect the other projects to begin construction in the near future without significant pre-commitment.
4.4 VACANCY RATES
The vacancy rate in the Brisbane Fringe was 12.6% at July 2015, representing 151,509 square metres
of vacant floor space.
Total Stock Total Vacancy

Sub-locale/Building Grade
2 2
m % m %
Inner South 259,610 21.7% 15,567 6.0%
Milton 233,646 19.5% 46,101 19.7%
Spring Hill 137,635 11.5% 20,896 15.2%
Toowong 81,183 6.8% 8,460 10.4%
Urban Renewal 486,494 40.6% 60,485 12.4%
Total 1,198,568 100.0% 151,509 12.6%
A-Grade 635,923 53.1% 77,099 12.1%
B-Grade 380,879 31.8% 52,029 13.7%
C-Grade 159,748 13.3% 19,996 12.5%
D-Grade 22,018 1.8% 2,385 10.8%
Total 1,198,568 100.0% 151,509 12.6%
Source: Property Council of Australia, m3property
Page 24
The long term vacancy trend is shown in the following chart.
4.5 RENTAL MARKET
A-grade gross face rents averaged approximately $515 per square metre during the June 2015
quarter, having remained relatively stable over the past year. With incentives averaging approximately
32% during the quarter, the average gross effective rent was $350 per square metre.
B-grade gross face rents averaged approximately $420 per square metre during the December 2014
quarter. Incentives averaged approximately 36%, resulting in gross effective rents averaging $270 per
square metre.
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4.6 INVESTMENT MARKET
4.6.1 Sales Activity
Despite poor leasing conditions, Brisbane’s investment market performed strongly during the 2015
financial year, with robust activity being the result of the weight of money, the more favourable dollar
for foreign investors and low interest rates.
There were 12 office sales (sales over $5 million only) for investment purposes (i.e. not for
redevelopment or conversion purposes) in the Fringe during the 2015 financial year. The total value
of sales was $526.03 million. By location, the majority of sales occurred in the Urban Renewal sub-
locale (five sales). There were two transactions in the Inner South, Milton and Toowong sub-locales
and one in Spring Hill.
The following table shows the individual transactions that make up the preceding chart.
Address Grade Sale Date Sale Price PY $/m2
Inner South
144 Montague Road, South Brisbane. Prime Nov-14 $92,750,000 9.10% $6,292
41 Buchanan Street, West End. Secondary Oct-14 $20,000,000 7.68% $5,912
Milton
16 Marie Street, Milton. Prime Mar-15 $20,425,000 9.46% $5,188
337A Coronation Drive, Milton. Secondary Jul-14 $53,700,000 9.90% $4,036
Spring Hill
434 Boundary Street, Spring Hill. Secondary Aug-14 $9,350,000 VP $3,259
Toowong
555 Coronation Drive, Toowong. Secondary Nov-14 $33,400,000 9.76% $5,945
74 High Street, Toowong. Prime Sep-14 $21,500,000 9.50% $4,969
Page 26
Address Grade Sale Date Sale Price PY $/m2
Urban Renewal
825 Ann Street, Fortitude Valley.* Prime May-15 $10,500,000 N/A N/A
1 King Street, Fortitude Valley. Prime Mar-15 $131,900,000 N/A $7,951
86 Brookes Street, Fortitude Valley. Secondary Mar-15 $5,000,000 7.98% $5,144
153 Campbell Street, Bowen Hills. Secondary Nov-14 $62,000,000 10.72% $3,957
757 Ann Street, Fortitude Valley. Prime Jul-14 $65,500,000 8.34% $7,178
Source: m3property
Note: VP – sold with vacant possession; N/A Not Available; * Strata.
In addition to the above-listed transactions of buildings sold for investment purposes, there have been
a number of development site sales over the past 12 months, of which are large proportion are now to
be developed with residential projects.
4.6.2 Yields
A-grade yields have tightened by circa 50 basis points over the past 12 months, to average 7.50%
during the June 2015 quarter. B-grade yields averaged 8.25% during the June quarter, having
tightened approximately 85 basis points over the year.
4.7 FRINGE OFFICE MARKET OUTLOOK
 On the back of a declining vacancy rate, rents in the Fringe are expected to remain stable over
the coming 18 to 24 months. We expect that incentives in the Fringe have now peaked and
will start to decline from here.
 The weight of money is expected to keep Fringe yields stable over the immediate future.
Yields will soften from mid- to late-2016 as a result of a forecast increase in the cash rate
around this time.
Page 27
 The trend of office buildings being converted or redeveloped for residential use is expected to
continue in the short-term as demand for inner-city apartments remains strong.
 Owner-occupiers are expected to have a continued presence in the Fringe market as a result
of the low, (and forecast declining), cash rate.
 Investment properties which have good lease expiry profiles will continue to attract investor
demand if the lease expiry takes the cash flow past the forecast weak leasing market.
4.8 RESIDENTIAL DEVELOPMENT SITE MARKET
There has been renewed confidence in the development site market over the past 12 months which
has stemmed from recent solid results of unit sales within completed projects.
Movement by investors and owner occupiers has been driven by sustained low interest rates (2.50%
from August 2013 to January 2015, and 2.25% since), and some ‘urgency’ by some purchasers to
buy-in before a perceived price hike. Developers have been capitalising on consumer demand and
are actively acquiring development sites. Sites with a holding income are keenly sought after as these
types of properties offer flexibility in development timing without a significant expense.
With the improved volume of unit sale transactions, developers and finance companies are now able
to more accurately determine end sale values and timeframes which assist in gaining funding. The
availability of capital is becoming easier and cheaper due to the banks improved appetite for funding
development sites and a high level of competition for business.
The increase in new development is generally raising the median price of units and land prices within
this location. The new product is seen as an attraction to buyers whilst prices are still perceived as
low. A premium is also often attached to new product paid by both owner occupiers and investors.
Stock type, however, needs to be digestible in the current market place for owner’s expectation and
also investor’s returns.
We consider the current depth of the market should maintain steady values within the next 12 months.
Some inner and fringe city suburban areas are however being exposed to a level of high supply which
may see rental yields put under pressure with potential impacts on capital values in the future.
4.9 MARKETABILITY AND SELLING PERIOD
Cognisant of the property’s physical attributes, tenancy position, and the prevailing and forecast
market conditions, we consider the property to exhibit many attributes which remain sought by
investors and, accordingly, if offered to the market, we expect it would meet with reasonable demand.
In our opinion, the property would sell within a six month period assuming that it is professionally
marketed at a realistic asking price. The most probable purchaser would be a private investor or
developer.
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5.0 Tenancy Details
11
5.1 OVERVIEW
We have reviewed the existing lease and the proposed amendment to lease. Our summary of the
lease terms is on the basis that the latter document is finalised.
Lessor Wharf Street Investments Pty Ltd.

Lessee Commonwealth of Australia.
Demised Premises Whole of property being only Lots 5-10 on RP 10313.
Lettable Area 4,695 square metres.
Permitted Use Office accommodation and storage.
Commencement 1 October 2006
Term/option 10 years 6 months plus 1 year.
It is proposed that the vendor will prior to settlement finalise the 1 year plus 1
year option extension of the current lease (expiry 31 march 2016) until 31
March 2017. This amendment provides for the Lessor to terminate during the
one year lease after 6 months with 90 days notice and in the option period
either party can terminate after 6 months with 90 days notice.
Expiry 31 March 2017.
Commencement Rental $1,986,900 ex GST or $423 per square metre gross as at 1 October 2006.
Current Rental $2,473,586.60 ex GST or $526 per square metre gross increasing to
$2,607,534 ex GST or $555 per square metre gross from 1 April 2016. These
rentals include the 63 car parks.
Rental Reviews Annually lower of CPI or 4%.
Market reviews 1 October 2010 and 2013.
Outgoings Gross lease lessor pays outgoings as defined in lease.
Car Parking: 63 basement car parks.
Make Good Requirements Yes
Security/Guarantees Nil
Other Nil
The property has a Weighted Average Lease Expiry (WALE) by area and income of 1.64 years.
11
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6.0 Income Analysis
12
6.1 PASSING INCOME
6.1.1 Gross Income
The passing rental income derived from the property is summarised as follows.
Tenancy Area / Bays Passing $pa Passing $/m² /bay pcm
Base Rental Income 4,695 $2,280,807 $485.79

Car Parking 63 $192,780 $255
Gross Income 4,695/63 $2,473,587 $526.85
Note: The current lease rental does not separate car parking from the office accommodation. For
valuation purposes we have notionally apportioned the two components.
6.1.2 Outgoings
We have been provided with the outgoings budgeted for the 2014-2015 financial year. We have made
adjustments to the following items:
Land Tax – We have calculated Land tax based on the statutory valuation reported within Section 2.6
– ‘Statutory Valuation’ of this report on a single company holding structure.
Council Rates- we have made adjustment based on the purchaser’s consultant advice on current
payments.
The adopted outgoings and comparison with the PCA Benchmark for fringe office buildings (median
$/m²) is summarised as follows:
Item Budget $/m²pa PCA Benchmark
Municipal / Council Rates $76,311 $16.25 $10.18

Water and Sewerage Rates Incl. above $5.61
Land Tax $97,000 $20.66 $10.18
Other Statutory Incl. in Council Rates $2.49
Statutory Expenses $173,311 $36.91 $22.94
12
Page 30
Item Budget $/m²pa PCA Benchmark
Insurance Premiums $14,700 $3.13 $4.06

Air Conditioning and Ventilation $27,324 $5.82 $7.24
Common Area Cleaning $3,410 $0.73 $10.61
Electricity-common area $153,846 $32.77 $15.62
Fire Protection / PA System $17,209 $3.67 $3.22
Lifts $17,115 $3.65
Repairs and Maintenance $24,480 $5.21 $6.86
Security / Access Control $0 $0 $2.64
Administration / Management Fee $20,808 $4.43 $8.97
Operating Expenses $278,892 $59.40 $70.16
Total Expenses $452,203 $96.31 $99.18
The total outgoings equate to $96.31 per square metre of lettable area including Land tax. In our
opinion the outgoings is consistent with industry standards.
6.1.3 Net Income
The passing net rental income derived from the property is summarised as follows.
Passing $pa Passing $/m²
Total Gross Income $2,473,587 $526.85

Less: Outgoings $452,203 $96.31
Passing Net Income $2,021,384 $430.54
Note: Passing income analysis $ per square metre includes car parks which are not separated from
lease rental.
Page 31
6.2 POTENTIAL MARKET INCOME
6.2.1 Market Rental Evidence
The following leasing transactions have been considered in formulating an opinion as to the current
market rental value of the office space and car parking bays within the building.
# Address Details Analysis
1 Oxygen, Date Feb 2014 Area 1,300 m² $435/m² Gross

150-170 Leichardt Street, Tenant Intellitrain Cars - $250 pbpm
Spring Hill.
Term Undisclosed Incentive - N/A
A modern mixed-use building situated in a mixed-use complex constructed circa-2005, situated approximately one kilometre
north of the Brisbane CBD within the ‘Spring Hill’ precinct. The complex consists of five buildings, with Building ‘A’ providing
2,612 square metres of office accommodation over two levels and a ground floor retail component consisting of 10 tenancies
comprising a total of 1,415 square metres. Basement car parking for 18 commercial bays and 10 retail bays at a ratio of 1
bay per 144 square metres of lettable area.
The lease to Intellitrain is a new lease over level two of Building A. It was structured on a gross basis with fixed 4% annual
reviews. (ME 25/07/14)
Comparison: Similar locality, superior improvements. Above average tenancy area. Good guide.
2 433 Boundary Street, Date Current rent Area 2,904m2 $448/m² Gross
Spring Hill. Tenant Logicamms Cars n/a
Term 6 years Incentive unknown
A 3 level commercial building c1987 and refurbished in 2003, 2004, 2008 and 2010. Construction is concrete external panels
and concrete masonry with rendered finish. NLA is 5,992 sqm with floor plates ranging between 1,908 sqm and 2,008 sqm.
Serviced by two lifts. Basement car parking for 107 vehicles.
Lease from 1/10/2010 for 6 years. Fixed annual reviews 3.5%. Lessee also has additional 1,032 sqm at similar rate psqm.
Outgoings equate to $99 psqm. Rental quoted above is current rent.
Comparison: Current rent for sitting tenant. Similar locality, similar tenancy area, superior refurbished
improvements. Slightly superior.
Page 32
3 121 Wharf Street, Date Sep 2013 Area 355 m² $525/m² Gross
Spring Hill. Tenant Harrison Grierson Cars - N/A
Term 6 years Incentive 32.00% $168/m²
A circa-1984, part three- and four-level office building within the near-city suburb of Spring Hill. The property was extensively
refurbished in 2012 and comprises basement car parking and separate entry foyers. The building extends along the Turbot
Street frontage between Wharf and Bowen Streets. The four-storey section is known as ‘121 Wharf Street’ whilst the three-
storey section is known as ‘388 Turbot Street’. The building provides a total net lettable area of 4,443 square metres which
includes 947 square metres for the smaller three-storey building. Three lifts service the whole building complex. Basement
parking is available for 63 cars plus a roof top entertainment area is provided on the three storey building. The building has a
car park to NLA ratio of 1:71.
The lease to Harrison Grierson is a new lease over part of Level 2 to an existing tenant. Reviews were undisclosed at the
time of reporting.
Comparison: Dated lease, similar locality, superior refurbished improvements. Smaller tenancy area. Superior.
4 163 Wharf Street, Date Mar 2013 Area 500 m² $425/m² Gross
Spring Hill. Tenant Prime Learning Cars 12 N/A
Term 3 + 3 years Incentive 5.56% $24/m²
A semi-modern, B-grade, freestanding office building situated within the established fringe suburb of Spring Hill. It comprises
12 covered parking bays at-grade with two levels of refurbished office accommodation situated above. It has a car park to
NLA ratio of 1:42.
The lease to Prime Learning is over the whole of the property. It was negotiated on a three-year term with fixed 4% annual
rental reviews and an incentive of two months’ rent-free. The car parking was included in the rental. (MG 02/07/13)
Comparison: Dated lease, similar locality, inferior improvements. Mid size tenancy area. If separate rental applied to
car parks then rate reduces to $353 per square metre gross. Inferior.
The market rental evidence indicates a gross rental range of between $425 and $525 per square
metre per annum for the office and $250 per month for each car park.
Page 33
We note that the current lease equates to $485.79 per square metre gross after allowing a separate
market rental for the car parks. The rental appears above current market rents which may in part be
due to lease nearing its expiry and annual rent reviews based on the lower of CPI or 4%. We are
aware that historically the building was special purpose built for the occupying tenant being the
Australian Federal Police with a number of additional costs due to special specification requirements
which was considered in the lease rental agreed. However the broader leasing market would consider
the opportunity in comparison to other typical office product available. The subject in our opinion has
a uniform floor plate and would appeal to a wide range of users.
The proposed lease amendment provides for an increase in the rental to $2,607,534 pa gross from 1
April 2016 representing a 5.4% increase on the current rent. However we are of the opinion that this
higher rent is not reflective of market conditions but is more reflective of its short term 1 year tenure.
Accordingly based on our commentary we have adopted $430 per square metre per annum gross as
the market rental value of the office accommodation. We have adopted $255 per bay per month for
the car parks.
6.2.2 Market Rental Assessment
Our assessment of the market rental is tabulated below.
Component Area (m²) / Bays Market Rent Market Rent $pa
Office 4,695 $430/m² gross $2,018,850

Car Parking 63 $255/bay/month $192,780
Electricity Profit - $0
Naming & Signage - $0
Total $2,211,630
We have assessed no naming and signage market rental value given the current competitive leasing
market and the likely inclusion of same as an incentive to attract a tenant.
There is currently no electricity profit given the single tenant and lease conditions. This may alter if the
building is multi-tenanted.
6.2.3 Market Recoveries
We have assessed a gross market rental for the office space and have adopted the budgeted
outgoings previously stated as being representative of the market outgoings applicable to the property.
6.2.4 Vacancy Allowance
We have included a perpetual vacancy allowance of 2.50%.
Page 34
6.3 SUMMARY
A summary of the passing and market income is as follows:
Passing Assessed Market

Tenancy $/m² /bay $/m² /bay Var %
$pa $pa
pcm pcm
Base Rental Income $2,280,807 $485.79 $2,018,850 $430.00 -11.14%
Signage Inc above Inc above
Car Parking $192,780 $255.00 $192,780 $255.00 0.00%
Total Rental $2,473,587 $526.85 $2,211,630 $471.06 -10.27%
Plus: Recoveries Inc in non-rec - - 0.00%
Gross Income $2,473,587 $526.85 $2,211,630 $471.06 -10.27%
Less: Outgoings non-rec $452,203 $96.31 $452,203 $96.31 0.00%
Less: Vacancy Allowance - - $55,291 $11.78
Net Income $2,021,384 $430.53 $1,704,136 $362.97 -15.32%
Page 35
7.0 Valuation Rationale
7.1 VALUATION METHODOLOGY
The property has been valued utilising the direct comparison method and reconciled with the
capitalisation of net income approach.
Primary Valuation Method: The direct comparison approach involves applying a value rate to the
selected unit of comparison, in this assessment a rate per square metre of land area, with the adopted
value rate derived from analysis of comparable sales evidence.
Secondary Valuation Method: The capitalisation of net income approach has been effected by
applying a market-derived capitalisation rate to the assessed net annual market rent to establish the
property’s core investment value (fully leased at current market rents) and then making ‘below the line’
adjustments for the property’s individual investment characteristics, including rental reversions,
outstanding abatements, future incentives, et cetera.
7.2 VALUATION PARAMETERS
This section discusses and compares those attributes of the property and recent market transactions
which would receive due consideration by prospective purchasers. Based on our interpretation of the
market at the date of valuation, we have then formulated an opinion of the valuation parameters the
market would adopt for the property.
7.2.1 Sales History
The property has not been sold since 1995. As highlighted earlier the property is the subject of a put
and call option at a purchase price of $21,280,000 ex GST.
The purchaser BLH Wharf Pty Ltd and the vendor have executed a put and call option and a 30 day
contract of sale with completion of the sale by 20 February 2016. A 5% deposit has been paid. The
property is being acquired as a going concern. Refer annexures for further detail.
7.2.2 Sales Evidence
The comparable sales evidence that we have considered is summarised as follows.
Page 36
Zoned for 25-30 Storeys Mixed Use Development Sites
1 185 Wharf Street, Date Jun 2015 Site Area 1,835 m² $/m² $7,902/m²
Spring Hill. Price $14,500,000 GFA 13,020 m² $/m² $1,114/m²
Status Under Contract Units 144 $/unit $100,694
The property is located within the suburb of Spring Hill, approximately one kilometre by road and 600 radial metres north
from Brisbane’s Central Business District. The property is situated on the north eastern side of Wharf Street. The site
comprises five contiguous allotments forming a regular shaped parcel with a sloping topography which falls from Wharf
Street to Carrol Lane. The site is currently improved with a four level brick commercial building c1985 which has a NLA of
2,824 sqm and car parking for 43 cars.
Under the Brisbane City Plan 2014, the property is classified ‘Mixed Use (Inner City) Zone and subject to the ‘Petrie Terrace
and Spring Hill Neighbourhood Plan - High-Rise Commercial B5’. The proposed Spring Hill Neighbourhood plan which has
been submitted for approval (due mid 2016) to the Sate Government by the Brisbane City Council designate the site as
Principal centre (1) which will allow for development up to 30 storeys given it has a land area in excess of 1800 square
metres.
The property sold with Development Approval dated Feb 2015 for a 144 unit (including three ground floor retail tenancies), 14
level development plus two levels of basement car parking. The approved GFA was 13,020 square metres reflecting a plot
ratio of 7.1:1 on the site area. The Brisbane City Council File Reference Number is A003950245.
The site was sold by Silverstone Developments and is under contract to CBUS Property who plan to amend the Development
Approval to reflect the higher densities allowed under the new Spring Hill Neighbourhood Plan which allows development to
30 levels. (BH 16/06/15)
Comparison: Slightly inferior location adjacent, sold with DA (15 storeys) which is proposed to be amended.
Similar proposed zoning allowing up to 30 storeys under the proposed new planning scheme. Inferior improvements
and holding income. The property previously sold for $6,710,000 in 2014. Since that date the proposed planning
scheme has increased the site development to 30 storeys. This sale is a good guide for demonstrating the increase
in market values due to the new planning scheme. Inferior to subject.
Page 37
2 35-39 Merivale Street, Date Sep 2014 Site Area 1,821 m² $/m² $8,786/m²
South Brisbane. Price $16,000,000 GFA 19,269 m² $/m² $830/m²
Status Settled Units 239 $/unit $66,946
The property is located approximately 1.5 kilometres south-west of the Brisbane General Post Office. The site comprises
three adjoining allotments which combine to form a regular shaped parcel which is level at road height. The sites are each
improved with semi-modern low-rise commercial office buildings. Under the Brisbane City Council’s City Plan 2014, the
property is classified ‘Principal Centre (City Centre)’ zone and subject to the ‘South Brisbane Riverside’ Neighbourhood Plan.
The property is below known flood heights and was partially subjected to inundation during the January 2011 flood event. It
is within ‘Brisbane River Flood Planning Areas 4 and 5’ which has only a slight impact on development.
The property was sold with development approval. On 25 March 2014, Brisbane City Council issued a Decision Notice
approving a Centre Activity - Multi Unit Dwelling (239 Units), Shop and Restaurant. The proposed development comprises a
28 level tower with ground level shop/restaurant plus two basement levels and three podium levels of parking for 247 cars
plus four motorcycles. The complex is configured by 187 one-bedroom and 52 two-bedroom units. The plot ratio is 10.58
and the density equates to approximately 1,312 units per hectare. The property transacted between two local development
companies. (RM 25/09/14)
Comparison: Slightly inferior location, sold with DA (28 storeys) and has a zoning allowing up to 30 storeys, inferior
improvements. Smaller land area. Overall comparable within range.
Page 38
3 1 Cordelia Street, Date Aug 2014 Site Area 4,658 m² $/m² $9,875/m²
South Brisbane. Price $46,000,000 GFA - $/m² N/A
Status Settled Units 602 $/unit $76,412
The property is located within the suburb of South Brisbane approximately 1.5 kilometres by road south-west from Brisbane
Central Business District. It forms a triangular shaped parcel bounded by Cordelia Street, Boundary Street and Peel Street.
The site is slightly sloping in topography with a fall to the west. There are marginal flooding constraints towards the northern
corner of the site. Under the City Council Planning Scheme, the property is classified ‘Multi-Purpose Centre MP2 - Major
Centre’ and subject to ‘South Brisbane Riverside Neighbourhood Plan - Kurilpa Precinct’ being suitable for a maximum of 30
storeys. At the date of sale the site was improved with a semi-modern multi-storey building previously used by the
Southbank Open Learning College and various Government departments.
The property was formerly owned by the Department of Education and Training and purchased by Metro Property Group for
high density residential development. Post sale, a development application has been lodged for a mixed-use development
comprising 602 residential apartments plus three commercial tenancies. The total proposed gross floor area is 44,231
square metres across three separate buildings up to a maximum of 30 storeys. The proposed plot ratio is 9.5:1. (JF 18/8/15)
Comparison: Slightly inferior location, sold without DA and has zoning allowing up to 30 storeys, inferior
improvements. Larger land area. Sale represents large quantum dollar transaction for a residential development
site. Overall slightly inferior.
4 196 Wharf Street, Date Jul 2014 Site 1,360 m² PY 9.21%
Spring Hill. Price $10,225,000 ($4,409/m²) Lettable 2,319 m² EY 8.50%
Status Settled Vacancy - IRR -
A circa-1990, semi-modern, B-grade office building situated within the fringe suburb of Spring Hill. It comprises a six-level
office building with a single-level basement car park proving 29 bays at a ratio of 1:80. The property is serviced by two lifts
with common ablutions and kitchenette to each level around a central building core layout.
The property was purchased by a private investor. At the date of transaction it provided a WALE of 3.22 and 3.25 years by
income and area respectively, to an overall above average calibre of tenant, including ZAP Technology, UniDap Solutions
and Intellitrain. The passing rental was approximately 15% above our assessment of the market rental prevailing at the date
of transaction however, this is attributed to rents which were assessed above and below the gross market rent of $425 per
square metre.
Comparison: Comparable location near opposite. Slightly superior improvements. Inferior development potential
given land area restricts to 25 storeys. Superior WALE which may or may not be an advantage as a development
site. Sale was prior to market becoming aware of proposed 25 storey limit under new planning scheme. Good
guide on yield basis.
Page 39
5 38-58 Hope Street, Date Apr 2014 Site Area 2,238 m² $/m² $10,500/m²
South Brisbane. Price $23,500,000 GFA - $/m² N/A
Status Under Contract Units 329 $/unit $71,429
The property is located in the inner-city suburb of South Brisbane, approximately one kilometre by road east of the Brisbane
Central Business District. It comprises 2,238 square metres and is held over three contiguous allotments with dual street
frontage to Hope Street and Peel Street. Under the Brisbane City Council CityPlan 2014, the property is classified ‘Principal
Centre (City Centre)’ and subject to the ‘South Brisbane Riverside Neighbourhood Plan - Kurilpa Precinct’, with a permissible
building height of 30 storeys. The site was not inundated during the January 2011 flood event.
The property was sold with development approval. On 16 April 2014, Brisbane City Council issued a Decision Notice
approving a Material Change of Use for Centre Activities (Multi-Unit Dwelling, Shop, Restaurant and Office). The proposed
development will comprise two mixed-use towers of 26 and 27 levels plus roof top recreation areas, two levels of basement
car parking plus four podium level car parks (329 cars), ground floor retail component of 525 square metres and 329
residential apartments configured by 141 one-bedroom, 39 two-bedroom, one-bathroom and 149 two-bedroom, two-
bathroom units. The design includes 189 units in Stage 1 (27 storeys) and 140 units in Stage 2 (26 storeys). The density
equates to approximately 1,470 units per hectare. The property was sold by Aria Property Group Pty Ltd and acquired by
Mirvac Queensland Pty Ltd. (RM 02/12/14)
Comparison: Slightly inferior location, sold with DA (27 storeys) and has zoning allowing up to 30 storeys, inferior
improvements. Overall superior on rate per square metre of land area given DA.
Page 40
6 121 Wharf Street, Date Jun 2013 Site 2,212 m² Land $10,849
Spring Hill. Price $24,000,000 ($5,402/m²) Lettable 4,443 m² PY 8.86%
Status Settled Vacancy 7.85% EY 8.98%
IRR 9.67%
A circa-1984, part three- and four-level office building within the near-city suburb of Spring Hill approximately 800m from the
Brisbane CBD.
The building extends along the Turbot Street frontage between Wharf and Bowen Streets. The four-storey section is known
as ‘121 Wharf Street’ whilst the three-storey section is known as ‘388 Turbot Street’. The building provides a total net lettable
area of 4,443 square metres which includes 947 square metres for the smaller three-storey building. Three lifts service the
whole building complex. Basement parking is available for 63 cars plus a roof top entertainment area is provided on the three
storey building. The building has a car park to NLA ratio of 1:71. The property was extensively refurbished in 2012 (cost
$5.7m). Nabers energy rating of 5.
The property was purchased by a private investor. At the date of transaction it provided a WALE of 6.12 and 6.74 years by
income and area respectively, to an overall average calibre of tenant, including CBRE and Defence Housing Australia. The
passing rental was approximately 1.57% below our assessed market rental of $510 gross equivalent per square metre.
(MG 11/09/13)
Post Sale Date: New Spring Hill neighbourhood plan due for gazettal mid 2016 proposes Principal Centre 1 zoning up to 30
storeys for the site. Sale equates to $10,849 per square metre on an improved land area analysis.
Comparison: Dated Sale: similar locality, superior improvements, similar land area, similar development potential
(30 storeys) post sale. Provides good yield guide. Market has firmed since.
7.2.3 Reconciliation
The subject represents a semi-modern commercial office with a net lettable area of 4,659 square
metres and a land area of 2,433 square metres in a near city location. It provides a holding income
until the lease (amended) expiry date of 31 March 2017.
The Brisbane City Council and State Government propose a new town planning scheme for this
location which will allow the subject to be developed for a mixed use development up to 30 storeys.
The new planning scheme is due to be gazetted by mid 2016 and our opinions and market value
expressed herein are subject to this occurring. The consequence of the new plan is the subject site
has a new higher and best use (highrise mixed use development) with the current improvements being
under development of the site.
The market has been buoyant for residential development sites particularly in the CBD and the near
city locations of South Brisbane, Spring Hill and Fortitude Valley. Specifically sites which allow 30
storeys or greater are limited due to the larger planning scheme land requirements of 1,800 square
metres plus in these locations.
Page 41
In our opinion the market sales evidence is demonstrating the following:
 Developers both local and foreign are prepared to pay a premium (on a land rate per square
metre basis) for sites which allow for 30 storeys compared to other lower density sites limited
to 15 storeys or below. This is in part due to design and construction efficiencies however the
risk remains with the sale of an increased amount of product.
 Development sites which are capable of development in the next 2-3 years are in demand
compared to longer term leased sites.
 Developers are optimistic that current demand levels for the end product will continue.
 The market is assessing opportunities based on rate per square metre of land area with a
lesser focus on investment yield return.
Accordingly, we have sought to identify comparable sales which have planning and development
potential for up to 30 storeys. Given that Spring Hill is a near city location we have sought sales in
similar locations outside of the CBD itself.
Sales 1, 2, 3 and 5 are similar potential 30 storey development sites that were under developed with
low to medium rise commercial uses.
Sales 4 and 6 provide analysed yield basis for use in secondary valuation method being the
capitalisation of net income approach.
The market evidence listed earlier included our comparison commentary and is further summarised as
follows:
Land $/m²
# Property Sale Date Sale Price PY EY
Area m² Land
1 185 Wharf St, Spring Hill. Jun 2015 $14,500,000 1,823 $7,902
2 35-39 Merivale St, South Brisbane. Sep 2014 $16,000,000 1,821 $8,786
3 1 Cordelia St, South Brisbane. Aug 2014 $46,000,000 4,658 $9,875
4 196 Wharf St, Spring Hill. July 2014 $10,225,000 1,360 $7,518 9.21% 8.50%
5 35-58 Hope St, South Brisbane. Apr 2014 $23,500,000 2,238 $10,500
6 121 Wharf St, Spring Hill. Jun 2013 $24,000,000 2,212 $10,849 8.86% 8.98%
Subject Current $21,280,000 2,433 $8,746 9.49% 8.26%
Note: Sale 1 and Sale 4 are under contract and have not settled.
Primary Valuation Method: Direct Comparison on a Land Area Basis
The market evidence ranges between $7,518 and $10,500 per square metre of land area. Note Sale
4 is restricted to 25 storeys with the other sales up to 30 storeys. We have adopted a range of
between $8,700 and $8,800 per square metre of land area.
Secondary Valuation Method: Capitalisation of Net Income
The market evidence ranges between 8.5% and 8.98%. We consider the subject superior to both of
these sales. Accordingly we have adopted 8.25% for the subject.
Page 42
8.0 Valuation
8.1 PRIMARY VALUATION METHOD DIRECT COMPARISON APPROACH
The value calculated under the direct comparison approach on a site area basis is detailed below:
2
Site Area 2,433 m
2 2
Pro Rata Rate Per Square Metre of Site Area $8,700/m to $8,800/m
Value as Calculated $21,167,100 to $21,410,400
8.2 SECONDARY VALUATION METHOD CAPITALISATION OF NET INCOME APPROACH
8.2.1 Value Disclosed by the Capitalisation Approach
A summary of our assessment using this approach is as follows:
Assessed Net Annual Market Income* $1,704,136

Adopted Capitalisation Rate 8.25%
Core Investment Value as Calculated $20,656,193
Below the Line Adjustments
PV Over(±) Market Income $550,151
PV Lost Income on Vacant Space $0
PV Outstanding Capex $0 $550,151
Market Value as Calculated $21,206,344
Market Value Rounded $21,200,000
*includes perpetual vacancy allowance of 2.5%
8.2.2 Below the Line Adjustments
Any incidence which affects the regularity of the cash flow generated by the property within a two-year
period of the valuation date (capitalisation horizon) is treated as a ‘below the line adjustment’ to the
core investment value. Such adjustments represent the present value (PV) of that incidence
throughout the capitalisation horizon and are undertaken utilising a discount rate of 8.00% with mid-
period PV timing.
The adjustments made within the above capitalisation approach are explicated below, however it
should be noted that manual calculations will not produce the exact figures due to the PV timing of
cash flows, rounding, and market rental growth compounded monthly.
Page 43
PV Over (±) Market Income – Total present value of the difference between market and passing
rentals calculated for each lease until expiry, irrespective of mid-term market reviews.
Months Until PV of
Tenancy Monthly Profit/Shortfall
Reversion Reversion
Commonwealth of Australia $21,830 rising to $32,992 from 1 April 2016 19.64 $550,151
TOTAL PV Over (±) Market Income $550,151
In this instance, the capitalisation horizon limits the adjustment to any stipulated or assumed lease in
effect or commencing within the two-year period immediately succeeding the date of valuation.
Given the highest and best use of the site is as a high rise mixed use development site and
lessee vacation of the property would be considered a positive by prospective purchasers we
have accordingly no made allowance to relet the property on expiry of the current lease.
8.3 SUMMARY
We have preferred the direct comparison approach on a land area basis rather than the capitalisation
of net income approach as the former more accurately reflects current market conditions. The
adopted market value of $21,280,000 is consistent with the put and call option purchase price.
The valuation analyses is summarised as follows.
Direct Comparison Value $21,280,000

Capitalisation of Net Income Value $21,200,000
Passing Initial Yield 9.49%
Equivalent Yield 8.26%
Market Yield (fully leased) 8.26%
Value /m² Land Area $8,746/m²
Value /m² NLA $4,532/m²
Page 44
9.0 Valuation Certificate
Subject to the qualifications and assumptions contained within the body of this report and the existing
leases, we assess the current market value of 187-207 and 211A Wharf Street, Spring Hill, Brisbane,
Queensland exclusive of GST, as at 11 August 2015, to be:
$21,280,000
(TWENTY ONE MILLION TWO HUNDRED AND EIGHTY THOUSAND DOLLARS)
This valuation is for the private and confidential use only of Brisbane Land Holdings Pty Ltd for the specific purpose for which it
has been requested. No third party is entitled to use or rely upon this report in any way and neither the valuer nor m3property
(Qld) Pty Ltd shall have any liability to any third party who does.
This valuation is current as at the date of valuation only. The value assessed herein may change significantly and unexpectedly
over a relatively short period of time (including as a result of general market movements and factors specific to the particular
property). We do not accept responsibility or liability for losses arising from such subsequent changes in value. Without limiting
the generality of the above comment, we do not assume responsibility or accept liability where the valuation is relied upon after
the expiration of 3 months from the date of valuation or such earlier date if you become aware of any factors that have an effect
on the valuation.
This valuation is prepared on the assumption that the lender as referred to in the valuation report (and no other), may rely on the
valuation for mortgage finance purposes and the lender has complied with its own lending guidelines as well as prudent finance
industry lending practices, and has considered all prudent aspects of credit risks for any potential borrower, including the
borrower's ability to service and repay any mortgage loan. Further, the valuation is prepared on the assumption that any such
lender is providing mortgage financing at a conservative and prudent loan to value ratio. This clause (Prudent Lenders Clause)
only applies if the lender is not a lender regulated by the Banking Act of 1959. Liability limited by a scheme approved under
Professional Standards Legislation.
Only a signed original of this valuation, either in electronic or hard copy form, should be relied upon and no responsibility will be
accepted for photocopies of the report.
No part of this valuation or any reference to it may be included in any other document or reproduced or published in any way
without written approval of the form and context in which it is to appear.
John Falvey AAPI Ross B Perkins FAPI

Certified Practising Valuer Managing Director – m3property (Qld)
Registration No. 3357
Director – m3property (Qld)
Page 45
Annexures
1 Photocopy of Instructions
2 Photocopy Extract of Put and Call Option and Sale Contract Agreements
3 Photocopies of Current Title Searches
4 Photocopy of Registered Plan

5 Photocopy of Sample Contaminated Land Search
6 Photocopy of Extract of Lease and Amendment To Lease
7 Photocopy of Preliminary Redevelopment Scheme Plans

8 Photocopy of Due Diligence Building Condition Report Summary

ANNEXURE 1
Photocopy of Instructions
ANNEXURE 2
Photocopy of Extract of Put and Call Option

and Contract of Sale
ANNEXURE 3
Photocopies of Current Title Searches

ANNEXURE 4
Photocopy of Registered Plan

ANNEXURE 5
Photocopy of Sample Contaminated Land Search

ANNEXURE 6
Photocopy of Extract of Lease and Amended To Lease

ANNEXURE 7
Photocopy of Preliminary Redevelopment Scheme Plans

ANNEXURE 8
Photocopy of Due Diligence Building Condition Report Summary

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Valuation Report

Near-City Office Building

187-207 and 211A Wharf Street

187-207 AND 211A WHARF STREET, SPRING HILL

Adopted Market Value $21,280,000

1.0 INTRODUCTION .........................................................................................................................1

3 Photocopies of Current Title Searches

4 Photocopy of Registered Plan

5 Photocopy of Sample Contaminated Land Search

6 Photocopy of Extract of Lease and Amendment To Lease

7 Photocopy of Preliminary Redevelopment Scheme Plans

1.2 VALUATION ASSUMPTIONS

1.2.1 Verifiable Assumptions

1.2.2 Assumptions Requiring Further Consultancy

1.2.3 Assumptions based on Opinion

Furthermore, the following terms are referred to within the valuation:

1.4 PECUNIARY INTEREST

1.5 DATE OF INSPECTION

1.6 DATE OF VALUATION

2.0 Land Particulars

Interest Description Registered Owner

The title refers to the following encumbrances:

2.2 LAND DESCRIPTION

2.2.1 Physical Attributes

A site plan of the property is shown overleaf.

Zone Map (Existing Zones)

Proposed Zone Map New Spring Hill Neighbourhood Plan

Development of Development of Development of Development of

If in the City Centre expansion precinct (Spring Hill neighbourhood plan/NPP-001)

Where in the Community

If in the Boundary Street heart precinct (Spring Hill neighbourhood plan/NPP-002)

If in the Spring Hill east precinct (Spring Hill neighbourhood plan/NPP-003)

2.3.2 Compliance of Current Use 6

The current use is compliant with the planning scheme.

2.3.3 Highest and Best Use

2.4 LOCALITY AND SURROUNDING DEVELOPMENT

2.6 STATUTORY VALUATION

3.2 BUILDING SPECIFICATION

3.2.1 Construction and Fit-Out

General construction details of the property are as follows.

The following floor areas are based on lease survey plans:

Building Component Area Configuration

3.3.2 Accommodation Description

3.4 PRESENTATION, CONDITION AND UTILITY 9

3.4.1 Building Grade and Functionality

3.4.2 Environmental Rating

The property does not have a NABERS Energy rating.

We have relied upon this advice.

3.4.4 Pest Affectation

3.5 REPLACEMENT VALUE OF IMPROVEMENTS

Estimated Base Building Cost 4,695 m² @ $1,900 $8,920,500

INSURANCE VALUE (ROUNDED) $15,506,702 ($15,500,000)

3.6 PHOTO GALLERY

VIEW NORTHERN SIDE

VIEW SOUTH ALONG W HARF ST TO CBD

UPPER LEVEL BASEMENT

GROUND LEVEL LIFT LOBBY

VIEW NORTH EAST ROOF TOP

VIEW SOUTH EAST FROM ROOFTOP