Olderfleet, 477 Collins Street. Melbourne s newest Premium Grade office tower

Transcription

1 Olderfleet, 477 Collins Street Melbourne s newest Premium Grade office tower

2 Mirvac Group One of Australia s Leading Developers and Investment Managers Mirvac is a leading, diversified Australian property group, with an integrated development and asset management capability Top 50 ASX listed company Over $15 billion of assets under management $4.7 billion of office assets Long history of successful capital partnerships for prime grade office assets 664 Collins St, artist s impression Olderfleet, artist s impression* * Note change to building orientation 02

3 Mirvac Leveraging our strengths Setting the standard as a world-class Australian property group that attracts the best Integrated Leveraging our integrated model to create, own, manage Diversified Maintaining an appropriate balance of passive and active invested capital through cycles, retaining capability across four sectors Focused Deploying capital with discipline and in alignment with our directional mandates Office Industrial Retail Residential Create and buy Create Unlock value Create and sell Prime grade CBD (development + repositioning + passive) Prime grade non-cbd (development + repositioning) Infill ring repositioning and up-zoning Urban edge tenant driven development Neighbourhood Sub-regional CBD / mixed use Apartments inner ring Apartments metropolitan activity centres Masterplanned communities infill ring Masterplanned communities urban edge 03

4 Integrated business model CREATE ~A$8.5 billion market capitalisation ASX listed OWN MANAGE Over 40 years experience Office Industrial Retail Residential A$4.7 billion portfolio of prime and A grade assets Development pipeline end value ~A$3 billion A$0.8 billion industrial portfolio, focused on logistics facilities in Sydney and Melbourne Development pipeline end value ~A$1 billion A$2.9 billion portfolio of sub-regional, neighbourhood and CBD shopping centres Development pipeline end value ~A$1 billion Focus on major urban areas, developing masterplanned communities and apartments A$1.8 billion capital invested 04

5 Mirvac office out-performance A$4.7 billion portfolio Occupancy 97.6% 35% Premium Grade 60% A Grade NABERS Star rating 5.1 Mirvac is one of Australia s largest property owners, with a development and management portfolio of quality real estate across all major office markets. Mirvac s integrated property platform incorporates all property services including, asset and facilities management, development and sustainability Drivers of Mirvac s competitive advantage Superior asset management Repositioning expertise Commercial development expertise Sustainability focus 05

6 Mirvac office out-performance Key Statistics >330 Tenants Tenant Satisfaction Score top quartile ~624,000 NLA Key Tenants KEY TENANTS 06

7 Mirvac Group Proven Track Record In development 8 Chifley Square Sydney David Malcom Justice Centre Perth 200 George Street Sydney 699 Bourke Street Melbourne 2 Riverside Quay Melbourne Australian Technology Park Sydney Grade Premium Premium Premium A Grade A Grade A Grade NABERS 5 Star 4.5 Star* 5 Star* 5 Star 5 Star* 5 Star* % Leased at PC 97% 99% 99% 100% 100% 100% NLA 19,349 32,027 38,993 19,303 21,239 93,600* Ownership 50% Mirvac 50% Keppel REIT 50% Mirvac 50% Keppel REIT 50% Mirvac 50% AMP 50% Mirvac 50% TIAA 50% Mirvac 50% ISPT 33.3% Mirvac 33.3% AMP 33.3% SunSuper *Targeting 07

8 Melbourne - The world s most liveable City 1 Expected to be Australia s largest capital city by Melbourne is a core Asia Pacific investment destination and Australia s most diversified office market 2 Melbourne is forecast to capture more office demand than any other Australian CBD 2 Melbourne office rents are expected to re-rate with strong growth forecast over the next decade 2 1. In 2016, The Economist Intelligence Unit ranked Melbourne as the world s most liveable city. The EIU liveability index considers healthcare, education, expected future revenue, political and economic stability and culture and environment. Melbourne received perfect scores in three categories, with near perfect scores on the remaining two. 2. JLL data 08

9 Melbourne is a diverse and attractive office market CBD Office Markets Share of Net Absorption, Melbourne CBD Composition of Office Employment Adelaide CBD 8% Perth CBD 5% Brisbane CBD 11% Others 23% Finance & Insurance 23% Sydney CBD 26% Information Services 8% Melbourne CBD 50% Administration Services 5% Public Administration 15% Professional Services 26% Source: JLL Source: JLL 09

10

11 King Street Melbourne Central Olderfleet - A premium Melbourne office address Dudley Drive Adderley Street La Trobe Street Queen Street Russell Street Exhibition Street Little Collins Street Nicholson Street Parliament 120 Collins Street King St. St Collins Lane Luxury retail mall with over 50 premium brand retailers 101 Collins Street Sofitel Harbour Esplanade Etihad Stadium Wurundjeri Way 699 Bourke Street Southern Cross Bourke Street 530 Collins Street Inter-Continental Rialto 525 Collins Street Elizabeth Street 333 Collins Street Flinders Street Collins Street Collins Street Westin Flinders Street Collins Square 567 Collins Street 839 Collins Street ANZ HQ, 833 Collins Street Yarra River Yarra River Spencer Street Clarendon St William Street 477 Collins Street Flinders Lane 664 Collins Street Kings Way Yarra River Crown Entertainment Complex ueens Bridge Street Southbank City Road Southbank Boulevard Sturt Street 11

12 Olderfleet, 477 Collins Melbourne s newest Premium Grade office tower Designed to be one of Melbourne s highest quality Premium Grade office towers The largest Premium Grade office building to be built in Melbourne in over 25 years Located in the absolute centre of Collins Street in the heart of the financial precinct 30 metre high lobby integrated with historic Olderfleet façade and marble finishes throughout Market-leading amenities and services including Collins St and Flinders Lane retail boutiques and restaurants, 414 bay car park, business centre, child care centre and best in class end-of-trip facilities Chosen by Deloitte as their Melbourne headquarters Artist s impression Artist s impression 12

13 Asset Overview Overview Location Building Description Sustainability Office Net Lettable Area (sqm) ~ 55,000 1 Retail Lettable Area (sqm) ~ 1,800 1 Car Parking (Bays) Typical Floor Plate (sqm) 1,500 1,950 Estimated Completion FY20 Description Olderfleet, 477 Collins Street is located in the heart of Collins Street mid-town Olderfleet, 477 Collins Street is designed to be a PCA Premium Grade commercial tower offering: commercial offices (Levels 9-38) boutique office and conference facilities (Level 1-7) retail and restaurants (Levels B3-Ground) 5 Star Green Star & NABERS Ratings Targeting Platinum Core and Shell WELL Rating 1. Subject to final design and measurement Artist s impression 13

14 The Asset Stacking Plan Overview Floor Area (sqm) Levels Deloitte Key Terms ~22,000 sqm across 12 floors 12 year term Sky Rise Available High Rise Leased Mid Rise Leased Terrace Rise Available TERRACE FLOOR TERRACE FLOOR 1,171 1,171 1,800 1,678 1,678 1,678 Deloitte expansion rights TERRACE FLOOR 1,380 1,698 1,698 1,698 1,698 1,698 1, ,275 LIFESTYLE FLOOR 7 HERITAGE 1, LOBBY Collins St BUSINESS LOUNGE BICYCLE STORAGE / EOT Flin Artist s impression 14

15 Artist s impression Our future Melbourne home at Olderfleet represents a premium property in the heart of the CBD that combines an old world heritage façade with all of the benefits of a modern, state of the art building. Its flexible building design will enable us to have a best-in-class, technology-enabled future workplace that encourages greater collaboration between both our people and clients Deloitte Melbourne Managing Partner, Tom Imbesi 15

16 Artist s impression Olderfleet - Entrance 16

17 Artist s impression Olderfleet - Lobby 17

18 Artist s impression Olderfleet - Illustrative floor plate option 18

19 Artist s impression Olderfleet - Terrace 19

20 Floor Plans Highly Efficient Side Core Floor Plates up to 1,950 sqm TYPICAL SKY RISE FLOORPLATE Highly efficient side core workplace with access to natural light and views SKY RISE TYPICAL HIGH RISE FLOORPLATE TYPICAL TERRACE RISE FLOORPLATE HIGH RISE TERRACE RISE 20

21 Expansive Melbourne Views YARRA RIVER TO SOUTH-EAST FROM SOUTH-EASTERN CORNER LEVEL 33 PORT PHILLIP BAY FROM NORTH-EASTERN CORNER LEVEL 38 21

22 Leasing Strategy Office NLA already 40% pre-committed Current strategy is to target large tenants 5,000 sqm plus for both sky and terrace rises Tenants have the ability to secure terraces for client and staff use Single floor strategies will be adopted close to PC date to capitalise on rental growth, limited supply Tenant Supply 89,032 sqm of expiries in ,000-10,000 sqm 62,231 sqm of expiries in ,000 sqm Sqm volume Premium and A Grade Tenants total areas with expiries in , ,000 80,000 60,000 40,000 20, ,000-2,000sqm 2,000-5,000sqm 5,000-10,000sqm 10,000sqm+ Premium and A Grade Tenants by number with expiries in Area still to let: Level Area Sky Rise Levels Vacant 9,175 sqm High Rise Levels Deloitte Expansion 9,552 sqm Terrace Rise Levels 9-15 Vacant 11,571 sqm Active negotiations are currently being held on the following levels: 10 Level Area Proposed Term Levels ,000 sqm 10 year term Levels ,000 sqm 7 year term Count 5 0 1,000-2,000sqm 2,000-5,000sqm 5,000-10,000sqm 10,000sqm+ 1. Colliers 22

23 The Olderfleet journey November 2013 Site Acquired by Mirvac 2H20 Planned program PC 1889 Olderfleet Buildings Built May 2017 Civil Works Commence Site Redeveloped to include Office and Carpark (Heritage Buildings Retained) September 2016 Demolition Commences June 2020 Deloitte Lease Commencement October 2016 Agreement for lease executed 23

24 Progress to Date 24

25 Progress to Date 25

26 Disclaimer Mirvac Group comprises Mirvac Limited (ABN ) and Mirvac Property Trust (ARSN ) (collectively Mirvac or Mirvac Group ). This information memorandum is not an offer or an invitation to acquire Mirvac Group stapled securities or any other financial products and is not a prospectus, product disclosure statement or other offering document under Australian law or any other law. The information contained in this report is for information purposes only. To the maximum extent permitted by law, Mirvac, its affiliates, officers, employees, agents and advisors do not make any warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this report or that the information is suitable for your intended use and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence). In particular, the content of this information memorandum was produced prior to completion of construction and therefore the information, images and artists impressions (including view lines amenities and streetscapes) are intended only as a guide and are not to be relied on as representative of the final product. Views, outlook and descriptions of views may also vary depending on the level. Changes may be made during the development This information memorandum contains certain forward looking statements. The words anticipated, expected, projections, forecast, estimates, could, may, target, consider and will and other similar expressions are intended to identify forward looking statements. Forward looking statements, opinions, valuations and estimates provided in this report are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. There can be no assurance that actual outcomes will not differ materially from these statements. To the full extent permitted by law, Mirvac Group and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions. Past performance information given in this report is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

27