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Australian Unity Office Property Fund (AOF)
is a publicly listed company on the Australian Securities Exchange (ASX).
About Australian Unity Fund
The Fund invests in Australian office property and related assets.
The Fund’s property portfolio is diversified across metropolitan and CBD markets in Sydney, Adelaide, Melbourne, Brisbane and Canberra, and was independently valued at $391.1 million at 30 April 2016.
The Fund's objective is to provide unit holders with sustainable income returns via quarterly distributions and the potential for capital growth over the long term by investing in a diversified portfolio of Australian office properties. The Fund's strategy is to:
- Focus predominately on owning Australian office properties in metropolitan and CBD markets
- Grow net property income and enhance capital values through active asset management
- Deliver investors sustainable and growing income returns via quarterly distributions
- Maintain a capital structure with target gearing below 40%, and
- Construct a portfolio that maintains diversification of geography, tenants and lease expiry profile through investments in existing properties and potential future acquisitions.
The Fund’s property portfolio currently comprises eight office buildings, which are located across various Australian metropolitan and CBD markets.
30 Pirie Street, Adelaide, SA
The property at 30 Pirie Street, Adelaide, SA is an A-grade office property that is centrally located in Adelaide’s CBD. It comprises 23 levels of office space and most floors enjoy scenic views. The location provides easy access to all amenities including tram and bus services. Rundle Mall, Adelaide’s primary retail strip, is nearby.
The property recently underwent an extensive base building refurbishment, which cost approximately $19 million, in accordance with the terms of a lease agreement with Telstra, the property's major tenant. These works included lobby refurbishment, lift upgrade, toilet and common amenity refurbishments, construction of ‘end of trip’ facilities, new ceilings and lighting, new carpet and hard floorings, and upgrades to mechanical, electrical and fire services.
10 Valentine Avenue, Parramatta, NSW
The property at 10 Valentine Avenue, Parramatta, NSW is a modern office building that comprises 14 levels of office space and basement parking for 25 car spaces. Adjacent to the office property is a six-level, freestanding car park providing parking for 286 vehicles. The property and adjacent car park form an island site, with no adjacent properties.
The property is located approximately 100 metres from the Parramatta Bus and Railway Interchange and Westfield Parramatta. It is predominantly leased to the NSW State Government, which has occupied the property since its construction.
5 Eden Park Drive, North Ryde, NSW
The property at 5 Eden Park Drive, North Ryde, NSW was constructed in 2004 and comprises three levels of office accommodation and a hi-tech production and warehouse area. It was purpose built for the specific requirements of the major tenant, Contract Pharmaceutical Services Australia (‘CPSA’), which occupies all of the production and warehouse area, and a portion of the office space.
North Ryde is an established commercial precinct located about 15 kilometres from Sydney’s CBD by a motorway. The Property is in close proximity to the Macquarie Park railway station on the Chatswood to Epping railway link.
32 Phillip Street, Parramatta, NSW
The property at 32 Phillip Street, Parramatta, NSW is a B-grade office property located within the northern portion of the Parramatta commercial precinct and is in close proximity to the Church Street retail strip.
The property comprises eight levels of office space and has recently been fully refurbished under the terms of a new 10-year lease to GE Capital Finance. Each level attracts excellent natural light and offers scenic district and river views.
468 St Kilda Road, Melbourne, VIC
The property at 468 St Kilda Road, Melbourne, VIC is a B-grade office property comprising 13 levels, with refurbishments carried out progressively since 2010. It offers contemporary office space, providing excellent views over Albert Park from the upper levels. Car parking is provided over two levels in the basement.
St Kilda Road is an established commercial and residential precinct, located approximately three kilometres to the south of the Melbourne CBD. The St Kilda Road office market is one of the largest non-CBD office markets in Australia, providing cost-effective office accommodation, with a good standard of amenity and public transport, in close proximity to the CBD.
241 Adelaide Street, Brisbane, QLD
The property at 241 Adelaide Street, Brisbane, QLD also known as ‘The Brisbane Club Tower’, was completed in 1988. It comprises four levels of basement car parking for 90 vehicles, foyers to the ground and first levels, retail tenancies and 19 levels of office accommodation. The property is located within the centre of the Brisbane CBD, adjacent to Post Office Square and within close proximity to central railway station.
The property provides contemporary B Grade standard office accommodation. Each floor (excluding the ground level) provides column free space with typical floor plates of 509 square metres. The Property has been progressively refurbished since 2012.
2 Eden Park Drive, North Ryde, NSW
The property at 2 Eden Park Drive, North Ryde, NSW is a modern industrial complex completed in 1999 that comprises 16 attached units incorporating office and warehouse components. The three level office areas are at the front of the property with the warehouse areas at the rear, split over two levels. All lifts within the building were recently upgraded. The unique nature of the property compared to properties in the near vicinity, being predominantly small, quality offices attached to high clearance warehouse, has meant it has sustained a relatively high level of occupancy since construction.
The property is located in the Macquarie Park business park, within close proximity to the Macquarie Park railway station on the Chatswood to Epping railway link. The Macquarie Park business park is now Sydney’s second largest office precinct behind the CBD.
64 Northbourne Avenue, Canberra, ACT
The property at 64 Northbourne Avenue, Canberra, ACT is a six-level office property. It enjoys a central location on a prominent corner within the Canberra CBD and is within close proximity of the prime retail precinct and the City Bus Interchange.
The building has been progressively refurbished since 2012, including upgrades to the mechanical services and refurbishment of bathrooms.
Australian Unity Office Property Fund
114 Albert Road
South Melbourne, VIC
+61 300 590 488
The General Overview, Services, Products and Projects information for this profile was last edited on 23 Jun 2016.