Fund Management

Fund Management

About Fund Management

Investec Australia Property Fund is an Australian domiciled real estate investment trust that is registered in Australia under the Corporations Act 2001 as a managed investment scheme and regulated by the Australia Securities and Investments Commission. As the responsible entity of the Fund, Investec Property Limited has the primary responsibility for the governance and operation of the Fund.

The Fund has been established to invest in quality commercial real estate (office, industrial and retail) that is well located in major metropolitan cities or established commercial precincts in Australia and New Zealand.

Fund objectives

fund objective

Whilst the Fund is an independently listed entity, it shares a common ethos and ethical foundation with the Investec Group. A common brand and culture provide the foundation for the ethics and governance principles adopted by the Fund.

Growth

Grow and diversify the Fund’s asset base with further investments that offer attractive income and capital growth profiles, and which spread investment risk.

Sustainability

Offer unitholders sustainable growth in income and capital appreciation across a diversified sectoral portfolio.

Corporate Governance

Maintain a strong corporate governance framework to ensure that the interests of unitholders are protected.

Strategy

  • To achieve these objectives, Investec Property Limited as the responsible entity intends to pursue the following strategies:
  • Focus on property fundamentals
  • Acquire quality commercial real estate with the following characteristics:
    • Medium to long-term lease profiles
    • Situated in well-located commercial precincts
    • Limited or no short-term capex requirements
    • Contracted rental growth
    • Sustainable income supported by strong tenant covenants
  • Leverage off the management team’s on-the-ground presence in Australia and existing relationships with key industry players to source growth opportunities
  • Maximise property performance through proactive asset management, property management and leasing

Strategy

Corporate Governance

Investec Property Limited, as responsible entity of the Fund, is committed to upholding the highest standards of disclosure, transparency and adherence to the JSE Listings Requirements and the King Code of Corporate Governance Principles for South Africa, the ASX Listing Rules and the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations. The Fund is also committed to sustainability, diversity and minimising its environmental impact.
 
For more information on corporate governance see the 2019 Annual Report.

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2019 Annual Report

Corporate governance

As at 10 October 2019

Properties31

Portfolio value AUD 1 144mn

Occupancy99.9%

GLA343 000m²

WALE4.7 years

Key Metrics

Property Fund

Office

449 Punt Road

449 Punt Road

Cremorne, VIC

Building type: Office
Address: 449 Punt Road, Cremome VIC
Year built: 2009
Grade: A
Site area / GLA: 2,170m2 / 6,384m2
Valuation: AUD57,000,000
Weighted average rental escalation: 3.8%
Occupancy: 100%
No. of tenants: 1
Major tenant: Carsales.com    

100 Willis Street

100 Willis Street

Wellington, NZ

Building type: Office
Address: 100 Willis Street, Wellington NZ
Year built: 1991
Grade: A
Site area / GLA: 3,617m2 / 24,664m2
Valuation: NZD128,000,000
Weighted average rental escalation: 2.6%
Occupancy: 100%
No. of tenants: 27
Major tenant: New Zealand Government, Ernst & Young, Cigna Insurance    

20 Rodborough Road

20 Rodborough Road

Frenchs Forest, NSW

Building type: Office
Address: 20 Rodborough Road, Frenchs Forest NSW
Year built: 1991 (major refurbishment in 2015)
Grade: A
Site area / GLA: 14,645m² / 13,023m²
Valuation: AUD61,000,000
Weighted average rental escalation: 3.1%
Occupancy: 96%
No. of tenants: 12
Major tenants: KFC, Henkel, Alexion Pharmaceuticals
 



2 Richardson Place

2 Richardson Place

North Ryde, NSW

Building type: Office
Address: 2 Richardson Place, North Ryde NSW
Year built: 2004
Grade: A
Site area / GLA: 14,320m² / 15,205m²
Valuation: AUD90,000,000
Weighted average rental escalation: 3.3%
Occupancy: 100%
No. of tenants: 5
Major tenants: Ricoh, Honeywell

324 Queen Street

324 Queen Street

Brisbane, QLD

Building type: Office
Address: 324 Queen Street, Brisebane QLD
Year built: 1975 (major refurbishment in 2001)
Grade: A
Site area / GLA: 1,821m² / 19,364m²
Valuation: AUD151,000,000 (50% share)
Weighted average rental escalation: 3.8%
Occupancy: 99%
No. of tenants: 27
Major tenants: Allianz, ANZ

113 Wicks Road

113 Wicks Road

Macquarie Park, NSW

Building type: Office
Address: 113 Wicks Road, Macquarie Park NSW
Year built: 1989 (major refurbishment in 2014)
Grade: A
Site area / GLA: 6,812m² / 6,253m²
Valuation: AUD26,500,000
Weighted average rental escalation: 3.5%
Occupancy: 100%
No. of tenants: 6
Major tenants: Telstra, NSW Health, Mine Site Technologies, Kings Transport

21-23 Solent Circuit

21-23 Solent Circuit

Baulkham Hills, NSW

Building type: Office
Address: 21-23 Solent Circuit, Baulkham Hills NSW
Year built: 2002
Grade: A
Site area / GLA: 11,610m2 / 10,818m2
Valuation: AUD59,000,000
Weighted average rental escalation: 3.5%
Occupancy: 96%
No. of tenants: 10
Major tenants: Clarendon Homes, Novo Nordisk, HWL Ebsworth

Garden City Office Park

2404 Logan Road

Eight Mile Plains, QLD

Building type: Office
Address: 2404 Logan Road, Eight Mile Plains QLD
Year built: 2010
Grade: A
Site area / GLA: 4,691m2 / 3,637m2
Valuation: AUD20,000,000
Weighted average rental escalation: 2.7%
Occupancy: 100%
No. of tenants: 5
Major tenants: Healthscope, Medicare Local    

757 Ann Street

757 Ann Street

Fortitude Valley, QLD

Building type: Office
Address: 757 Ann Street, Fortitude Valley QLD
Year built: 2014
Grade: A
Site area / GLA: 1,219m2 / 9,422m2
Valuation: AUD85,000,000
Weighted average rental escalation: 3.0%
Occupancy: 100%
No. of tenants: 6
Major tenant: ABB Enterprise Software    

35-49 Elizabeth Street

35-49 Elizabeth Street

Richmond, VIC

Building type: Office
Address: 35-49 Elizabeth Street, Richmond VIC
Year built: 2008
Grade: A
Site area / GLA: 4,045m2 / 11,917m2
Valuation: AUD93,000,000
Weighted average rental escalation: 3.6%
Occupancy: 100%
No. of tenants: 6
Major tenant: Department of Justice, Mercy Health, Probe
 

266 King Street

266 King Street

Newcastle, NSW

Building type: Office
Address: 266 King Street, Newcastle NSW
Year built: 1998 (Major refurbishment in 2016)
Grade: A
Site area / GLA: 2,703m2 / 13,870m2
Valuation: AUD75,000,000
Weighted average rental escalation: 3.5%
Occupancy: 100%
No. of tenants: 6
Major tenant: The Commonwealth of Australia, Commonwealth Bank of Australia, Employers Mutual    

186 Reed Street

186 Reed Street

Tuggeranong, ACT

Building type: Office
Address: 186 Reed Street, Tuggeranong ACT
Year built: 1991 (refurbished in 2013)
Grade: A
Site area / GLA: 9,457m² / 5,407m²
Valuation: AUD 28,200,000
Weighted average rental escalation: 3.5%
Occupancy: 100%
No. of tenants: 1
Major tenants: The Commonwealth of Australia

24 Wormald Street

24 Wormald Street

Symonston, ACT

Building type: Office
Address: 24 Wormald Street, Symonston ACT
Year built: 2007
Grade: A
Site area / GLA: 5,185m² / 4,720m²
Valuation: AUD29,750,000
Weighted average rental escalation: 3.5%
Occupancy: 100%
No. of tenants: 1
Major tenants: The Commonwealth of Australia

Industrial

44 Sawmill Circuit

44 Sawmill Circuit

Hume, ACT

Building type: Logistics
Address: 44 Sawmill Circuit, Hume ACT
Year built: 2012
Grade: A
Site area / GLA: 16,948m2 / 4,639m2
Valuation: AUD11,300,000
Weighted average rental escalation: 3.8%
Occupancy: 100%
No. of tenants: 1
Major tenants: Toll Transport    

36-42 Hydrive Close

36-42 Hydrive Close

Dandenong South, VIC

Building type: Industrial
Address: 36-42 Hydrive Close, Dandenong South VIC
Year built: 1997 (extension in 2001) 
Grade: A
Site area / GLA: 32,780m² / 14,635m² 
Valuation: AUD19,450,000
Weighted average rental escalation: Greater of CPI and 3.5%
Occupancy: 100%
No. of tenants: 1
Major tenant: Pact Group    

6-8 & 11 Siddons Way

6-8 & 11 Siddons Way

Hallam, VIC

Building type: Industrial
Address: 6-8 and 11 Siddons Way, Hallam VIC
Year built: 1994 - 1997
Grade: A
Site area / GLA: 32,701m² / 15,504 m²
Valuation: AUD22,350,000
Weighted average rental escalation: 3.0%
Occupancy: 100%
No. of tenants: 1
Major tenant: Focus on Furniture

24 Rodborough Road

24 Rodborough Road

Frenchs Forest, NSW

Building type: Industrial
Address: 24 Rodborough Road, Frenchs Forest NSW
Year built: 2009
Grade: A
Site area / GLA: 8,315m2 / 7,198m2
Valuation: AUD21,000,000
Weighted average rental escalation: 3.3%
Occupancy: 100%
No. of tenants: 1
Major tenant: Pharmaxis

54 Miguel Road

54 Miguel Road

Bibra Lake, WA

Building type: Industrial
Address: 54 Miguel Road, Bibra Lake WA
Year built: 1992-2008
Grade: A
Site area / GLA: 40,824m2 / 22,358m2
Valuation: AUD29,500,000
Weighted average rental escalation: 3.0%
Occupancy: 100%
No. of tenants: 1
Major tenant: CTI Freight Systems

85 Radius Drive

85 Radius Drive

Larapinta, QLD

Building type: Industrial
Address: 85 Radius Drive, Larapinta QLD
Year built: 2009
Grade: A
Site area / GLA: 21,930m2 / 10,088m2
Valuation: AUD18,000,000
Weighted average rental escalation: CPI
Occupancy: 100%
No. of tenants: 1
Major tenant: Coil Steels    

66 Glendenning Road

66 Glendenning Road

Glendenning, NSW

Building type: Industrial
Address: 66 Glendenning Road, Glendenning NSW
Year built: 1988
Grade: B
Site area / GLA: 29,310m2 / 16,461m2
Valuation: AUD25,900,000
Weighted average rental escalation: 3.0%
Occupancy: 100%
No. of tenants: 1
Major tenant: Hussmann



2-8 Mirage Road

2-8 Mirage Road

Direk, SA

Building type: Logistics
Address: 2-8 Mirage Road, Direk SA
Year built: 2010
Grade: A
Site area / GLA: 19,930m2 / 6,783m2
Valuation: AUD9,250,000
Weighted average rental escalation: 3.5%
Occupancy: 100%
No. of tenants: 1
Major tenants: Toll Transport    

24 Sawmill Circuit

24 Sawmill Circuit

Hume, ACT

Building type: Logistics
Address: 24 Sawmill Circuit, Hume ACT
Year built: 2012
Grade: A
Site area / GLA: 10,940m2 / 6,300m2
Valuation: AUD9,900,000
Weighted average rental escalation: 3.8%
Tenancy: 100%
No. of tenants: 1
Major tenants: Toll Transport
 

24 Split Island Close

24 Split Island Close

Newcastle, NSW

Building type: Industrial
Address: 24 Split Island Close, Newcastle NSW
Year built: 2006
Grade: A
Site area / GLA: 8,871m2 / 5,257m2
Valuation: AUD10,000,000
Weighted average rental escalation: 3.8%
Occupancy: 100%
No. of tenants: 1
Major tenants: Horan Steel

30-48 Kellar Street

30-48 Kellar Street

Berrinba, QLD

Building type: Industrial
Address: 30-48 Kellar Street, Berrinba QLD
Year built: 2012
Grade: A
Site area / GLA: 8,544m2 / 4,102m2
Purchase price: AUD8,350,000
Weighted average rental escalation: 3.2%
Occupancy: 100%
No. of tenants: 1
Major tenants: HJ Langdon & Co

47 Sawmill Circuit

47 Sawmill Circuit

Hume, ACT

Building type: Logistics
Address: 47 Sawmill Circuit, Hume ACT
Year built: 2011
Grade: A
Site area / GLA: 13,550m2 / 5,535m2
Valuation: AUD11,400,000
Weighted average rental escalation: 4.0%
Occupancy:100%
No. of tenants: 1
Major tenants: Allied Pickfords    

57 Sawmill Circuit

57 Sawmill Circuit

Hume, ACT

Building type: Logistics
Address: 57 Sawmill Circuit, Hume ACT
Year built: 2011
Grade: A
Site area / GLA: 11,610m2 / 7,079m2
Valuation: AUD10,350,000
Weighted average rental escalation: 4.0%
Occupancy: 100%
No. of tenants: 1
Major tenants: Allied Pickfords



67 Calarco Drive

67 Calarco Drive

Derrimut, VIC

Building type: Industrial
Address: 67 Calarco Drive, Derrimut VIC
Year built: 2008
Grade: A
Site area / GLA: 17,880m² / 7,150m²
Valuation: AUD9,700,000
Weighted average rental escalation: 3.4%
Occupancy: 100%
No. of tenants: 2
Major tenant: Groundmaster Engineering 



165 Newton Road

165 Newton Road

Wetherill Park, NSW

Building type: Industrial
Address: 165 Newton Road, Wetherill Park NSW
Year built: 1995
Grade: A
Site area / GLA: 20,230m2 / 12,529m2
Valuation: AUD23,450,000
Weighted average rental escalation: 3.0%
Occupancy: 100%
No. of tenants: 1
Major tenant: Horan Steel    

103 Welshpool Road

103 Welshpool Road

Welshpool, WA

Building type: Industrial
Address: 103 Welshpool Road, Welshpool WA
Year built: Not specified
Grade: B
Site area / GLA: 31,899m2 / 5,246m2
Valuation: AUD26,500,000
Weighted average rental escalation: 3.25%
Occupancy: 100%
No. of tenants: 1
Major tenant: Milne Feeds  

46-70 Grand Trunkway

46-70 Grand Trunkway

Gillman, SA

Building type: Industrial
Address: 46-70 Grand Trunkway, Gillman SA
Year built: 1986
Grade: B
Site area / GLA: 65,060m2 / 31,589m2
Valuation: AUD25,500,000
Weighted average rental escalation: Greater of CPI and 3.0%
Occupancy: 100%
No. of tenants: 1
Major tenant: Australian Wool Handlers

16 Dawson Street

16 Dawson Street

East Arm, NT

Building type: Industrial
Address: 16 Dawson Street, East Arm NT
Year built: 2015
Grade: A
Site area / GLA: 39,900m2 / 14,410m2
Valuation: AUD29,000,000
Weighted average rental escalation: 3.0%
Occupancy: 100%
No. of tenants: 1
Major tenant: Northline