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1、PreparedbySavillsValuationsPtyLtdOurRef:61969233CastlereaghStreet,Sydney,NSWForVisionaryInvestmentGroup3June2015savillsvaluationreportSavillsAustraliaLevel750BridgeStreetSydneyNSW2000savills.com.au/valuations(02)82158888ExecutiveSummary233CastlereaghStreet,Sydney,NSWNam
2、eofInstructingPartyVisionaryInvestmentGroupPurposeofValuationMarketValueAsIsInterestValued100%FreeholdStratumsubjecttoexistingtenanciesPropertyDescriptionThesubjectpropertycomprisesa30-levelBGradecommercialofficetowersituatedintheMidtownPrecinctoftheSydneyCBD.Completedi
3、n1976,refurbishedin1991and2004,thepropertyfeaturesbasementparkingoverfoursplitlevels,lowerground/groundfloorfoodcourt/retailarcade,groundfloorfoyerand24upperlevelsofofficeaccommodation.ContractofSaleWehavebeenprovidedwithanundated&unexecutedcontractofsaleindicatingapurc
4、hasepriceof$156,000,000(ExclusiveofGST).Afterconsideringavailablesalesevidence,webelievethatthepurchasepriceisaboveacceptablemarketparameters,andnotsupportedbyavailablemarketevidence.Wenotethatthepurchaserhasalsoacquiredtheadjoining6leveloffice&retailbuildingat241Castle
5、reaghStreetandisattemptingtoamalgamatealargermixedusedevelopmentsite.Accordingly,weconsiderthatthenegotiatedpurchasepricemayreflect“specialvalue”.LettableArea19,890.6m²StratumLandAreasCarParkLevel:2,504m²RetailArcadeLevel:2,639m²LoadingDockLevel:2,448m²Zoning“Metropolit
6、anCentre”undertheSydneyLEP2012ValuationApproachDiscountedCashFlow,CapitalisationApproachandDirectComparisonDateofValuation3June2015NetPassingIncome$6,822,193NetMarketIncome$10,770,773AdoptedOutgoings$2,735,511($137.53/m²)PassingInitialYield5.09%4.49%(adjustedforrentfree
7、s&abatements)EquatedMarketYield7.11%CapitalisationRate7.00%TerminalYield7.25%$Rate/m²ofLettableArea$6,737/m²10YearIRR8.05%RentalGrowthProjectionsOfficeIncome:3.74%(averagegrosscompoundrate)CurrentVacancy&WALEVacancy:5,266m²(26.48%).WALE:1.37yearsAdoptedMarketValue$134,0
8、00,000(*)PreparedbyRogerPriceFAPILesterAlvisAAPIMRICSJoeBolsterAAPIRegisteredValuerNo.4090RegisteredValuerNo.3
