Investigating & Reporting on a Commercial Property

Semester 1

2011 16

INVESTIGATING & REPORTING ON A COMMERCIAL PROPERTY 491-­‐847 Collins Street, Docklands VIC 3008

A B P L 2 0 0 3 1 P R O P E R T Y M A R K E T A N A L Y S I S G R O U P A S S I G N M E N T

YU-­‐JIA DU 338495 MARIO KOULL 297481 ADRIAN ALTOBELLI KIT MENG CHONG

P.M.A ABPL20031

A3M Property Consultancy Group Melbourne, VIC 3000

April 7, 2011 Jill Craig Head of Investor Relations Australia and New Zealand Banking Group Limited GPO Box 254 Melbourne 3001 Australia Dear Ms. Craig: This report has been undertaken as requested by you for the subject site at 491-­‐847 Collins Street, Docklands VIC 3008 (PS 545345). As required, the following information is provided in this report:

§

Site analysis (including statutory planning)

§

Market analysis

§

Marketability analysis

The information contained in this report examines whether this particular property is worth investing in for the future, and provides an assessment of the possible opportunities and constraints in relation to the subject site, its location and the current general property market conditions surrounding the subject site.

Please note that this report does not contain a financial feasibility study on the chosen site.

We trust you find the detail of this reports meets your requirements.

Thank you

Kind regards,

A3M Property Consultancy Group

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Contents 1. EXECUTIVE SUMMARY ............................................................................................................... 4 2. LEND LEASE DEVELOPMENTS ....................................................................................................... 5 2.1 COMPANY OVERVIEW ............................................................................................................................ 5 2.2 PROJECT UNDER CONSIDERATION .................................................................................................... 5 3. SITE ANALYSIS ................................................................................................................................. 6 3.1 INTRODUCTION ........................................................................................................................................ 6 3.2 LOCATION ................................................................................................................................................... 6 3.3 LINKAGES .................................................................................................................................................... 7 3.3.1 Neighbourhood Character & Space Relationships ................................................................. 7 3.3.2 Transport Linkages ............................................................................................................................. 8 3.3.3 Building Linkages .............................................................................................................................. 8 3.3.4 Environmental Linkages ................................................................................................................... 9 3.4 PHYSICAL CHARACTERISTICS .............................................................................................................. 10 3.4.1 Site & Geometry ............................................................................................................................... 10 3.4.2 Site Contamination ......................................................................................................................... 10 3.4.3 Heritage ............................................................................................................................................... 10 3.4.4 Aboriginal Heritage ......................................................................................................................... 11 3.5 BUILDING CHARACTERISITICS ............................................................................................................ 11 3.5.1 Building Size ....................................................................................................................................... 11 3.5.2 Condition ............................................................................................................................................. 11 3.5.3 Floor Layout ....................................................................................................................................... 11 3.6. INSTITUTIONAL/LEGAL ....................................................................................................................... 12 3.6.1 Formal Description .......................................................................................................................... 12 3.6.2 Town Planning Provisions ............................................................................................................. 12 3.6.3 Land Use .............................................................................................................................................. 13 3.7.4 Restrictions ......................................................................................................................................... 13 4. MARKET ANALYSIS ...................................................................................................................... 13 4.1 ECONOMIC OUTLOOK & KEY DRIVERS ............................................................................................ 13 4.1.1 International Economic Conditions ........................................................................................... 13 4.1.2 National Economic Conditions .................................................................................................... 14 4.1.3 Demand and Supply Models ........................................................................................................ 15 4.1.4 Analysis of the Relationship Between Supply and Demand ............................................ 15 4.2 COMMERCIAL MARKET ....................................................................................................................... 19 4.2.1 The Melbourne CBD Office Market ........................................................................................... 19 4.2.2 THE DOCKLANDS OFFICE MARKET ......................................................................................................... 20 4.2.3 Inventory report ............................................................................................................................... 21 5. MARKETABILITY ANALYSIS ......................................................................................................... 22 5.1 ABSORPTION (POTENTIAL DEMAND) .............................................................................................. 22 5.2 EFFECTIVE DEMAND ............................................................................................................................. 22 5.3 CAPTURE ................................................................................................................................................... 23 5.4 LEASE ANALYSIS AND NECESSARY DEMAND ................................................................................ 23 6. CONCLUSION & RECOMMENDATION ...................................................................................... 24 7. APPENDICES .................................................................................................................................. 25 7.1 IMAGES, PLANS, TABLES & CHARTS ................................................................................................. 25 7.2 CERTIFICATE OF TITLE & PLANS ......................................................................................................... 34 7.2 REFERENCES ............................................................................................................................................ 51

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YU-­‐JIA DU 338495 MARIO KOULL 297481 ADRIAN ALTOBELLI KIT MENG CHONG

P.M.A ABPL20031

1. EXECUTIVE SUMMARY

PROJECT NAME: PROPERTY& BUILDING DESCRIPTION

LOT SIZE (Lot 1 on Plan of Subdivision 602173M) PURPOSE OF THIS REPORT

LOCATION

LEGAL CONSTRAINTS

MARKET ANALYSIS

DISCLAIMER

ANZ CENTRE

ANZ Centre is a 12-­‐storey office building, situated on a large block of land located on the corner of Collins Street and Navigation Drive at 491-­‐847 Collins Street, Docklands.

There are 10 shops, a gym, a crèche and two levels of car parking.

Postal & Street Address: 833 Collins Street, Docklands VIC 3008

Approximately 12,840 square metres

To provide professional advice to ANZ Banking Group Ltd (property investor) on whether a detailed financial feasibility study should be carried out. The detailed financial feasibility study would examine whether 491-­‐847 Collins Street, Docklands is worth investing in for the future for ANZ Banking Group Ltd.

The site is located in Docklands, which is approximately two kilometres from the G.P.O.

§ Noise Attenuation Area

§ Active Street Frontages – Capital City Zone

§ Victoria Harbour Precinct

§

This report has been assembled and construed only the purposes of this brief (preliminary site and market analysis) and must not be relied on for any other purpose or by any other party without prior verification. We recommend a complete Detailed Financial Feasibility Study prior to further action.

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P.M.A ABPL20031

2. LEND LEASE DEVELOPMENTS

2.1 COMPANY OVERVIEW

With more than 50 years of experience, Lend Lease is an industry leader in project management and construction, which operate in more than 30 countries across the world – spanning six continents; United Kingdom & Ireland, Continental Europe, Middle East & Africa, Asia, Australia, and America. Throughout these continents, Lend Lease holds a strong market position in the commercial, retail, residential, industrial and pharmaceutical sectors.

Being one of the world’s leading fully integrated property solutions providers, Lend Lease is able to provide services in investment management, project & construction management, development management, and property management.

Source: Lend Lease Capabilities, <http://www.lendlease.com/llweb/llc/main.nsf/all/ob_pvc?opendocument>, accessed 20 May 2011

Lend Lease are also dedicated to building innovative and sustainable solutions, establishing partnerships and delivering strong investment returns.

The company was founded in 1958 by Dutch immigrant and innovator Dick Dusseldorp, as a vision to successfully combine four disciplines; property, financing, development and investment. It now has more than 18,000 employees worldwide in over 90 offices all over the world, with the Australian head office situated at The Bond 30 Hickson Road, Millers Point NSW.

2.2 PROJECT UNDER CONSIDERATION

Project under consideration is The ANZ Centre; which was completed in November 2009 at a cost of AUD$512 million. In this project, Lend Lease had roles in Development Management, Project Management, and Design & Construction.

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YU-­‐JIA DU 338495 MARIO KOULL 297481 ADRIAN ALTOBELLI KIT MENG CHONG

P.M.A ABPL20031

3. SITE ANALYSIS 3.1 INTRODUCTION

The ANZ Centre is located on a 30-­‐hectare precinct at Victoria Harbour and has been developed by Lend Lease Development. The site is approximately 12,480 square metres adjacent to the Myer National Support Office and can be found at the corner of Navigation Drive and Collins Street. This new development has allowed for the reduction of 5 Melbourne offices thus promoting its Super Regional Strategy and is home to approximately 6500 ANZ employees.

The ANZ Centre is the biggest single-­‐tenanted commercial building in the Southern Hemisphere with the upper ground floor open to public, also offering 11 retail outlets alongside an ANZ Branch. ANZ has invested $35,000,000 to ensure it upholds their strategic drivers of sustainability and corporate responsibility. The Green Building Council of Australia has given the ANZ Centre a 6-­‐star Green Star rating for ‘Office Design’ and is also listed for two additional green star categories including ‘Office Interiors’ and Office as Built. The environment features of the building consist of river cooling, green-­‐roof, tri-­‐generation (meaning electricity is generated using natural gas), solar power energy, wind turbines, underfloor air-­‐conditioning, black water recycling and storm water re-­‐use.

!"#$%&"' 3.2 LOCATION

Image 1.1 – Subdivision of Land on site

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YU-­‐JIA DU 338495 MARIO KOULL 297481 ADRIAN ALTOBELLI KIT MENG CHONG

P.M.A ABPL20031

3.3 LINKAGES 3.3.1 Neighbourhood Character & Space Relationships

Source: Docklands Development Precincts, Docklands Waterways Strategic Plan 2009-­‐2018

Relationship between Docklands (yellow) and the Melbourne’s CBD (blue).

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YU-­‐JIA DU 338495 MARIO KOULL 297481 ADRIAN ALTOBELLI KIT MENG CHONG

P.M.A ABPL20031

3.3.2 Transport Linkages Marinas:

Source: Docklands Waterways Strategic Plan 2009-­‐2018

3.3.3 Building Linkages

Image 1.2 – Overview of ANZ Centre with relevant Access Points, Movement Channels and Access to Public Transport Indicated.

Access Points

(Photos of access points can be located in the Appendix)

P1: Main Entrance – corner Navigation Drive and Collins Street P2: ANZ Centre Car Park Entrance P3: ANZ Centre Commercial Loading Dock

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YU-­‐JIA DU 338495 MARIO KOULL 297481 ADRIAN ALTOBELLI KIT MENG CHONG

P.M.A ABPL20031

P4: ANZ Centre Retail Loading Dock P6: Rear Service Access P7: Rear Entrance/Exit P8: Alternative Main Entrance

Movement Channels

(Photos of movement channels can be located in the Appendix)

P5: Pedestrian Walkway & Cyclist Pathway – access to opposite bank of Yarra River P13: Vehicular Access from opposite bank of Yarra River

Access to Public Transport (Photos of access to public transport can be located in the Appendix)

P9: Tram Access – Collins Landing (Stop D17) – Route 31 to Hoddle Street & Route 48 to North Balwyn (which also provides access to the nearest railway station; Southern Cross Station, located approximately 5 minutes away) P10: Taxi Rank – Located on Collins Street between Karlsruhe Lane and Navigation Drive P11: Bus Stop – Route 235 and 237 P12: Tram Access – Docklands Park (Stop D4) – Route 35 to City Circle and Route 70 to Waterfront City Docklands 3.3.4 Environmental Linkages

!"#$%&"'(")*+

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Full height atriums allow for maximum daylight penetration for an optimum work environment.

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YU-­‐JIA DU 338495 MARIO KOULL 297481 ADRIAN ALTOBELLI KIT MENG CHONG

P.M.A ABPL20031

3.4 PHYSICAL CHARACTERISTICS 3.4.1 Site & Geometry

Site Size: 12,480 square metres

3.4.2 Site Contamination

There is no immediate site contamination, but water samples at Flinders Wharf in Docklands (upstream of Charles Grimes Bridge) are tested weekly for E.coli to maintain the quality of water.

3.4.3 Heritage

Prior to the foundation of the City of Melbourne, Docklands was a wetland area consisting of a large salt lake (currently the site of Victoria Harbour) and a giant swamp at the mouth of Moonee Ponds Creek.

When Melbourne was founded by John Batman; he setup his home on Batman’s Hill at Docklands, making the western most point of the settlement. However, the rest of the Docklands area remained largely unused for decades.

With the arrival of rail infrastructure n the late 1860’s, Melbourne’s industry gradually expanded into the Docklands area. In the 1870’s, the earliest extensive plans to develop the area was prepared to extend the Hoddle Grid westwards, following the curve of the Yarra River and effectively doubling the grid’s size. However, expansion of the grid westwards was eventually abandoned in favour of a northward extension.

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YU-­‐JIA DU 338495 MARIO KOULL 297481 ADRIAN ALTOBELLI KIT MENG CHONG

P.M.A ABPL20031

Above diagrams illustrate the before & after the convergence of the Yarra and Maribyrnong rivers before the creation of Victoria Docks from 1880-­‐1892.

The creation of Coode Island after the 1800-­‐1892 construction works meant the reconfiguration and widening of the Yarra with the creation of Victoria Docks.

3.4.4 Aboriginal Heritage

The wetlands which existed in the Docklands area prior to the founding of Melbourne, was one of the open hunting grounds of the Wurundjeri people. The Wurundjeri people are a part of the Kulin nation, who occupied the Birrarung Valley. Prior to European settlement, the Wurundjeri people lived sustainably on the land, predominantly as hunters and gatherers.

3.5 BUILDING CHARACTERISITICS 3.5.1 Building Size

The ANZ Centre is a 10-­‐storey groundscraper (12 including basement) featuring a dynamic central atrium space and fully connected large floor plates, totalling a net area of 83,500 square metres making it the largest single tenanted commercial building in Australia.

3.5.2 Condition

The building is relatively new as it was only opened on 6 November, 2009.

3.5.3 Floor Layout

The building consists of a series of interconnected floorplates linked by bridges. The series of floorplates approximately 2,000 square metres starts as a series of five floorplates at ground level, reducing to only two floorplates on level 10, creating varying floor sizes of 3,500 – 9,800 square metres. All the floorplates are linked via a 10-­‐storey high central atrium.

Floor plans – refer to Appendices. Plan 1: Upper Ground Floor Plan, Plan 2: Level 2 Floor Plan, Plan 3: Level 9 Floor Plan.

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YU-­‐JIA DU 338495 MARIO KOULL 297481 ADRIAN ALTOBELLI KIT MENG CHONG

P.M.A ABPL20031

3.6. INSTITUTIONAL/LEGAL 3.6.1 Formal Description

Parish:

Melbourne North

Municipality: Melbourne

Lot:

16

Plan:

PS 545345

Title References: Volume 11152 Folio 637

Postal Address: 833 Collins Street, Docklands VIC 3008

*Certificate of Title [11155/767] and Copy of Plan [PS545345Y] attached in Appendices

3.6.2 Town Planning Provisions

This site is located in a D72 zone within the municipality of the Docklands and the Melbourne planning scheme controls the use and development of land. The Melbourne Planning Scheme consists of the State Planning Policy Framework, Local Planning Policy Framework including the Municipal Strategic Statement and local planning policies.

More specifically, the planning scheme D72 comprises of the Victorian Harbor Precinct with its purpose being to provide for a range of commercial, residential, recreational, educational, technology, business and leisure uses within a mixed-­‐use environment. In addition to this a promenade environment for urban art and waterfront events and festivals is encouraged.

In addition to the above, the subject site is the subject of “Victoria Harbour Outline Development Plan Sept 2006”. The development plan requires developers to create a development proposal which comprises of things like an urban design statement and concept design. Concept designs identify features such as accessibility, landscaping and amenities.

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YU-­‐JIA DU 338495 MARIO KOULL 297481 ADRIAN ALTOBELLI KIT MENG CHONG

P.M.A ABPL20031

3.6.3 Land Use

Although the Docklands area is predominantly a mixed-­‐use zone, VicUrban encourages the development of offices and related commercial uses in the subject area.

3.7.4 Restrictions

The following section outlines those elements of the applicable planning regime that will influence the determination of the most probable uses as well as any design and siting requirements.

NOISE ATTENUATION AREA

The subject site is subject to schedule 12 of the design and development overlay. The overlay aims at ensuring that “new or refurbished developments for new residential and other noise sensitive uses constructed in the vicinity of the Docklands Major Sports and Recreation Facility include appropriate acoustic measures to attenuate noise levels, in particular music noise, audible within the building”.

ACTIVE STREET FRONTAGES – CAPITAL CITY ZONE

The subject site is also subject to schedule 1 which aims to ensure “ground floor frontages are pedestrian oriented and add interest and vitality to city streets”. Additionally the overlay requires new developments to provide continuity of ground floor shops along streets and lanes within the retail core.

VICTORIA HARBOUR PRECINCT

The third planning overlay relevant to the subject site is schedule 50 to the design and development overlay. This overlay requirescontinuous public access along the waterfront area adjoining the Yarra River and Victoria Harbour.

4. MARKET ANALYSIS 4.1 ECONOMIC OUTLOOK & KEY DRIVERS 4.1.1 International Economic Conditions

The world economy seems finally to be on the mend, with global economic growth forecasted at 4.2% this year and 4.6% in 2012, according to the OECD’s latest Economic Outlook (2011). “However, it is a multiple-­‐speed recovery, because emerging economies are growing faster than advanced economies and within the group of advanced economies, some are growing faster than others” (Padoan 2011).

The OECD (2011) expects growth in the United States next year of 3.3%, after a forecast of 2.7% in 2011, and 2.2% in the Euro area against 2.1% in 2011. Japan can look forward to growth of 2.2% next year after seeing its economy shrink by 0.9%

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YU-­‐JIA DU 338495 MARIO KOULL 297481 ADRIAN ALTOBELLI KIT MENG CHONG

P.M.A ABPL20031

this year because of the tsunami. In Germany, growth is expected to slow slightly to 2.5% next year after 3.45% in 2011 (Bray 2011).

Growth rates in the major emerging economies will continue to be markedly stronger, with China forecast to grow by 9% this year and 9.2% in 2012, India projected to show 8.5% GDP growth in both 2011 and 2012, and Brazil forecast to grow by 4.1% this year and 4.5% in 2012 (Bray 2011).

Overall, the world economy is likely to expand in 2011 and most observers expected this to continue in 2012.

4.1.2 National Economic Conditions

GDP GDP in Australia increased in the 4th quarter in 2010 by 0.7% and this was primarily due to ‘professional, scientific and technical services’ with 0.3% contribution to growth whilst finance and insurance services, a key variable in our analysis, contributed 0.2% to growth. Due to the recent floods in Queensland we should anticipate the australian economy to take a hit in its first quarter; however, healthier growth is forecasted later in 2011 and 2012 (NAB 2011).

Source: TradingEconomics.com; Australian Bureau of Statistics

Inflation and Interest Rates The RBA projects the inflation rate in the March Quarter 2011 to be 2.1%. The issue of the floods previously stated are expected to have no effect on the economy considering they are not calculated in wage calculations; therefore, keeping inflation rates consistent with the projected target of 2-­‐3%. According to NAB Analysts, the RBA has stated there is no need to raise interest rates; however, when borrowing and spending growth increases, coupled with price pressures then a reconsideration of interest rates will have to take place but the RBA has announced interest rates at 4.75% given all the relevant variables. NAB Analysts project future interest rates reaching 5.25% through the strengthening of Australian labour and household sectors. This to a certain extent validates the economic viability of the development site due to consistent levels of growth and a steady, maintained inflation rate. (NAB 2011)

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YU-­‐JIA DU 338495 MARIO KOULL 297481 ADRIAN ALTOBELLI KIT MENG CHONG

P.M.A ABPL20031

4.1.3 Demand and Supply Models

Overview State of the Market

Economy: -­‐ Economic growth (G.D.P) of 2.7% in the year to 31 December 2010

-­‐ Unemployment rate reduced to 4.9% in March 2011

-­‐ Australian dollar continues to rise Office: -­‐ Momentum in office market fundamentals continues

-­‐ Sydney and Melbourne CBD Office markets have limited supply

-­‐ Sydney and Melbourne CBD office markets have low vacancies

Source: Colliers International & CFSGAM Research.

Net rentable Office Space (m²) Net Absorption (m²)

ACTUAL 2008 150,000

2009 140,000

2010 115,000

PROJECTED 2011 75,000

2012 60,000

2013 130,000

115,000

10,000

135,000

80,000

50,000

75,000

*Figures in the above table are approximate estimations.

4.1.4 Analysis of the Relationship Between Supply and Demand

The outperformance of the Australian economy in the past year and expectations of continued, but controlled growth over at least the medium term should provide a sound base for the recovery of the commercial property market.

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YU-­‐JIA DU 338495 MARIO KOULL 297481 ADRIAN ALTOBELLI KIT MENG CHONG

P.M.A ABPL20031

Melbourne’s current economic conditions

Source: The Australian Property Institute Inc. Australian Property Directions Survey – September 2010.

Economic settings -­‐ major factors impacting on the economy Interest rates The majority of respondents see interest rates as being similar for the 6 months period however the majority see interest rates as higher than current levels for the 1 to 3 year periods.

Inflation A large majority of respondents see inflation as being similar to current levels for the 6 months period with respondents more evenly split between similar and higher inflation rates over the 12 months to 3 year periods.

Foreign Investment The majority of respondents see foreign investment levels as being similar to current levels for the 6 months period but with higher levels of investment for the 1 to 3 year periods.

Business Confidence Predictions for business confidence for the next 6 months are for similar levels to current ones but with an increasing majority of respondents seeing foreign investment levels higher for the 1 to 3 year periods.

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YU-­‐JIA DU 338495 MARIO KOULL 297481 ADRIAN ALTOBELLI KIT MENG CHONG

P.M.A ABPL20031

Source: The Australian Property Institute Inc. Australian Property Directions Survey – September 2010.

Yields close to 10 years averages Another measure of where the property market sits would be how the current yield sits against its own average, ignoring alternative investments. Again while far more favourable than a couple of years ago, there is nothing to suggest commercial property is under or even overvalued. Admittedly offices and industrial are above the average, but not by much, while retail is only just below in most instances. This again suggests that the markets do not appear to have over corrected, but were overpriced in 2007.

Source: Westpac Analysis – Commercial property: Over correction or fair value? – May 2010.

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YU-­‐JIA DU 338495 MARIO KOULL 297481 ADRIAN ALTOBELLI KIT MENG CHONG

P.M.A ABPL20031

Supply

MELBOURNE CBD OVERVIEW

Source: Knight Frank Melbourne CBD Office Market Overview Research as at Jan 2011

SUPPLY & DEVELOPMENT ACTIVITY

With the exception of smaller markets such as Canberra, new supply growth in the Melbourne CBD office market has outpaced all other major Australian CBD office markets over the past decade.

Developers’ willingness to construct new buildings to meet demand has meant the Victorian capital expanded its office area by 30% from January 2001 and now holds 26% of the nation’s total stock.

This trend in growth has slowed since January 2010 as a result of the legacy left by the global financial crisis. As is the case across the nation, new additions to CBD markets have been relatively modest over the past year. The second half of 2010 did little to address the supply imbalance emerging in the Melbourne CBD office market.

In the six months to January 2011 just 47,605m2 was added to the market, well below the long-­‐term half yearly average of 65,793m2 Excluding the completion of Cromwell’s refurbishment at 321 Exhibition Street which is now 100% pre-­‐ committed to Origin Energy, there is no new uncommitted supply forecast to enter the market in 2011.

Looking past 2011, the next construction phase isn’t likely to deliver new stock to the market until 2012 when 127,069m2 of new and refurbished space is slated for completion; as much as 63% of this space has already received pre-­‐commitments.

Development Activity

Short term The Melbourne office market is likely to see the potential addition of 42,300 square metres of office space throughout the remainder of 2010, of which 92.4 per cent is pre-­‐-­‐committed for new development, highlighting the demand for office space in Melbourne. One of the developments is located at 717 Bourke Street in the Docklands. The development will comprise of 39,800 square metres of office space with an average office floor plate size of 3,000 square metres, 3,500 square metres of retail space and parking for 430 cars. The development is scheduled for completion in the third quarter of 2010.

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YU-­‐JIA DU 338495 MARIO KOULL 297481 ADRIAN ALTOBELLI KIT MENG CHONG

P.M.A ABPL20031

Long term Throughout 2011, the Melbourne office market is will potentially see an addition of 84,477 square metres of office space and 50,200 square metres beyond 2012. There is currently 174,750 square metres of mooted developments as well. One development providing office space in 2011 is located at 321 Exhibition Street-­‐ a full refurbishment of the building will provide 30,824 square metres of office space.

Another project is a new development located at 111-­‐141 William Street. The development will comprise of 20,000 square metres of office space with an average office floor plate size of 2,250 square metres and 2,000 square metres of retail space.

A new development located at 735 Collins Street is scheduled for completion beyond 2012 and will provide 38,000 square metres of office space with an average office floor plate size of 2,100 square metres, 850 square metres of retail space and parking for 500 cars.

4.2 COMMERCIAL MARKET 4.2.1 The Melbourne CBD Office Market

“Rental Growth Surges As Demand Continues” (Colliers International 2011)

The Melbourne CBD continues to show strength with the highest level of net absorption nationally over the past 12 months (Colliers International 2011).

Professional Services is currently driving demand however renewed strength in Financial Services is expected this year as this sector begins to regroup following the GFC.

Demand for office space in Melbourne’s CBD has remained very strong yet there is limited supply entering the market with just one new building being delivered in the past six months. The prospect of new buildings being delivered in 2011 appears slim and given demand is likely to remain strong observers forecast a sharp decease in vacancy. As a result Colliers International (2011) predicts a sharp decline in vacancy to approximately 5.2% in January 2012.

CB Richard Ellis (2011) forecast supply levels in the CBD market to remain relatively constrained until 2013 with only 3 new projects being completed by December 2013.

It is expected that more pre-­‐commitment activity this year will drive more new development; however this new supply will not enter the market until 2013/2014.

The general trend now for Melbourne’s office markets is an environment of reducing options for tenants as vacancy levels recede and supply opportunities through new construction are comparatively depleted. This is providing income growth potential and a subsequently stronger investment market where stock availability is currently the main limiting factor.

Of most significance is that contiguous options for tenants are becoming scarce, placing solid upward pressure particularly on prime rentals. Following an increase of prime net face rents in the fourth quarter 2010 of 3.2%, CBD office rentals remained

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YU-­‐JIA DU 338495 MARIO KOULL 297481 ADRIAN ALTOBELLI KIT MENG CHONG

P.M.A ABPL20031

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;CDEFGH9DFIJKIGHLDCMF IVM*VX*9DFIJKIG !"#$"%&'()%" 67#$"%&'()%" 8)9:;7&<# (=>=9 @;7A#$7BB C)%$D'67#$"%& EF"&9"% G";H)I%&"'(J8'K)$7; IVM*VX*LDCMF L%"M=IM N%7<"'O N%7<"'J N%7<"'( N%7<"'8 NGWFD*;C5ND*;CDEFG= E$'P=;<7'Q)7< E)I$DH7&: =UVUDVCK (=$R'@%=&A" S&&"%'67#$ C)%$D'T'!"#$ UI$"%'67#$ E)I$D'67#$ EIHI%H7&'K)$7; LDCKM*GNGCO

N8?*'4O"#$"%&'()*+",--&."PQ)*'("5GHHR"):+"/#>"PS):?)*1"5GHHR Source: CB Richard Ellis (March 2011) and PCA (January 2011)

!"#$%&"'()*)+'&,*%-*.'$"%.'/*%0$10$*$%*&,#,2,*3"$+*&,)%0&#,)*),#$%&*),$*$%*2%4".'$,** 4.2.2 The Docklands Office Market %4)-"8?09?0"3*870( 6(4*4 &. ) 078 .944+ .9-&0 &: 9*894*01 ,-./0123-41-5637849:-;306

MARKET ("! #"! '"!

TOTAL STOCK @463.0:= JAN 2011 (SQ M)

&"! %"! $"! ! %!!( %!!) %!!* %!!+ %!$! %!$$ %!$% %!$&

Docklands

<9:=60>80

?8.=4680

516,678

N8?*'4O"T4-8&004">''4..",'8:8;&'."P>9*&-"5GHHR

!"#$%&'(%) !%*+,-#.%/011(2%

firm over the first quarter 2011 to remain at an indicative level of $434/sq m although further pressure is building. Significant uplift in rents is expected in 2011 in Melbourne’s CBD with CBRE forecasting growth of 6.3% and 7.3% in net face prime rentals for this year and next respectively. Double-­‐digit growth is expected in effective prime rentals this year.

Property Market Summary – 1st Quarter 2011 [CBRE REPORT DATED JANUARY 2011] )$ 9&%1,&$:*;'&<,$*=044'&:*> ? @0'&$,&*AB??

;)*<40.= ). &: 0(4 7&+4*

>?.0*)-&): 4'8:8;1@ /*894*01VACANCY +4;):+ &. 3*87&:3 A).0 &: *4.&+4:0&)NEW & NET VACANCY ):+ 8AA&'4 ;)*<40.= B?0 8:-1 ;8+4.0-1 &: *40)&-= &:+?.0*&)- ):+ *4.8*0 C REFURBISHED ABSORPTION RATE A S A T RATE AS AT 08?*&.; ;)*<40.@ >0 0(4 .);4 0&;4 .?99-1 3*870( &. .-87&:3= B4')?.4 ;):1 B?&-+&:3. +&+:D0 340 0(4 38 )(4)+ 7(4: '8:+&0&8:.

74*4 74)<4* STOCK 12 MONTHS JAN 2010 (%) JAN 2010 (%) A&:):'4 ;8*4 +&AA&'?-0 08 8B0)&:@ EAA&'4 F)'):'&4. )*4 -&<4-1 08 A)-12 MONTHS ):+ TO J AN 2 011 A?*0(4* &: 5GHH= );&+ 388+ 3)&:. &: 7(&04 '8--)* I8B. ):+ 4).&:3 TO JAN 2011 .?99-1 (SQ M) J8?.4 9*&'4 3*870( &. 4K94'04+ 08 *4;)&: &: 0(4 3*870(@ +8-+*?;. +4.9&04 388+ &:'8;4 3*870( ):+ ): 8:38&:3 .(8*0)34 8A (SQ M) (8?.&:3 .08'<@ %40)&- *4;)&:. &: 0(4 .-87 -):4 ). ')?0&8?. '8:.?;4*. %!$' %!$#

.)F4 ;8*4 8A 0(4&* &:'8;4 L M.)F&:3. &. 0(4 :47 B-)'<D L B?0 9*8.94'0.

A8* *40)&+4;):+ 3*870( )*4 9*8I4'04+ 5GHH@ 106,608 105,344 2.1 08 -&A0 0(*8?3( 2.3

Source: extracted and modified from CB Richard Ellis (March 2011) and PCA (January 2011)

#"! '"# '"! &"# &"! %"# %"! $"# $"! !"# !

@463.0:=

%!!( %!!) %!!* %!!+ %!$! %!$$ %!$% %!$& %!$' %!$# <9:=60>80

?8.=4680

N8?*'4O"T4-8&004">''4..",'8:8;&'."P>9*&-"5GHHR

B4(&:+ 0(4 :)0&8:)- *4.?-0R@

/)34"5

20 !"#$"%&'()*+",--&."/01"20+

!"#$%&'()#%*#&+,--

,-./0123-41-5637849:-;306-

5%6*7&%3$+*$%*&,4'".*'+,'2*%-*.'$"%.'/*'8,&'7, Docklands is being developed mainly by the private sector, and its distinct but linked Z(&04"'8--)*"4;9-81;4:0"3*870( U&'08*&)D. ?:+4*-1&:3 ;8;4:0?; ')**&4+ 0(4 7(&04 '8--)* .4'08*. 8A &0.

4'8:8;1 0(*8?3( 0(4 VW# A)* B4004* 0(): 4K94'04+= 4).&-1 precincts are a dynamic blend of residential, commercial, retail and leisure activities 8?074&3(&:3 0(4 -8..4. .44: &: B-?4 '8--)* 4;9-81;4:0@ 6()0 (Vic Urban 2011). Interestingly, only one third of 5GHG= the 7&0( way complete, '8:0&:?4+ 0(*8?3( U&'08*&): 7(&04 '8--)*Melbourne 4;9-81;4:0 3*870( 4K'44+&:3 0(4 :)0&8:)- )F4*)34= *&.&:3 X@XY &: 0(4 14)*@ Docklands' current development value U&'08*&) is $4.5 billion on the way towards its end (). B44: (&0 (874F4*= B1 ) +87:0?*: &: A8*4&3: .0?+4:0 value of $12 billion (Vic Urban 2011). :?;B4*.@ >. ;?'( 8A 0(4 N0)04D. .?''4.. &: *4'4:0 14)*. 7). B?&-0 8: 0(4 F&*0?8?. '&*'-4 )..8'&)04+ 7&0( &0. 4K'4--4:0 989?-)0&8: 3*870(= 0(4 .-87+87: :87 ?:+4*7)1 ;)1 9*8F4 08 B4 ) ;4+&?; 04*; :43)0&F4

):+ ) -8:34* 04*; B?*+4: ). 0(4 N0)04 &. .40 08 .44 &0. 3*870( As the CBD’s newest office precinct, Docklands now contains more office stock than 9804:0&)- '?0 B1 -88;&:3 B)B1 B88;4* *40&*4;4:0.@ Z(&04 '8--)* 4;9-81;4:0 3*870( 8A [@GY &: 5GHH ):+ [@5Y &: 5GH5 )*4 4K'4--4:0= the Melbourne fringe sub locale of Southbank (427,456 square metres) (CBRE 2011).

B?0 0(4 3*870( *)04. B418:+ 0(4: ;)1 .0)*0 08 A)-- B)'< P):+ A)--

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Additionally the concentration of new office construction is in the Docklands precinct (CBRE 2011). Docklands accounted for almost all of the 120,000 square metres of supply additions to the CBD’s office market (CBRE 2011). Media House, Myer, 380 Docklands Drive and Seven17 Bourke Street are all recent completions contributing to Docklands representation of just over twelve percent of the total CBD market (CBRE 2011).

Furthermore, it appears that the Docklands precinct will continue to be the focus of office development. Of those significant new projects underway or committed; Aurecon, NAB, Melbourne Water, Marsh Mercer and the ATO are Docklands bound (CBRE 2011).

"The Docklands precinct demonstrates that good planning and vision can result in successful master planned communities with a mix of residential, retail and commercial space." (Cunich 2011)

Significant uplift in rents is expected in 2011 in Docklands (as well as Melbourne’s CBD) with CBRE (2011) forecasting growth of 6.3% and 7.3% in net face prime rentals for this year and next respectively. Double-­‐digit growth is expected in effective prime rentals this year (CBRE 2011).

Moreover, Prime indicative yields are currently at 7.18% as at 1Q2011 (CBRE 2011).

Several sales analysed this year (that transacted late 2010) revealed a tightening of yields, particularly for grade A assets, with the likes of 717 Docklands Drive ($245.175 mill.) and 737 Docklands Drive ($113 mill.) achieving initial yields between 7.1% and 7.2% (CBRE 2011). From an investment perspective, such sales are providing IRRs between 9% and 10% (CBRE 2011).

4.2.3 Inventory report

Existing stock in the market and trading area:

MARKET

TOTAL STOCK JAN 2011 (SQ M)

Western Core Eastern Core Civic Flagstaff North Eastern Spencer

1,586,407 673,663 431,000 348,005 308,910 222,951

NEW & REFURBISHED STOCK 12 MONTHS TO JAN 2011 (SQ M) 2,527 0 7,767 2,500 2,656 0

NET ABSORPTION 12 MONTHS TO JAN 2011 (SQ M)

VACANCY RATE AS AT JAN 2010 (%)

VACANCY RATE AS AT JAN 2010 (%)

-­‐1,3546 6,138 1,896 11,660 -­‐4,569 -­‐11,839

8.1 3.7 7.2 7.4 4.5 10.7

8.3 4.6 8.6 10.1 3.0 5.4

Source: extracted and modified from CB Richard Ellis (March 2011) and PCA (January 2011)

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Inventory report on existing competitive uses in the trading area:

Segment

Finance & Insurance Media, Sport & Entertainment

Education Government IT & Telecommunications Fast Moving Consumer Goods Development Retail

Company/Organisation

NAB, Bendigo Bank, Medibank Private, AXA Asia Pacific Channel 7, Melbourne Stadiums Limited, Australian Football League (AFL), Melbourne Central City Studios Kangan Batman TAFE’s Automotive Centre of Excellence, Altruism Australia, Open Channel Bureau of Meteorology, VicUrban, Australian Customs Services, VicTrack Ericsson, Telstra Research and Development National Foods Ltd Lend Lease, ING Real Estate Myer Pty Ltd

5. MARKETABILITY ANALYSIS 5.1 ABSORPTION (POTENTIAL DEMAND)

The absorption rate of new office space in Docklands is almost equal to the new supply being added to the market. In actual fact Docklands has the lowest vacancy rate of all precincts (Colliers International 2011). It saw a decrease in vacancy of 0.5% despite the addition of 717 Bourke Street in 2010 (Colliers International 2011). This is mainly because as to minimize the risk of oversupply in the Docklands area and the total metropolitan commercial office market, developers have generally required that commercial buildings have pre-­‐commitments before development can proceed (CBRE 2011).

5.2 EFFECTIVE DEMAND

The developments economic viability can be substantiated through the recent ‘boom’ the Docklands has experienced which is reflected in the statistics present in Figure 1.1 which show a substantial increase in business locations, employment and healthy increase in retail outlets.

Further reasoning behind the development of the ANZ centre is the domination of the Finance and Insurance Sector in the docklands, which amount to 34% of all employment ultimately validating its viability in the area and its sustainability in the future. It is also worth nothing that large companies are linked to higher employment levels in the area, approximately 74% of employment directly linked with larger companies so the ANZ Centre will progressively find itself in a very viable position.

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Figure 1.1 KEY INDICATORS

2002

2004

2006

2008

140

141

417

574

864

6,778

7,465

14,490

21,081

32,453

1,059,613

1,470,583

1,762,256

2,213,062

2,641,695

992,678

881,128

811,912

918,498

856,026

Let Office Space (m2)

52,095

119,329

182,309

296,896

453,874

Let Retail Space (m2)

8,693

10,109

26,368

44,399

83,219

2

6,283

2,472

26,016

25,133

27,220

2

Vacant Retail Space (m )

1,605

965

6,069

9,860

16,933

Office Vacancy Rate

9.5%

2.0%

12.5%

7.8%

5.7%

Retail Vacancy Rate

15.6%

8.7%

18.7%

18.2%

16.9%

Business locations Employment 2

Built Space (m ) 2

Unbuilt Space (m )

Vacant Office Space (m )

Key Capacity Measures

Bar/Tavern/Pub (seats) Cafe/Restaurant/Bistro (indoor seats) Cafe/Restaurant/Bistro (outdoor seats) Child Care Centre (places) Commercial Accommodation (rooms) Conferences and Meetings (persons) Educational Institution (student places)

2010

630 5,055

930 6,703

1,330 9,686

2,470 10,336

4,118 12,278

226

1,086

2,235

2,441

3,608

0

0

0

60

175

385

385

383

383

674

9,576

11,492

10,196

10,336

10,346

30

55

10

795

1,420

500

500

907

907

1,093

Residential Parking (spaces)

1,177

2,018

2,770

3,114

4,410

Commercial Parking (spaces)

5,879

4,605

8,031

7,610

7,831

Private Parking (spaces)

2,187

3,336

3,054

3,788

7,417

Residential Apartments 868 1,754 3,081 3,550 Source: CLUE 2010 Census of Land Use and Employment – Docklands Small Area Report March 2011

3,820

Food Court (indoor seats)

5.3 CAPTURE The proportion of the potential demand for each real estate product that the subject site is estimated to be able to attract.

5.4 LEASE ANALYSIS AND NECESSARY DEMAND An analysis of existing leases for lease rates, escalations, renewal clauses, escape clauses, and other relevant provisions with the goal of estimating the income from existing leases and the amount of space likely to be leased in each period as a percentage of demand the property is likely to capture.

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6. CONCLUSION & RECOMMENDATION

From CBRE MarketView Melbourne Office First Quarter 2011:

“Office vacancies are likely to fall further in 2011, amid good gains in white collar jobs and easing supply growth.”

The outlook for the Docklands office market appears convincing. With increasing demand and low levels of supply rental growth will remain particularly strong.

Moreover employer confidence remains high and hiring intentions are positive (Colliers International 2011). Over the next three years this will remain the case, and consequently demand is expected to remain high and supply levels constrained. And finally investment sales activity is likely to remain strong over the next three years due to the positive economic and property market outlook. Further tightening of yields is hence likely to continue with the current market outlook (Colliers International 2011).

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7. APPENDICES 7.1 IMAGES, PLANS, TABLES & CHARTS

Plan1: ANZ Centre Upper Ground Floor Plan

Plan 2: ANZ Centre Level 2 Floor Plan

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Plan 3: ANZ Centre Level 9 Floor Plan

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P1: Main Entrance -­‐ cnr Navigation Drive and Collins Street

P2: ANZ Centre Carpark

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P3: ANZ Centre Commercial Loading Dock

P4: ANZ Centre Retail Loading Dock

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P5: Pedestrian Walkway and Cyclist Pathway – Access to opposite side of the Yarra River

P6: Rear Service Access

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P7: Rear Entrance/Exit

P8: Alternate Main Entrance

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P9: Tram Access – Collins Landing (Stop D17) -­‐ Route 31 to Hoddle Street and Route 48 to North Balwyn

P10: Taxi Rank – Located on Collins Street between Karlsruhe Lane and Navigation Drive

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P11: Bus Stop – (need to add bus numbers that travel here)

P12: Tram Access – Docklands Park (Stop D4) -­‐ Route 35 to City Circle and Route 70 to Waterfront City Docklands

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P13: Vehicular Access from opposite side of the Yarra River

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7.2 CERTIFICATE OF TITLE & PLANS

Copyright State of Victoria. This publication is copyright. No part may be reproduced by any process except in accordance with the provisions of the Copyright Act and for the purposes of Section 32 of the Sale of Land Act 1962 or pursuant to a written agreement. The information is only valid at the time and in the form obtained from the LANDATA REGD TM System. The State of Victoria accepts no responsibility for any subsequent release, publication or reproduction of the information.

VOLUME 11155 FOLIO 767

Security no : 124037822145C Produced 20/05/2011 03:15 pm

LAND DESCRIPTION Lot 1 on Plan of Subdivision 602173M. PARENT TITLES : Volume 11004 Folio 844 Volume 11152 Folio 637 Created by instrument PS602173M 03/09/2009

REGISTERED PROPRIETOR Estate Fee Simple Sole Proprietor AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD of 100 QUEEN STREET MELBOURNE VIC 3000 PS602173M 03/09/2009

ENCUMBRANCES, CAVEATS AND NOTICES CAVEAT as to part AG682432N 11/08/2009 Caveator CITIPOWER PTY Capacity SEE CAVEAT Lodged by CITIPOWER PTY Notices to CITIPOWER PTY of LEVEL 8 40 MARKET STREET MELBOURNE VIC 3000 CAVEAT as to part AG682433L 11/08/2009 Caveator CITIPOWER PTY Capacity SEE CAVEAT Lodged by CITIPOWER PTY Notices to CITIPOWER PTY of LEVEL 8 40 MARKET STREET MELBOURNE VIC 3000 CAVEAT as to part AG682434J 11/08/2009 Caveator CITIPOWER PTY Capacity SEE CAVEAT Lodged by CITIPOWER PTY Notices to CITIPOWER PTY of LEVEL 8 40 MARKET STREET MELBOURNE VIC 3000 Any encumbrances created by Section 98 Transfer of Land Act 1958 or Section 24 Subdivision Act 1988 and any other encumbrances shown or entered on the plan set out under DIAGRAM LOCATION below.

AGREEMENT Section 24 (2) Docklands Authority Act 1991 AF087935M 24/05/2007 AGREEMENT Section 24 (2) Docklands Authority Act 1991 AF087966A 24/05/2007 AGREEMENT Section 24 (2) Docklands Authority Act 1991 AF087967X 24/05/2007 AGREEMENT Section 173 Planning and Environment Act 1987 AG718048U 27/08/2009 Title 11155/767

Page 1 of 2

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Copyright State of Victoria. This publication is copyright. No part may be reproduced by any process except in accordance with the provisions of the Copyright Act and for the purposes of Section 32 of the Sale of Land Act 1962 or pursuant to a written agreement. The information is only valid at the time and in the form obtained from the LANDATA REGD TM System. The State of Victoria accepts no responsibility for any subsequent release, publication or reproduction of the information.

DIAGRAM LOCATION SEE PS602173M FOR FURTHER DETAILS AND BOUNDARIES

ACTIVITY IN THE LAST 125 DAYS NIL DOCUMENT END

Title 11155/767

Page 2 of 2

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Imaged Document Cover Sheet

The document following this cover sheet is an imaged document supplied by LANDATA®, Land Victoria.

Document Type Document Identification Number of Pages

plan PS545345Y 15

(excluding this cover sheet)

Document Assembled 20/05/2011 14:57

Copyright and disclaimer notice: © State of Victoria. This publication is copyright. No part may be reproduced by any process except in accordance with the provisions of the Copyright Act and for the purposes of Section 32 of the Sale of Land Act 1962 or pursuant to a written agreement. The information is only valid at the time and in the form obtained from the LANDATA® System. The State of Victoria accepts no responsibility for any subsequent release, publication or reproduction of the information.

The document is invalid if this cover sheet is removed or altered.

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7.2 REFERENCES

Census of Land Use and Employment (CLUE), 2011. Docklands Small Area Report March 2011. [Online] City of Melbourne Government (Published 2011) Available at:

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<http://www.melbourne.vic.gov.au/AboutMelbourne/Statistics/CLUE/Documents/CLUE_Small_Area_ Report_2011.pdf> [Accessed 27 May 2011]

CB Richard Ellis (CBRE), 2011. MarketView Melbourne Metropolitan Office -­‐ 1st Quarter 2011.

[Online] Melbourne (Published 2011) Available at: <http://www.cbre.com.au/NR/rdonlyres/932BDEA9-­‐A1A7-­‐4D57-­‐85DA-­‐ 42E0532C952A/911658/melbourne1q11ofc.pdf> [Accessed 27/05/2011]

CB Richard Ellis (CBRE), 2011. Melbourne CBD and Fringe Office ViewPoint – February 2011.

[ONLINE] CBRE Pty Ltd (Published 2011) Available at: <http://www.cbre.com.au/NR/rdonlyres/BCAB4BE0-­‐A000-­‐412F-­‐A891-­‐ 6853E01F485A/904268/ViewPointMelbCBDFringeFeb2011.pdf> [Accessed 27/05/2011]

Census of Land Use and Employment (CLUE), 2011. CLUE Reports. [Online] City of Melbourne Government (Published 2911) Available at: <http://www.melbourne.vic.gov.au/AboutMelbourne/Statistics/CLUE/Pages/freereports.aspx> [Accessed 27/05/2011]

National Australia Bank (NAB) Research, 2011. Global & Australian Forecasts. [Online] The NAB Group Pty Ltd (Published 2011) Available at: <http://www.nab.com.au/wps/wcm/connect/ee73eb004676c0f1bb9dbf7aee1226c9/2011-­‐04-­‐ ForecastMR-­‐final.pdf?MOD=AJPERES&CACHEID=ee73eb004676c0f1bb9dbf7aee1226c9> [accessed 28 May 2011)

Allen, F., 2010. Analysis – Commercial property: Over correcton or fair value? [Online] Westpac Institutional Bank (Published May 2010) Available at: <http://www.westpac.com.au/docs/pdf/cb/Commercial_property_-­‐ _Over_correction_or_fair_value.pdf> [accessed 19 May 2011]

Knight Frank Research, 2011. April 2011 Melbourne CBD Office Market Overview. [Online] Knight Frank Pty Ltd (Published 6 April 2011) Available at: <http://www.knightfrank.com.au/content/upload/files/Reports/Research_Office_Space/melbcbdoffa pr11.pdf> [accessed 19 May 2011]

National Australia Bank (NAB) Research, 2011. Quarterly Australian Commercial Property Survey: March 2011. [Online] The NAB Group Pty Ltd (Published 4 May 2011) Available at: <http://www.nabgroup.com/vgnmedia/downld/CommercialPropertyOverviewMar11.pdf> [accessed 30 May 2011]

Cunich, J., 2010. Property Council of Australia, 2010. Docklands – Melbourne’s office market success story. [Online] PCA (Published 03 Feb 2010) Available at: http://www.propertyoz.com.au/qld/Article/NewsDetail.aspx?p=16&id=2523 [accessed 30 May 2011]

Bray, N., 2011. It’s a two-­‐tiered economic recovery, OECD economic outlook shows. [Online] Business Intelligence (Published 25 May 2011) Available at: <http://www.bi-­‐ me.com/main.php?id=52786&t=1&c=33&cg=4&mset=1011> [accessed 26 May 2011]

Colliers Internation. (2011). Melbourne CBD Office, 1-­‐10.

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