Target head office – 2 Kendell Street, Williams Landing, VIC

Target head office – 2 Kendell Street, Williams Landing property is a multi-level, A-Grade suburban office building consisting of a net lettable area of 12,919 sqm. The building is currently in the process of being developed and Target Australia, a wholly owned subsidiary of Wesfarmers (WES:ASX), will occupy 100% of the building on a 10 year lease (from completion of construction). Upon completion, it will boast an anticipated 4.0 star NABERS energy rating, 384 car spaces, a ground floor cafe and modern end of trip facilities.

Asset summary
Property type Office
NABERS energy rating 4 stars
Ownership interest 100%
Title Freehold
Site area 4,401
Building constructed 2018
Latest refurbishment N/A
Car park spaces 384
Tenancy summary
Net lettable area (by NLA) 12,919
Occupancy (by NLA) 100.0%
WALE (by income) 10.0 years
Major tenants (by gross income)
Target 100%
Valuation summary
Book value $58.2m
Most recent independent valuation $58.2m
Valuation date 30 Jun 2017
Valuer Savills
Capitalisation rate (current) 6.50%

Information accurate as at 30 June 2017 and provides a summary of key information in relation to the named property within the Centuria Industrial REIT portfolio. Information is in summary form only and investors should refer to the Fund’s published financial statements and other disclosures for further information and detail on the portfolio.