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Stockland add to North Sydney Development site
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Dexus Market Update
October 24, 2018
Dexus today announced a property portfolio operational update for the quarter ended 30 September 2018.
Leased 41,673 square metres of office space plus 4,989 square metres of office development space, across 52 transactions, with office portfolio occupancy increasing to 96.8% (from 96% in June) while the weighted average lease expiry (WALE) was maintained at 4.6 years.
Dexus will seek to capitalise on the strength of the Sydney office market, which represents 71.1% of expiries, over the next three years.
Leased 57,559 square metres of industrial space across 18 transactions, with industrial portfolio occupancy reducing to 97.2% (from 98.3% in June) as a result of lease expiries during the period
Reached key milestones across the group’s $4.2 billion development pipeline, including:
Commencing development works at 240 St Georges Terrace, Perth
Replenishing the industrial development pipeline by entering into agreements to acquire three industrial development sites in Melbourne, Sydney and Brisbane with a combined end value of circa $700 million
Secured a prime office development site in the Melbourne CBD through entering into agreements to acquire adjoining properties at 60 and 52 Collins Street which, along with the addition of 140 George Street, Parramatta, increases the pipeline of potential concept opportunities to circa $2.9 billion.
In October 2018 on-floor upgrade works commenced at 240 St Georges Terrace in Perth. The extensive ground floor works will include the creation of a new street entry, a new north facing outdoor terrace on level 16 for functions, new end-of-trip facilities and gymnasium, and an improved retail offering.
At 100 Mount Street in North Sydney construction is progressing well and will soon reach its highest level.
Works also continue to progress at other projects at 180 Flinders Street in Melbourne and 12 Creek Street – The Annex in Brisbane.
During the period, Dexus settled on the sale of 32 Flinders Street, Melbourne, securing circa $49 million (pre-tax) of FY19 trading profits.
Dexus reconfirms its market guidance for the 12 months ending 30 June 2019 for distribution per security growth of circa 5%.