DAVID JONES BUILDING
Centrally located in Perth’s prime
retail stretch along the bustling
Murray Street and Hay Street,
David Jones Building is anchored
by the upmarket David Jones
department store.
The David Jones Building sits on
a freehold site of approximately
71,473 sq ft in the Perth CBD in
Australia. It enjoys dual frontage
to the bustling Murray Street and
Hay Street, the only two retail
pedestrian streets in the city.
The property is a few minutes’
walk from the Perth Central
train station. The building is also
the other established specialty
tenants also incorporate an annual
upward-only rent review.
PLAZA ARCADE
Located next to the David Jones
Building, Plaza Arcade is in the
heart of the city centre and sits on
a freehold site of approximately
26,221 sq ft. The property is one of
the two main thoroughfares with
entrances at both Hay and Murray
Street Malls. Renovated in 2006,
it comprises a three-storey
heritage-listed retail building
with 35 specialty tenancies
located mostly at the ground
floor. The property has a GLA of
linked seamlessly to another
major shopping centre via a
covered walkway. The four-level
property, which has heritage-
listed components, including a
building constructed circa 1910
that was formerly the Savoy Hotel,
is anchored by the popular David
Jones department store and five
other specialty tenancies. As
at 30 June 2015, the property’s
occupancy was 97.4%. David Jones
Limited, which has a long-term
lease in the building until 2032,
occupies approximately 246,528
sq ft or 95% of the total gross
lettable area. It accounts for 82.0%
of the gross rent for David Jones
approximately 24,212 sq ft and
enjoys an occupancy of 92.5%
as at 30 June 2015.
The tenant mix is diversified,
comprising services, food &
beverage, fashion, shoes, jewellery
& accessories, giftware and mobile
shops. Established brands include
Billabong, Just Jeans, Lush
and Virgin Mobile. Most leases at
the property enjoy rental upside
from an annual upward-only
rent review.
There are synergies to be reaped
between the Plaza Arcade and
the adjacent David Jones Building.
Building for June 2015. David Jones
Limited, colloquially known as DJs,
is an upmarket Australian-listed
operator of premium department
stores across the country.
Five specialty tenancies occupy
a GLA of about 5,783 sq ft
and include Australian and
international brands such as
Bodyshop, Jeanwest, Pandora,
Michael Hill and Connor. The
long-term lease with David Jones
Limited provides resilient and
stable income, with the benefit of
an upward-only rent review every
three years, with the next review
due in August 2017. The leases for
Both Savoy Hotel (which is part
of David Jones Building) and the
Plaza Arcade have unutilised space
on the upper levels.
The Manager has obtained the
development approval for an
asset enhancement initiative
for the facade of Plaza Arcade
facing Murray Street. It plans
to convert approximately
9,000 sq ft of space on the
upper floor for more productive
retail use, and is in negotiations
with a few prospective tenants.
Australia Properties
Perth
The Perth Properties, David Jones Building and Plaza Arcade, are located
in Perth’s central business district. Both properties enjoy dual frontage to
the bustling Murray Street and Hay Street, the only two retail pedestrian
streets in the city.
35
PLAZA
ARCADE
650 Hay Street Mall &
185-191 Murray Street Mall,
Perth, Australia
TENURE
Freehold
TOTAL GLA (SQ FT)
24,212
A
three-storey heritage-listed retail
building
located next to the David Jones
Building. The property was renovated in
2006 and has 35 specialty retail tenants
located mostly at the ground floor.
1
Fashion
44.6%
2 General Trade
18.4%
3 Services
11.3%
4 Shoes & Accessories
9.2%
5 F&B
7.8%
6 Health & Beauty
7.2%
7 Jewellery & Watches
1.5%
RETAIL TRADE MIX
by gross rental contribution
(for Jun 2015)
S$
61.0m
PURCHASE PRICE
S$
53.2m
MARKET
VALUATION
(as at 30 Jun 2015)
7 6 5 4 3
2
1
NUMBER
OF TENANTS
as at 30 Jun 2015
Pandora and
Michael Hill
specialty stores
at David Jones
Building.
Specialty stores
Jeanswest and
The Body Shop
at David Jones
Building.
1
2
1
David Jones department store
56.6%
2 Fashion
18.7%
3 General Trade
5.7%
4 Jewellery & Watches
5.5%
5 Health & Beauty
4.7%
6 Services
3.5%
7 Shoes & Accessories
2.9%
8 F&B
2.4%
PERTH PROPERTIES RETAIL TRADE MIX
by gross rental contribution
(for Jun 2015)
1
2
8 7
6
5
4
3
2
1
PERTH PROPERTIES OCCUPANCY RATE
31 Dec 2012
Retail
100.0%
(1)
31 Dec 2013
Retail
99.3%
30 Jun 2015
Retail
97.0%
Note:
(1)
Excludes Plaza Arcade which
was acquired in March 2013.
51
50
STARHILL
GLOBAL
REIT
Annual
Report
FY 2014/15
