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News release

Your chance to beat the crowd.

484 St Kilda Road – For Sale by Expression of Interest

MELBOURNE, 15 June 2011– Jones Lang LaSalle has been appointed to sell an A grade commercial office building on St Kilda Road, Melbourne.

484 St Kilda Road is being offered for sale by Expressions of Interest by Robert Anderson and James Kaufman of Jones Lang LaSalle. It is expected to sell for circa $75 million and based on a forecast fully leased net income of almost $6.4 million. This reflects a forecasted yield of approximately 8.5%

Owned by Perron Investments Pty Ltd for over 15 years, the building has the benefit of being substantially refurbished. It has a net lettable area of approximately 20,366 square metres over 16 levels and car parking for 224 vehicles.

“Occupying a prominent corner position in the preferred section of St Kilda Road and enjoying stunning views overlooking Albert Park Lake and Port Phillip Bay, the proactive long term owners have ensured the building remains in pristine condition” said Mr Anderson.

“This dominant office building is unquestionably one of the best on St Kilda Road, as evidenced by quality of recent  2011 lettings” said Mr Anderson. Tenants who have chosen to re-locate to 484 St Kilda Road include one of Australia’s leading pharmaceutical wholesalers, Symbion Pharmacy Services, Leading Australian exporter, Glencore Grain, ASX listed diversified property group, Australand Holdings and ASX listed mining group, Ivanhoe Australia.

According to Jones Lang LaSalle research the market has experienced rental growth and tightening vacancy levels over the past nine months and the short to medium term forecast is for this trend to continue. Relocations into the St Kilda Road precinct total approximately 14,000sqaure metres in the first 6 months of 2011 and this trend is set to continue.

“Renewed interest from high calibre tenants moving to St Kilda Road is having a positive influence on occupancy levels, rental growth forecasts and in turn, investor sentiment” said Mr Anderson