Garda Property Finds Office Valuation Gains

8 November 2022

Garda Property has recently obtained updated independent valuations 3 of its office assets for year end purposes, recording an average increase of 2.8%.

Valuations were obtained for office assets located at Box Hill, Cairns and Hawthorn East Cairns, as follows.

  • Box Hill, a 5,702m² single tenant property with an 8.4-year WALE was valued at a capitalisation rate of 4.75% for $47.0 million, an increase of 3.3% or $1.5 million.
  • Cairns, a ~15,000m² office property with a 4.1-year WALE was valued at $87.75 million, a decrease of 2.4% or $2.25 million.
  • Hawthorn East is currently being valued with the final valuation expected in early December 2022.

All other assets are due to be valued by April and May 2023.

Subject to the successful completion of the Mackay disposal (also announced today) and the adoption of independent valuations for Box Hill and Cairns, GARDA’s 31 October 2022 unaudited pro-forma NTA per security was $2.02 per security and gearing 33.9%. At the closing price of $1.405 on 7 November 2022, GARDA’s securities are trading at a 30.4% discount to 31 October 2022 pro-forma NTA per security.