Commercial Property
Port Botany Transfer Station
Port Botany Transfer Station is the receiving station for non-organic waste from eastern and southern Sydney, NSW, and the city's central business district. The waste is brought in by local Councils and other customers, compacted at Port Botany, and transferred into trucks for hauling to landfill. The transfer station is managed by one of Australia's largest waste-management companies Veolia Pty Ltd.
Commonwealth Centre
3 Brand Street, South Hedland
Western Australia
IBA acquired the Commonwealth Centre, located at South Hedland, WA, in December 2000. The building comprises 2 levels at the rear and a single level at the front. The property was built in 1980 as a single storey building before being extended in 1987.
The net lettable area is 2,141.4m2 with the building situated on 6,384m2 of land. Along with a number of smaller tenants, the building accommodates the regional Indigenous Coordination Centre and the local Centrelink office.
CPS Building
44 Waymouth Street, Adelaide
South Australia
This investment is a modern office building situated in the core office precinct, as designated by the Property Council of Australia, within the City of Adelaide, SA. The building was built in 1988 and incorporates a ground floor and 12 upper levels. The net lettable area, under the current tenancy configuration, is 7,195.5 m2.
IBA acquired the property in June 2003. The building is subject to a long term leaseback to CPS Credit Union, which occupies 3,090 m2 over 6 floors (approximately 43% of the building's total net lettable area).
In 2004-05 the building underwent soft refurbishments which included painting some of the internal common areas and a minor upgrade of the plant room. In 2006-07 the ground floor foyer and lifts were refurbished.
Goldfields Building
50 Colin Street, West Perth
Western Australia
IBA together with Perth Noongar Foundation (PNF) and Noongar Country Economic Foundation (NCEF) purchased this investment property in November 2002. The equity interests of the parties were determined by the initial capital contributions, in which IBA holds 66.21%, PNF holds 21.29% equity and NCEF holds 12.5% equity. Over time, surplus rental income will be applied by the Indigenous partners to facilitate a gradual buy-out of IBA's equity in the joint venture.
The building is a modern office development over 5 levels, and also includes 94 undercover car parking bays. The building is widely considered to be a landmark in the west Perth locality and consists of a mezzanine ground floor with lobby and 3 upper levels of office accommodation. It was built in 1990 with a total lettable area of 4,054.9m2.
During 2006-07 the lifts and security system was upgraded. It is anticipated that the front steps and forecourt will be refurbished during the 2007-08 financial year.
Homestead Centre
Cnr Throssel and Tonkin Streets, South Hedland
Western Australia
IBA acquired this retail and office complex in March 1993 in association with the Port Hedland Regional Aboriginal Corporation (PHRAC). Located in South Hedland, WA, the Homestead Centre is operated as a body corporate and caters for 13 tenancies over 1,441m2. This property is 100% tenanted and Australia Post own one of these tenancies. It is anticipated that PHRAC will eventually redeem IBA's share of equity in this investment and have outright ownership of the property in the future.
The Homestead Centre represents an opportunity for the local Indigenous people to establish an economic base from which to derive an income stream and allow for further investments in other commercial opportunities.
IBA Building
39-43 Boulder Road, Kalgoorlie
Western Australia
IBA acquired this building in 2003 in a semi-completed state from the Administrator of the Goldfields Medical Fund. In early 2004, the building was completed to meet the requirement of the Australian Government tenant's standards.
The building is 2 storeys and comprises 652.25m2 on the ground floor and 231.25m2 on the upper level, giving the building a total net lettable area of 883.50m2. The land component is 2,731m2. The building has office facilities on the ground floor and conference, office and library facilities on the upper level.
The building, which is 100% owned by IBA, accommodates the local Indigenous Coordination Centre and is subject to a 10 year lease.
Katherine Government Centre
5 First Street, Katherine
Northern Territory
This commercial property is comprised of an office building with ground and upper level office accommodation. The building is centrally located within the township of Katherine, approximately 300 kilometres south of Darwin.
IBA acquired this building in June 2000. The building has a total net lettable area of 4,547m2 and is fully leased to the Northern Territory Government on a long-term arrangement. The property also provides 124 vehicle parking bays.
Although the building is currently 100% owned by IBA, negotiations are well advanced with a local Indigenous organisation for IBA to partially sell-down some of its equity in the building.
Scarborough House
Atlantic Street, Woden
Australian Capital Territory
Scarborough House, located in Woden, ACT, is a 15 storey office complex which IBA purchased from the Australian Commonwealth Government in 2001. Along with IBA, there are currently 4 Indigenous partners. They are Yarnteen Aboriginal and Torres Strait Islanders Corporation, Gundjehmi Aboriginal Corporation, Wunan Foundation Inc and Groote Eylandt and Bickerton Island Enterprises Aboriginal Corporation.
During 2004 and 2005 Scarborough House was refurbished in a major project that involved a total reconstruction, including the façade and an increase in the floor plates on the northern and western aspects.
The reconstruction increased the net lettable area from 11,000m2 to 16,777m2. The building contains A-grade office accommodation with an ABGR of 4½ stars. Approximately 98% of the building is leased to an Australian Government tenant and the remaining 2% on the ground floor leased as a café.
Wilkinson Street Alice Springs
25 Wilkinson Street was purchased in December 2007 and comprises a factory, warehouse and office accommodation. The building and land covers 3070 square metres and is located in the industrial area on the outskirts of Alice Springs.
The current tenant IBA Constructions is involved in providing construction services to the Northern Territory, in particular in support of the Government initiatives around community housing and support.
