CorVal Industry House Trust
CorVal Industry House Trust sale of property and wind-up of trust
The CorVal Industry House Trust was established as a simple to understand unlisted trust that will own a single property asset, namely the state-of-the-art Industry House, located in the heart of the Canberra CBD.
Industry House is over 99% leased (by area) to the “AAA” rated Commonwealth Government of Australia through until December 2021, providing office accommodation to both the Department of Innovation Industry, Science and Research and the Department of Resources, Energy and Tourism.
Completed in late 2006, Industry House is a 14 level landmark commercial office building providing its tenants with 25,009 square metres of net lettable office area, 262 car bays and 24 motor cycle bays.
From both an environmental and energy efficiency perspective, Industry House has a 5 star National Australian Built Environment Rating System (NABERS) rating for energy and a 4.5 star NABERS rating for water.
Rent reviews under the Commonwealth of Australia leases provide for fixed rental increases of 3% per annum in January of each year, together with CPI catch up rent reviews in January 2012 and January 2017.
The property is conveniently located approximately three kilometres north of Parliament House, with surrounding developments including the Canberra Centre shopping precinct and Glebe Park on the property door-step.
To provide Trust investors with a greater level of certainty, over the term of the Trust, CorVal has undertaken to not:
- list the Trust on the ASX;
- acquire (directly or indirectly) any further property assets or property securities;
- staple or merge the Trust with another entity; or
- change the fee structure of the Trust.