Drapac Trust No.2

• Commercial

Drapac Trust Number 2 holds as its sole asset the former Hoyts Cinema Centre located at 140 Bourke St, Melbourne. Comprising a 10 level office tower of 6191 square metres with the Cinema component of 4460 square metres, this property is an excellent investment/redevelopment site strategically located within the Melbourne CBD.

The site is well positioned in the northern end of the CBD, directly adjacent to the Southern Cross redevelopment and close to all major landmarks and transport hubs.

Drapac plans to undertake a major redevelopment of the Cinema Centre component, transforming the space from a redundant facility into a vibrant commercial and retail hub. Additionally, a substantial amount of money has been spent on refurbishing the office tower to improve the standing of the building within the Melbourne tenancy market. In light of the expected commercial market conditions over the short to medium term, Drapac views this site as an attractive investment proposition.

The property was syndicated and registered with ASIC as a managed investment scheme in July 2006 and the capital raising was closed fully subscribed in three weeks - underlining the demand for quality investment products.