the Business update is interesting in 2 ways the good news is the leasing has improved and so has the recovery in Carparks, though in another way they have reminded us that car parks income will be down. On the original purchase price of $68m the income was about $3.5m and they purchased at a 5% yield. My thinking now is income will be closer to $3m if we're lucky. They also told us that new Valuations are being done to be ready for the Market Update late February. My thoughts are the yield a valuer may work on is more like 6%-6.5% rather than the 5% in late 2021 and should be calculated on a lower income not on projected income(they had previously said they were hoping to get income back to the $4m mark that it was at prior to purchasing. What does that mean... will if I'm right on the % then the Val will be between $48m-$52m which is a lot less than we paid. Hopefully a DA for new buildings on the sites will add to the valuations considerably. This is not financial advice just an Ex property punters thoughts.
GDI Price at posting:
75.5¢ Sentiment: Buy Disclosure: Held
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