They own 2 and 10 Valentine. Not just 10 Valentine. 2 Valentine is a car park but with a DA for 28,000 SQM Build to Rent. Yet I'm saying next door the block of land has an FSR ratio I believe near 20 to 1, they only have a 10 to 1. They could resubmit the DA on LFL to Urban and double the value of 2 Valentine. For a REIT with Ungeared balance sheet they have all flexibility in world.
If you think it's an Office investment i think you're wrong. If your buying because of yield i think you're wrong. Bolton isn't silly.
Urban block of land is 2,800 SQM, for $42m, our is 3,900 SQM i believe or 3,500 for a 95m building and carpark. Haha. With DA optionallty. It's a gold mine.
Ann: Sale of 96 York Street Beenleigh, page-12
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