Establsihed in October 2002, Promoseven Pty Ltd (Australia) focuses mainly on the development of Australian Property and Real Estate. Its mandate is to identify and develop further investment projects, either singularly or jointly with other equity partners. The objective is to build on our existing key investments and to develop a portfolio of varied and exciting projects.

The strong and continuous growth in both population and economic development within Queensland has underscored the strategic decision to locate the Australian operation within the Queensland capital city of Brisbane.

Background

In July 2003, the company purchased two Commercial Office buildings within the Central Business District of Brisbane. It also brought two other properties in Queensland, a redevelopment site within the CBD of Cairns and an undeveloped plot in the coastal Town of Yeppoon.

In 2005, the Office building at 545 Queens Street was sold, as was the property in Yeppoon. The company has since entered into a Joint Venture agreement to develop this 2,000m2 plot in Cairns and has obtained a Development Approval for a 13 level Retail, Commercial and Residential Tower. Construction is scheduled to complete by early 2008.

The Office building retained at 171 George Street, Brisbane, is a 9 Level (8 Levels plus Basement), an historically significant building (circa.1920) that has a magnificent Sandstone façade and internal detailed period features. It is one part of what is referred to as the "Golden Triangle", which consists of 3 magnificent period buildings surrounding Queens Park, that were built for the Government in the earlier part of last century. The company has also purchased 64 car parks within a new Residential Tower building adjacent to the property, with which it has direct access too via the Basement level.

The company is the Owner/Operator of 171 George Street and so manages the Building, the Tenants and the Services it provides. The building has a total net letable floor area of 8630m2, along with Basement Storage capacity and has a varied Tenant mix that consists of firms of Lawyers, Landscape Architects, Engineering Consultants, a Fashion Accessories and Clothing Distributor, several Government Departments and a Boutique Café outlet.

Promoseven PTY.LTD.
Level 8 171 George Street,
Brisbane, QLD 4001
Australia

Tel: +617 3012 9058
Fax: +617 3012 8904
Email: steve.burt@promoseven.com