Portfolio Management Overview
The Department of Finance is responsible for the management of the Australian Government´s non-Defence property portfolio within Australia. The portfolio includes a diverse range of property types including commercial office buildings, law courts and other special purpose properties, public interest properties, heritage buildings, residential properties and vacant land.
The Property area operates in a competitive market as Australian Government agencies are not bound to lease their accommodation from it.
However, if an agency needs to occupy a government-owned building, the Property Branch is required to provide the building on a commercial basis.
Property Branch is required to:
- achieve a commercial rate of return on the portfolio;
- maintain the condition of the portfolio to industry standards;
- meet the future needs of tenant agencies as agreed by government;
- contain its management costs within market benchmarks;
- pay dividends from operations; and
- make equity repayments to the Australian Government from any divestment of property.
Property Management Services Contract
The Australian Government, represented by the Department of Finance, has a contract with Five D Holdings Pty Ltd for the provision of a range of property management services. The contract commenced on 1 July 2013 with an initial term of 4 years with one two year option and provides for the effective and efficient management of the portfolio. Services delivered under the property management services contract include but are not limited to estate management, facilities management, valuation services and capital works program management services