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Monday, 11 August 2003
Page: 13155

Senator Chris Evans asked the Minister for Defence, upon notice, on 10 June 2003:

In relation to the sale and leaseback of the Royal Edward Victualling Yard (REVY) at Ultimo in Sydney:

(1) When was the decision taken to sell and leaseback the property.

(2) When was the property sold.

(3) Which organisation purchased the property.

(4) What was the sale price for the property.

(5) (a) What rent for the property is Defence paying under the first year of the lease; and (b) what rent will be paid in the second and subsequent years of the lease.

(6) (a) What was the total value of all building works that have been carried out at the REVY building site over the past 5 financial years; and (b) can a complete breakdown of these works be provided.

Senator Hill (Minister for Defence) —The answer to the honourable senator's question is as follows:

(1) The Government agreed to sell the property in April 2002, and Defence subsequently decided to lease the property. The short term lease at REVY will enable the department to identify special purpose accommodation for the element of the Defence Science and Technology Organisation that still occupy one of the three buildings on the REVY site.

(2) Settlement was on 26 June 2003.

(3) REVY Investments Pty Ltd.

(4) $29m inclusive of GST.

(5) (a) $1,670,000 (b) $1,720,100 (based on 3% fixed annual increases). The term of the lease is four years with two six month options.

(6) (a) and (b) No building works have been undertaken in the past five years.