This Glossary provides definitions of terms related to property and property investing.
A B C D E F G H
I J L M N O P R
S T U V W Y Z
Term and Definition
Sale and Leaseback

An arrangement in which the owner and occupant of a property sells its property to an investor and then simultaneously leases it back and continues to occupy the space as a tenant. e.g. 85 William Angliss Drive, Laverton North, VIC was a sale and leaseback with Murray Goulburn for the ISPT Core Fund.

Secondary industrial

Located in non-traditional industrial area in an older-style warehouse with lower clearance and compromised loading. Warehouse component: minimum internal clearance of less than 8m with numerous internal columns. e.g. Russell Park Estate, Henderson, WA.

Secondary trade

A secondary trade is where an existing investor transfers units or shares in an open or closed ended fund to another investor, either an existing or new investor. The secondary trade will be at an agreed price and on specified terms, without the issue of new units or a redemption of units.

Service charges shortfall

An excess of property maintenance expenses which are not recharged to the tenants and are paid for by the landlord.

Set up costs

The costs that relate directly to the structuring and establishment of a viable fund. This includes legal fees, tax advisory fees, structuring fees and administration costs.

Special purchase

A purchase of an asset which has 'special value' because of advantages arising from its ownership that would not be available to general throughout purchasers in the market. e.g. adjoining owner.

Special Resolution

A resolution passed by 75% of the unitholders who are entitled to vote. (See also Ordinary Resolution and Unanimous Resolution).

Specialty store

Usually a smaller retail store within a shopping centre which specialises in a narrow range of merchandise with an emphasis on product knowledge and customer service. Specialty stores range from 20 sqm to 400 sqm. e.g. a jeweller.

Speculative development

The construction of a building by a developer on the that assumption occupier demand for the property exists and the space will be leased/sold by the time the project is finished.

Stamp duty

The tax imposed by the State Government on settlement of contracts, including Contracts of Sale, and Registered Leases. The amount of tax payable is calculated as a percentage of the contract value and varies in each state.

Stapling

Combining separate classes of units into a single security so that they are traded as a single security rather than individual units. The ISPT Core Fund was stapled in 2005, having formerly been ISPT No. 1 and ISPT No. 2.

Strip retail

A strip of retail shops, usually located along a roadway.

Sub lease

When the whole or a part of the property is let to another person by the lessee. The obligations of the lease remain with the lessee and not the sub-lessee.

Subregional centre

A medium-sized shopping centre with one full-line discount department store, one major supermarket and around 40 specialty stores. Total GLAR is between 10,000 sqm and 30,000 sqm. e.g. Barkly Square, Brunswick, VIC: 8,000 sqm; Kmart, Coles, Woolworths and 37 speciality stores.

Subscription agreement

A subscription agreement is a legal agreement made by an investor fixing the amount to be paid for participation in the fund.

Subscription fee

A subscription fee is a charge levied on investors subscribing for units in a fund by the fund manager.

Super regional shopping centre

A major shopping centre typically with two full-line department stores, one or more full-line discount department stores, two supermarkets and specialty stores. Total GLAR exceeds 85,000 sqm. e.g. Westfield Doncaster Shopping Centre, VIC: 121,000 sqm; Myer, David Jones, Woolworths, Coles, Target, Big W, Toys R Us and Apple plus over 400 speciality stores.

Sustainability reports

Present a holistic picture of company activities and provide a balanced view of benefits and trade-offs among social, economic and environmental impacts. A sustainability report differs from an environmental report or an environmental, health and safety (EHS) report.

Sustainable construction

The impacts of building activity on resources, biodiversity and eco-system services are accounted for as part of the whole-of-life of the project.

Sustainable development

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

System commissioning

Testing the operation of equipment and building systems to ensure the system operates as designed and can satisfactorily meet the needs of the building throughout a range of operating conditions.

A B C D E F G H
I J L M N O P R
S T U V W Y Z
.