Annual Report 2007-2008

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Your location: Performance > Outcome 4 > Output 4.1 > Quality and quantity information

OUTPUT 4.1: Property management

Output 4.1: Quality and quantity information

Quality indicators

Quantity indicators

Portfolio condition

The department assessed the overall condition of the overseas owned property estate in 2008 as good measured against industry-based benchmarks. New construction works and refurbishments carried out by the Overseas Property Office and cyclical maintenance programs have continued to improve the operational effectiveness of the estate. Proposed projects foreshadowed in the department’s forward property program (see output 4.2) will contribute to the value and amenity of the estate.

Tenant satisfaction

Tenant satisfaction with the delivery of property management services by United Group Services (UGS) is measured by surveys conducted each year by OPO. OPO assessed the performance of UGS as good throughout the year.

We ensured that the service provider maintained close liaison with tenants and that property management services were delivered to agreed standards (see also output 4.2).

Quantity information for output 4.1

Return on investment

The rate of return on investment on the overseas owned estate was 12.58 per cent. The return on investment continued to reflect expenditure on major capital works projects in the estate.

Management expense ratio

The management expense ratio indicates the relationship between costs of management and value of the estate. For 2007–08 the ratio was assessed at 1.10 per cent, which was consistent with external industry benchmarks.

Annual dividend

The department paid to the Government a dividend of $25 million from the operations of the overseas owned estate in 2007–08, as agreed between the Minister for Foreign Affairs and the Minister for Finance and Deregulation. The department also returned $11.14 million from property divestment proceeds.

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