CBRE Sunshine Coast Market View Report 2015

Market View ReportSunshine Coast

2015

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2 Sunshine Coast Queensland

MARKET VIEW REPORT

3

SUMMARY ▪ Strongest economic growth in six years;

▪ Population growth recovering;

▪ Retail sector picks up as yields sharpen;

▪ Buyers and tenants return to industrial market;

▪ Office market vacancy edges lower.

CONTENTSSummary 3

Economic Overview 4

Population Growth 5

Retail 6

Industrial Market 10

Office Market 11

Rental Trends 12

Market Outlook 14

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Sunshine Coast economic growth is expected to improve in the years ahead as domestic demand and population growth strengthens. The peak of the next cycle is expected in 2016, although a period of sustained growth is anticipated. Growth in 2015 is forecast at 3.9%. Key drivers of the Sunshine Coast economy, which accounts for 4.5% of the State’s economy, are:

▪ Construction (15.3%);

▪ Retail trade/accommodation (13.6%); and

▪ Health care/social services (12.1%).

These figures highlight the importance of population growth and tourism to the local economy.

Recent performance has reflected the broader period of economic uncertainty over the past eight years, with only modest growth recorded. Additionally, the region has been clearly affected by the unbalanced nature of Queensland’s economy, where there has been a strong focus on resource sector development. The State’s large LNG projects are nearing completion, however, and the resulting decline in engineering construction activity is being replaced by an upturn in residential and non-residential construction. Reflecting this, State final demand has weakened recently, down 1.0% on a quarterly basis and 3.4% annually in December 2014.

As the balance of activity shifts in Queensland, however, it should provide a positive bias towards economies such as the Sunshine Coast. Signs of this turnaround are already emerging. Sunshine Coast gross regional product increased 3% in 2013-14 to $12.93 billion, the strongest annual increase since 2007-08.

For the Sunshine Coast, major infrastructure developments will continue to play a significant role in supporting broader economic growth. The four major projects in particular that will boost the Sunshine Coast over the next five to ten years are:

▪ the Kawana Hospital precinct;

▪ the Maroochydore Principal Development Area (Horton Park Golf Course);

▪ Sunshine Coast Airport Expansion; and

▪ Caloundra South

Sunshine Coast Gross Regional Product

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

-$2,000

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,00020

01

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Annu

al %

cha

nge

Gro

ss re

gion

al p

rodu

ct ($

mili

on)

Year ended June

Sunshine Coast Gross Regional Product

Headline GRP $m % change from previous year

Source: National Institute of Economic and Industry Research (NIEIR)

ECONOMIC OVERVIEW

MARKET VIEW REPORT

5

Forecasts suggest the Sunshine Coast’s population could reach 396,500 by 2021and 485,600 by 2031 under a medium-growth scenario. Growth over the 20-year period is forecast to average 2.1% per annum, adding almost 8,500 people each year.

At June 2013, the Sunshine Coast (including Noosa Shire) had a population of 330,498. Growth over the past decade has averaged 2.4% per annum, although growth slowed during the Global Financial Crisis and hit a low 1.4% in 2010-11. Some recovery has been noted over the past two years, however, with growth at 1.9% per annum.

Estimated Resident Population and Growth, Sunshine Coast

0.0%

0.6%

1.2%

1.8%

2.4%

3.0%

3.6%

0

100,000

200,000

300,000

400,000

500,000

600,000

2001 2006 2011 2016 2021 2026 2031 2036

Grow

th R

ate

Per A

nnum

(%)

Estim

ated

Res

iden

t Pop

ulat

ion

Estimated Resident Population and Growth, Sunshine Coast

Estimated resident population - Sunshine Coast Growth rate pa (%) - Sunshine Coast Growth rate pa (%) - Queensland

Forecast

Source: Queensland State Government (2013)

POPULATION GROWTH

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Retail trade growth across Queensland slowed in the three months to December 2014, with a 1.8% increase recorded, well below national growth of 4.9%. The food sector continued to outperform with turnover growth of 4.2%, while household goods (8.3% growth) also showed strength. Retail activity on the Sunshine Coast, however, is being supported by renewed population growth, while house and unit sales volumes are at their highest level since 2007.

Visitor numbers are also on the rise, with 3.176 million domestic and international visitors recorded in the year to September 2014 (up 10.8% on the previous year).

Sunshine Coast retailers enjoyed a resurgence of activity and confidence over the past 12 months. Noosa’s prime retail strip, Hastings Street, saw significant activity with new retailers coming to town including Seed & Betty’s Burgers and some existing traders securing larger premises including Lorna Jane and Witchery. Tenants competed for space as vacancies were absorbed, which led to landlords achieving an average rental range of $2,500/sqm to $3,500/sqm gross per annum. Mooloolaba Esplanade also performed strongly, with vacancy falling to just 2% and gross rents in the $1,500/sqm to $3,000/sqm per annum range.

There was good support for the “big box” retail strip along Nicklin Way, with five new tenants taking up more than 3,000sqm and many existing tenants exercising lease options for over 4,000sqm of retail showrooms. Average rents have remained static in the bulky goods showroom sector, however, ranging from $200/sqm to $280/sqm (net).

There has been considerable retail activity in the Maroochy Boulevard/Dalton Drive precincts with several new prestige car dealers and bulky goods developments, including the new 30,000sqm Harvey Norman and Domain-anchored Maroochydore Homemaker Centre. The traditional Maroochydore city heart is also being rejuvenated, with a $20 million investment in the Big Top shopping centre. The retail complex re-opened at Easter 2015, re-branded as Big Top Market Fresh. The centre is anchored by Woolworths with specialty traders and regular Farmers’ Markets. The rebirth of this popular meeting place is expected to stimulate further business for Ocean Street’s restaurants and bars, already experiencing strong trade.

New retail supply was limited in 2014, apart from an 8,940sqm expansion of Kawana Shoppingworld.

Queensland Retail Trade by Category (%change, q-o-q December)

Annual Change In Total Visitation

Sunshine Coast Residential Sales Volume

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

% c

hang

e -y

era

on y

ear (

rolli

ng)

Queensland Retail Trade by Category (% change, q-o-q - December)

Dec-13 Dec-14

Source: Australian Bureau of Statistics

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

2007 2008 2009 2010 2011 2012 2013 2014

Annu

al %

cha

nge

iin to

tal

visi

tatio

n

Year to September

Annual Change in Total Visitation

Sunshine Coast Queensland

Source: Tourism Research Australia

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2006 2007 2008 2009 2010 2011 2012 2013 2014Sa

les

Volu

me

Year to September

Sunshine Coast Residential Sales Volume

Houses Units

Source: Queensland Treasury

RETAIL

MARKET VIEW REPORT

7

Almost 25,000sqm of new stock will be built in 2015, including a new Bunnings store at Maroochydore. The 14,000sqm super hardware store on Dalton Drive is expected to employ 150 people through the construction period.

Larger levels of development are still in the pipeline, including the 30,000sqm expansion of Sunshine Plaza, a Coles neighbourhood centre at Sippy Downs, while Stockland has plans to expand its existing centre at Caloundra. Longer term, more retail is expected to emerge within the Kawana Town Centre to be developed by Stockland, while the Maroochydore PDA offers new and existing retailers a dynamic new CBD of the future. Construction activity is expected to kick off by mid-2015 on Horton Park Golf Course.

There were three major ($5 million plus) investment sales in 2014 totalling $72.4 million, but activity was stronger in the $2 million to $5 million price range. There were nine transactions identified in this band in 2014 totalling $28.3 million.

Demand for retail assets remains strong generally, particularly for Neighbourhood and food based Sub-regional assets, reflecting the relative strength of non-discretionary spending. This has supported firmer yields, with Neighbourhood centre yields firming by 75bps over the past year and 175bps over the past two years to an indicative 7.38% at 1st Quarter 2015. Sub-regional centre yields firmed by 56bps and 131bps respectively to 6.94%. Some movement has also started to occur amongst Large Format assets, with the indicative yield at 9.88% at 1st Quarter 2015.

Sunshine Coast Retail Supply Additions

Retail Yields - Queensland

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2010 2011 2012 2013 2014 2015 f 2016f 2017 f 2018 fSq

uare

met

res

Sunshine Coast Retail Supply Additions

Regional Sub Regional Neighbourhood Large Format Other

Source: CBRE Research Note: Data covers additions of 1,000sqm plus

4.0%4.5%5.0%5.5%6.0%6.5%7.0%7.5%8.0%8.5%9.0%9.5%

10.0%10.5%11.0%

Mar

200

5

Dec

200

5

Sep

200

6

Jun

2007

Mar

200

8

Dec

200

8

Sep

200

9

Jun

2010

Mar

201

1

Dec

201

1

Sep

201

2

Jun

2013

Mar

201

4

Dec

201

4

Yiel

d (%

)

Retail Yields - Queensland

Regional Sub Regional Neighbourhood Large FormatSource: CBRE Research

Selected Retail Sales Transactions - Sunshine CoastBuilding Location Sale

DateSale Price ($M)

Area (sqm)

Sale Rate ($/sqm)

Site (Sqm)

Initial Yield (%)

Tenant Profile

Bunnings Maroochydore Maroochydore Jun-14 $42.125 17,094 $2,464 37,380 7.13% Approx. 2,000sqm of bulky goods plus several big box specialty retailers.

Noosa Village Noosa Nov-14 $25.100 4,686 $5,356 15,800 7.97% 2,600sqm Woolworths Supermarket plus approx. 2,000sqm of specialty shops.

150 Horton Parade Maroochydore Dec-14 $5.150 1,112 $4,631 2,000 8.08% 584sqm pharmacy and medical centre on ground floor and first floor offices of 495sqm.

51/42 Hastings Street Noosa Heads Oct-14 $4.100 115 $35,650 Strata 5.3% Rococo’s Restaurant. Purchased by sitting tenant.

2 Bellara Drive cnr. Nicklin Way

Currimundi Jul-14 $3.807 1,284 $2,964 3,808 7.09% Supercheap Auto plus two specialty shops.

54-56 Aerodrome Road Maroochydore Dec-14 $3.702 1,006 $3,680 2,066 8.37% Single level commercial building containing 7-8 tenancies plus 2 rear commercial tenancies.

946 David Low Way Marcoola Aug-14 $3.650 - - 1,957 - 7-Eleven service station and specialty shops including Subway.

150 Yandina-Coolum Road Coolum Beach Dec-14 $3.000 1,200 - 3,173 - 1,200sqm retail building with 9 tenancies. Many of these tenancies were vacant at time of sale.

1 Eden Street cnr. Nicklin Way

Minyama May-15 $9.92 3,212 $3,088 5,838 7.54% Snooze, Mr Toys, Whitworths, Barra Jacks and Carpet Call.

25 Hastings Street Noosa Heads Feb-15 $4.05 160 +173 outdoor

- - 6.0% Season’s beachfront restaurant.

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MARKET VIEW REPORT

9

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The Sunshine Coast industrial sector experienced heightened levels of enquiry and transactions in 2014 compared with the previous two years. While industrial rents have remained in the $90/sqm to $120/sqm range (net) for new leases, owner-occupiers have shown they are prepared to pay a premium for the right location. The recent sale of 3 Industrial Avenue, Caloundra West at $350/sqm for the land is one such example. Investment demand is highest for premises with a solid lease covenant. Yields for quality investment stock tightened throughout 2014, which could give owners an incentive to take their properties to market.

Yields for A-grade industrial property are in the range of 8%, evidenced by the $4M sale of 36-38 Geo Hawkins Crescent Bells Creek, a concrete-tilt-slab building leased to Amcor packaging with a seven year WALE, whilst the Yield for B-grade stock is in the range of 9%, as reflected in the $2.76M sale of 2/498 Maroochydore Road Kunda Park which is leased to Total Plastic Solutions.

The State Government’s Sunshine Coast Industrial Park (SCIP) in West Caloundra continued to develop with six lots sold, under contract or under application. Activity increased in 2013 and 2014 after lot prices were decreased in the 78ha park, which now start at $110/sqm. Sunshine Coast businesses which have built premises and re-located their operations to SCIP include Tenkate Group, Trafflec, Australian Off Road, Tellam Civil, Caribu Horse Wear, Russell Transport and North Sun Commercial Interiors.

1st Quarter 2015 has seen a steady rate of enquiry across both the sale and leasing markets in the more established estates including Caloundra West, Warana, Kunda Park, Noosaville and to a lesser extent Yandina. The level of enquiry for both vacant land and newly-constructed premises in the emerging precincts such as Bells Creek and Coolum has also increased. The new lease in March to Grace Records Management of a 1,470sqm facility in Warana at a net rental over $120/sqm is evidence that tenants will pay a relatively higher rate for modern high clearance, single-occupant, concrete tilt-up premises. The sale of a 445sqm newly constructed strata unit in a complex of eight units in Bells Creek at a little over $1,380/sqm confirms there is interest from businesses willing to re-locate to the rapidly developing, emerging precincts.

General business registrations on the Sunshine Coast were down by almost 2.5% in 2013 compared with the 2009 aggregate, with the greatest decline recorded in the Construction Industry. Later data is not yet available, although increased levels of enquiry suggest that the drop off evident in recent years has begun to turnaround.

Two sales of smaller strata units (of 160sqm in area) in the Kunda Park estate reflecting a rate of $1,500psqm demonstrate that owner-occupiers are reviewing the market due to the relatively low cost of debt. SMSF purchases are also becoming more common, where the buyer’s super fund will own the unit and their business will occupy and lease the space. Overall, investment sales (above $2 million) in 2014 totalled $36.5 million.

INDUSTRIAL MARKET

Registered Businesses by Industry, Sunshine Coast, 2009 and 2013

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Num

ber o

f bus

ines

ses

Registered Businesses by Industry, Sunshine Coast, 2009 and 2013

2009 2013

Source: Australian Bureau of Statistics

“There is a continued trend of optimism returning to the local business community. The Sunshine Coast business confidence index has risen to 116 points, which is an all-time high since surveying began here in 2009 and nearly 20 points higher than the rock-bottom depths of April 2011 after the Queensland Floods.”Mark Jamieson - Sunshine Coast Regional Council Mayor.

MARKET VIEW REPORT

11

Sunshine Coast office market vacancy sat at 11.9% at January 2015, according to the Property Council of Australia, edging slightly lower over the course of the year, although this was the result of stock adjustments rather than occupier demand. Nonetheless, current vacancy is at its lowest point since the start of 2009 and is also the lowest rate amongst the major south east Queensland markets (Brisbane CBD, Brisbane Near City, Gold Coast), although it is higher than the vacancy rate recorded in the smaller Brisbane suburban markets. The A grade vacancy rate was considerably lower at 3.8%, (compared with a peak of over 20% at the start of 2010) representing less than 2,500sqm of available space. Reflecting trends evident in many office markets around Australia at present, the majority of vacant space is contained within B and C grade buildings, with vacancy at 18.3%.

The adjacent table summarises office market statistics from the Property Council of Australia for the Sunshine Coast and other south east Queensland markets as at January 2015.

The Kawana Business Village, with the office accommodation concentrated along Innovation Parkway in Birtinya, recorded a vacancy rate of 11.2%, continuing the downward trend from the record high level of 36% recorded in 2008 which was when most developer stock hit the market.

Occupier demand throughout 2014 remained weak, with no signs of organic growth from businesses and no new medium to large sized occupants enquiring or negotiating new office accommodation. Net absorption was negative during 2014, by 1,884sqm, the first negative result since the Property Council of Australia began monitoring the market in 2008.

There have been a number of industries which have, in fact, continued with an occupancy footprint reduction (such as financial services and engineering), dampening the prospects for positive take-up. This trend has not been confined to the Sunshine Coast, however, and is evident of a broad approach by some industries to reduce overheads and also look at Activity Based Working (ABW) models to best suit their organisational structure, with the aim of retaining employees in an increasingly competitive environment.

OFFICE MARKETSunshine Coast Supply, Absorption and Vacancy

Total Vacancy (%) as at January 2015

Sunshine Coast Vacancy by Grade

-5.0

-2.5

0.0

2.5

5.0

7.5

10.0

12.5

15.0

17.5

-5,000

-2,500

0

2,500

5,000

7,500

10,000

12,500

15,000

17,500

2009 2010 2011 2012 2013 2014 2015

Vaca

ncy

(%)

Net

add

ition

s/ab

sorp

tion

(sq

m)

Year to January

Sunshine Coast Supply, Absorption and Vacancy

Net supply additions (sq m) Net absorption (sq m) Total vacancy (%)

Source: Property Council of Australia, January 2015

2.9

7.3

8.5

9.8

11.9

12.8

15.2

15.6

0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5

Brisbane Airport

Brisbane Technology Park

Chermside

Upper Mt Gravatt

Sunshine Coast

Brisbane Fringe

Gold Coast

Brisbane CBD

Total vacancy (%) - as at January 2015

Total Vacacy (%) as at January 2015

Source: Property Council of Australia, January 2015

0

5.0

10.0

15.0

20.0

25.0

Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan-14 Jan-15

Vaca

ncy

fact

or (%

)

As at

Sunshine Coast Vacancy by Grade

Total Prime SecondarySource: Property Council of Australia, January 2015

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Face rents have remained at or below 2008 levels with incentives up to 30%-40% being offered by landlords to entice occupants to their vacant holdings. We are seeing that development grade and location are playing second and third ranking on the decision scale behind incentives for a tenant to relocate.

Face rents have remained static since 2008 with A grade accommodation achieving from $320/sqm to $360/sqm net versus C grade developments achieving from $240/sqm to $280/sqm net. Incentive demands by tenants continue to place downward pressure with recent transactions showing passing rents for C grade at $200/sqm to $220/sqm in the Kawana Business Village, which is similar to office accommodation in secondary locations.

Sunshine Coast office stock totalled 150,448sqm at January 2015. Over the course of 2014, 2,800sqm of accommodation was added to the market. Offsetting this were withdrawals of about 5,000sqm, primarily due to a medical zoned development being removed from commercial office calculations.

Despite the elevated vacancy, Pratt Property has started construction of Kon-Tiki: two five-level A grade office buildings on the corner of Maroochy Boulevard & Plaza Parade. It is understood these two buildings will contain 16,000sqm of floor space and be ready for occupation in 2016. This will have a significant impact on vacancy rates in the Maroochydore, Mooloolaba and Kawana Business Village precincts as tenants are enticed to the new development by competitive face rents and incentives.

The short to medium term outlook for commercial office remains subdued with new developments such as Kon-Tiki competing for tenants at the expense of existing A and B grade buildings.

The Sunshine Coast is still unable to attract new businesses due to factors including a relatively small employment pool, lack of infrastructure, rental accommodation and the failure of both State and Federal governments to address rail transportation inadequacies and the bottleneck associated with the Bruce Highway south to Brisbane.

Investment activityThe highlight of 2014 was the acquisition of 2 Emporio Place, Maroochydore by a local private investor for $10.1 million. The sale recorded an initial yield of 8.85% and was the largest office transaction in the market since 2007.

RENTAL TRENDS

“These demographic shifts will see the need for more affordable property and more accommodation for a young rental market. This will fuel the need for more one and two-bedroom apartments.”Matusik Property Insights

MARKET VIEW REPORT

13

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The Sunshine Coast economy is in the early stages of recovery, although there are few signs yet that local businesses are looking to expand. The Sunshine Coast University Hospital, scheduled for completion in 4th Quarter 2016, is expected to be a key driver of health-related business activity.

It is not yet certain how this will relate to office demand in the Kawana Business Village precinct in the short term, or if this will translate to greater demand outside of Kawana. Vacancy rates have been steadily declining, specifically A grade, but a further tightening is not envisioned in the short term while face rents remain low, as most developers are reluctant to adopt a hold position.

The retail market will see some consolidation in 2015 and 2016 with the relocation of Bunnings from Maroochydore Road to its new location on Dalton Drive. The Horton Park Golf Course re-development will consolidate the Maroochydore business heart within a 60ha mixed use city centre. Council’s Master Plan for the area includes medium-rise buildings, entertainment, exhibition and convention facilities and extensive landscaping with walkways, recreation areas, waterways and a public transport corridor.

The $347 million Sunshine Coast Airport expansion, should it go ahead, will provide another boost to the construction sector. The upgrade will include a 2,400m runway with the potential for the airport to add two million passengers per year to the Coast. There is also potential for a new industrial estate to emerge close to the airport.

CBRE managing director Rem Rafter said the future success of the Sunshine Coast region as a growth centre depends on good transport links to make it easier for Sunshine Coast workers to use public transport.

A recent business confidence survey conducted by Boardroom Business Queensland and supported by the Sunshine Coast Regional Council revealed the highest level of optimism since the survey began in 2009.

Property researcher Michael Matusik said last year that the new infrastructure being delivered around the Kawana area – namely the hospital and associated uses – is a game changer, adding employment strength to the Sunshine Coast.

Matusik said this helps reduce the cyclical nature of the region’s employment, with 14,000 new jobs created on the coast in 2013-2014. A total of 32,000 new jobs is expected in the Kawana area, based on infrastructure and housing. In 2001, unemployment on the Sunshine Coast was over 11%. Today, it is less than the Queensland average.

Matusik says there is an under-supply of new housing stock and a tight local rental market. The Sunshine Coast has a relatively young demographic profile centred on the young renter and first home buyer markets:

MARKET OUTLOOK

Sunshine Coast Business Confidence Index

90

95

100

105

110

115

120A

pr 2

009

Jul 2

009

Sep

200

9

Jan

2010

Apr

201

0

Sep

201

0

Apr

201

1

Sep

201

1

Mar

201

2

Oct

201

2

Apr

201

3

Oct

201

3

Apr

201

4

Nov

201

4

Con

fiden

ce In

dex

Sunshine Business Confidence Index

Index Average

Source: Boardroom Business (2015); Sunshine Coast Business Confidence Survey (November 2014)

MARKET VIEW REPORT

15

Matusik says investors should look to buy property priced largely under $400,000 for second-hand stock, under $500,000 for new apartments and under $600,000 for new house and land.

A report for the Sunshine Coast Business Council prepared by Urbis highlighted three major projects as those most likely to attract investment. Survey participants were asked to prioritise investment funds against fourteen major investment opportunities on the Sunshine Coast. The Kawana Health Precinct was identified as the project likely to attract the most investment on the Coast and a project with the potential to raise the investment profile of the Sunshine Coast. The Sunshine Coast Airport and Stockland’s Caloundra South Project were also rated as having very high investment interest. Other projects likely to attract investment included The Sunshine Coast Industrial Park and Stockland’s Oceanside project.

“Respondents expect the next six months to improve, with ‘stronger’ business performance replacing ‘weaker’ performance. While this survey reveals a seasonal bias towards the latter part of the year, there remains plenty for businesses to be positive about. Sharp declines in the value of the Australian dollar over the last six months promise a double benefit. Firstly, a lower currency is expected to encourage a rise in international tourism, as purchasing power strengthens. Secondly, domestic tourism should see a return to growth as Australians opt for local holidays over international travel. Importantly, for the Sunshine Coast, the New Zealand economy is performing strongly and a decade-high New Zealand dollar (relative to the Australian dollar) should boost tourism numbers over the coming year.”Darryl Conroy - Suncorp’s head of financial markets research.

REM RAFTERManaging Director

T +61 7 5457 5750 M +61 408 714 420 E: [email protected]

BRENDAN ROBINSDirector


TONY JUSTODirector


GLEN GRIMISHAssociate Director


RYAN PARRYNegotiator


CBRE Disclaimer

© 2014 CBRE (C) Pty Ltd. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. You previously gave CBRE your details, which have been added to our system and will be stored and used in accordance with the CBRE Australia Privacy Statement, which can be viewed here: http://www.cbre.com.au/Pages/Australia-Privacy-Statement.aspx. Such usage may include direct marketing. If you would prefer not to receive any communications from us or if you have any queries or complaints, please contact our Chief Privacy Officer on: [email protected].

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