**Exhibit 10.48**

 
| Responsible Entity**CPT Manager Limited**  ABN 37 054 494 307 | **Centro**

Properties Group | **Centro Properties Limited**  ABN 45 078 590 682**Centro Property Trust**  ARSN 091 043 793 |
|---------------------------------------------------------------|------------------------------|----------------------------------------------------------------------------------------------|

 

**Important Notice:**

 

**This Application must becompleted and submitted to Centro Properties Limited by no later than 5.00 pmPacific Coast Time on July 20, 2007**

 

**CentroProperties Limited (ABN 45 078 590 682)Centro Executive Option PlanAPPLICATION FOR OPTIONS**

** **

To:          The Directors,Centro Properties LimitedFax #: +61 3 9803 1112

 

I, whose name and addressappear below, apply on the terms of the Centro Executive Option Plan (asreferred to in the invitation dated July 9, 2007 and the Plan Rules) forOptions from Centro Properties Limited (“Centro”) to acquire a Stapled Securityin Centro Properties Group.

 

If the Options for which Iapply are granted to me, I agree to be bound by the terms and conditions of theinvitation (as the same may be varied from time to time pursuant to the PlanRules).  I also agree to be bound by theconstitution of Centro Properties Limited and the trust deed of CentroProperties Trust should Stapled Securities be issued to me upon exercise of anOption.

 

I acknowledge that Centroand Centro Properties Group may use the personal information collected from meto perform their obligations under the Plan. I authorize Centro and Centro Properties Group to disclose thisinformation to others (including to its related parties and agents), for thepurposes of performing its duties under the Plan (including the transfer ofthis information outside my home country as required).  Centro will provide me with access to thisinformation if I contact Centro at the above address, and I can correct thisinformation if it is inaccurate, incomplete or out of date.

 

I acknowledge that by makingthis application I agree to the operation of the Foreign Exchange Adjustment inrespect of my Options grant.

 

I acknowledge that, pursuantto the Plan Rules, Centro retains the discretion to refuse to accept myapplication.

 

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I acknowledge that thisinvitation, and any subsequent invitation made under the Plan, is being made byCentro Properties Group at the request of my employer as the Long TermIncentive component of my compensation package and is in line with anycontractual obligations with my employer associated covering Long TermIncentives.

 
| Number of Options applied for |   |                    | (time vesting)        |
|-------------------------------|--------|--------------------------------------------------------------------------------------------------------------|-----------------------|
| Number of Options applied for |   |                    | (performance vesting) |

 

 
| **Mr, Mrs, Miss, Ms** | ** ** | **Surname** | ** ** | **Given Names***(Do not use initials for first two)* |
|-----------------------|------------|-------------|------------|------------------------------------------------------|
|                  |       |        |       |                                                 |
|                  |       |        |       |                                                 |
| **Address**           | ** ** | ** **  | ** ** | ** **                                           | ** ** |
| ** **            | ** ** | ** **  | ** ** | ** **                                           | ** ** |
| ** **            | ** ** | ** **  | ** ** | **Zipcode**                                          | ** ** |
| ** **            | ** ** | ** **  | ** ** | ** **                                           |
| **Signature**         |       |        | **Dated**  |                                                 | 2007 |
|                       |            |             |            |                                                      |  |  |  |  |  |

 

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